TPG RE Finance Trust (TRTX) Financial Statements & Analysis

TPG RE Finance Trust (TRTX) Income Statement

TPG RE Finance Trust reported revenue of $153.09M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 56.4% from $350.93M a year earlier. Net income was $45.48M, down 38.8% year over year, a net margin of 29.7%. Gross margin was 172.3% and operating margin 35.1%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $10.34M, down 87.4% from the same quarter a year earlier.

TPG RE Finance Trust Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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TPG RE Finance Trust, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	153.09	350.93	116.39	156.27	240.72	80.81	341.57	266.90	200.60
Cost of Revenue	68.83	69.12	33.33	30.61	23.13	22.01	30.55	26.39	100.00
Gross Profit	263.75	281.81	356.85	275.10	217.59	58.81	311.01	240.51	100.61
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	10.11	0.00	10.54	9.45	0.00	0.00	0.00	0.00	0.00
Operating Expenses	21.06	5.63	204.98	187.17	8.68	88.09	184.12	7.20	6.11
Operating Income	53.73	276.19	-123.40	-72.83	208.91	-29.28	126.89	233.31	94.50
Other Income/Expense
Interest Income	290.24	307.15	362.55	302.86	240.16	283.67	339.81	265.59	198.90
Interest Expense	188.96	201.45	275.26	160.76	85.09	107.24	174.84	126.03	0.00
Other Income/Expense	-181.99	-201.45	-268.23	-147.46	-69.30	-107.24	0.00	-126.03	0.00
Income
Income Before Tax	60.70	74.73	-116.37	-59.54	139.61	-136.52	126.89	107.28	94.50
Income Tax Expense	-0.38	0.40	-0.26	0.53	1.06	0.31	0.58	0.34	0.15
Net Income	45.48	74.34	-130.91	-60.07	138.55	-136.83	126.31	106.94	94.35
Net Income - Continuous Operations	60.32	74.34	-116.63	-60.07	138.55	-136.83	126.31	106.94	94.35
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	12.72	291.14	3.58	0.00	224.70	-26.87	304.44	234.55	94.50
EBIT	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	12.72	14.95	3.50	0.00	0.00	2.42	2.71	1.24	0.00
Earnings Per Share
Basic EPS	1.00	1.00	-2.00	-1.00	1.00	-2.00	2.00	2.00	2.00
Diluted EPS	1.00	1.00	-2.00	-1.00	1.00	-2.00	2.00	2.00	2.00
Basic Shares Outstanding	79.30	79.80	77.58	77.30	76.98	76.66	72.74	63.03	54.19
Diluted Shares Outstanding	79.45	79.89	77.58	77.30	81.68	76.66	72.74	63.03	54.19

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About TPG RE Finance Trust Financial Statements

What was TPG RE Finance Trust's revenue in fiscal 2025?

TPG RE Finance Trust reported revenue of $153.09M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 56.4% from $350.93M a year earlier.

Is TPG RE Finance Trust profitable?

Yes. TPG RE Finance Trust earned net income of $45.48M in fiscal 2025, a net margin of 29.7%. In fiscal 2024 it earned $74.33M.

What is TPG RE Finance Trust's operating margin?

TPG RE Finance Trust's operating income was $53.73M on revenue of $153.09M in fiscal 2025, an operating margin of 35.1%, compared with 78.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition