TPG RE Finance Trust
TRTX on NYSE. TPG RE Finance Trust lends money to owners of commercial real estate. Market value $462m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 2 cents a year. Above 10 is good.
Quality score: not known. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$6.02 a share, at its 1-year low
Over the past year the price has ranged from $6.01 to $9.37.
Dividend: 16.6% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 2.54 | 3.16 | 2.71 | 2.31 | 3.10 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.08bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt3.10× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $13 million, down 36% on a year ago.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $22m |
| December 2024 | $11m |
| March 2025 | $14m |
| June 2025 | $21m |
| September 2025 | $22m |
| December 2025 | $4m |
| March 2026 | $19m |
| June 2026 | $13m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 27 October 2026
Who owns it
None of the long-term investors we follow own it. 154 funds in all.
Largest holders overall
- Long Pond Capital, LP$59m
- BlackRock$54mAdded
- Vanguard Capital Management$28mAdded
- Mirae Asset Global Etfs Holdings$28mAdded
- State of New Jersey Common Pension Fund A$26m
- TPG GP A$20m
- Gratia Capital$17mCut
- Geode Capital Management$16mAdded
- State Street$16mCut
- Goldman Sachs Group$13mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Long Pond Capital, LPPassive investorat least 9.0%(filed with 2 related holders)Since 31 December 2024
- BlackRock, Inc.Passive investor7.7%+1.2 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 30 June 2026
- Steve PeiPassive investorat least 3.7%−1.9 pts(filed with 1 related holder)Since 17 April 2026
What they said
The Reporting Persons acquired their Shares for investment purposes. The Reporting Persons believe that the Issuer's share price does not accurately reflect the Issuer's short and long-term prospects. Consequently, the Reporting Persons look forward to positive and supportive…
Read the filing - James G. CoulterPassive investorat least 3.2%(filed with 2 related holders)Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- State of New Jersey Common Pension Fund EPassive investorSold down below 5%Since 27 August 2025
| Holder | Stake | Since | |
|---|---|---|---|
Long Pond Capital, LP Passive investor | at least 9.0% (filed with 2 related holders) | 31 December 2024 | |
BlackRock, Inc. Passive investor | 7.7%+1.2 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 30 June 2026 | |
Steve Pei Passive investor | at least 3.7%−1.9 pts (filed with 1 related holder) | 17 April 2026 | What they saidThe Reporting Persons acquired their Shares for investment purposes. The Reporting Persons believe that the Issuer's share price does not accurately reflect the Issuer's short and long-term prospects. Consequently, the Reporting Persons look forward to positive and supportive… Read the filing |
James G. Coulter Passive investor | at least 3.2% (filed with 2 related holders) | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
State of New Jersey Common Pension Fund E Passive investor | Sold down below 5% | 27 August 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It carries a lot of debt: 3.1× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.