Growth & profitability
- Free cash flow has grown 6.8% per year over the past 5 years.
Financial health
- Total debt ($3.3B) exceeds cash ($88M); net debt is $3.2B.
TRTX Financials Tpg Re Finance Trust, Inc.
11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | — | $60M | — | — | — | $3.3B | $88M |
| 2024 | — | $74M | — | — | — | $2.6B | $190M |
| 2023 | — | -$117M | — | — | — | $3.0B | $206M |
| 2022 | — | -$60M | — | — | — | $4.2B | $254M |
| 2021 | — | $139M | — | — | — | $3.7B | $261M |
| 2020 | — | -$137M | — | — | — | — | $320M |
| 2019 | — | $126M | — | — | — | — | $79M |
| 2018 | — | $107M | — | — | — | — | $40M |
| 2017 | — | $94M | — | — | $91M | — | $75M |
| 2016 | — | $70M | — | — | $85M | — | $103M |
| 2015 | — | $59M | — | — | — | — | $105M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | — | $19M | — | — | — | $3.4B | $92M |
| Dec '25 | — | $4M | — | — | — | $3.3B | $88M |
| Sep '25 | — | $22M | — | — | — | $2.9B | $94M |
| Jun '25 | — | $21M | — | — | — | $3.0B | $166M |
| Mar '25 | — | $14M | — | — | — | $2.8B | $363M |
| Dec '24 | — | $11M | — | — | — | $2.6B | $190M |
| Sep '24 | — | $22M | — | — | — | $2.5B | $226M |
| Jun '24 | — | $25M | — | — | — | $2.5B | $259M |
| Mar '24 | — | $17M | — | — | — | $2.7B | $203M |
| Dec '23 | — | $6M | — | — | — | $3.0B | $206M |
| Sep '23 | — | -$61M | — | — | — | $3.3B | $302M |
| Jun '23 | — | -$69M | — | — | — | $3.7B | $307M |
| Mar '23 | — | $7M | — | — | — | $4.0B | $162M |
| Dec '22 | — | $36M | — | — | — | $4.2B | $254M |
| Sep '22 | — | -$115M | — | — | — | $4.3B | $236M |
| Jun '22 | — | -$5M | — | — | — | $3.9B | $356M |
| Mar '22 | — | $24M | — | — | — | $4.0B | $352M |
| Dec '21 | — | $45M | — | — | — | $3.7B | $261M |
| Sep '21 | — | $29M | — | — | — | $3.7B | $269M |
| Jun '21 | — | $32M | — | — | — | — | $240M |
Valuation over time
How the market has priced TRTX against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 8.8× (Dec '24) to 10.9× (Jun '26).
P/E
Frequently asked questions
Is TRTX growing its revenue and profit?
See the revenue and net-income charts above for Tpg Re Finance Trust, Inc.'s multi-year trend.
How much debt does TRTX have?
As of FY2025, Tpg Re Finance Trust, Inc. reported $3.3B of total debt against $88M of cash.
What is TRTX's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is TRTX's P/E ratio?
As of Jun '26, Tpg Re Finance Trust, Inc. traded at a price-to-earnings ratio of about 10.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.