TPG RE FINANCE TRUST INC (TRTX)
Financials · mortgage REITs · NYSE
A commercial real estate investment trust focused on originating and managing high-quality, floating-rate first mortgage loans for institutional properties across the US.
What TPG RE FINANCE TRUST INC does
TPG RE Finance Trust is a commercial real estate finance company that originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments. The company focuses primarily on first mortgage loans for institutional-quality commercial properties in major markets across the United States. It operates as a real estate investment trust (REIT) and is externally managed by an affiliate of TPG Inc.
Themes: commercial real estate finance, mortgage REITs, CRE lending, commercial property debt
Fundamentals
- Price$5.85 as of 2026-10-21 close
- Market cap$449M as of 2026-07-24 (share count; price 2026-10-21)
- 1-year return-33.4% 2025-10-21 close $8.78 → 2026-10-21 close $5.85
- P/E9.14 as of 2026-10-21
- ROE+5.6% FY2025, SEC XBRL
- ROICn/a No figure: it is a bank or insurer, whose operating income and debt are not what ROIC divides.
- Debt / equity3.18 borrowings, leases excluded / equity — 10-Q/10-K balance sheet 2026-03-31
- Beta0.67 as of 2026-09-02
- Last reported earnings2026-07-28 SEC EDGAR Form 8-K (Item 2.02)
Dividend: yield +13.4%; 5-year non-decreasing per-share dividend streak (SEC XBRL).
How TRTX compares in its sector
- price-to-earnings ratiobottom 25% 487 covered Financials peers, as of 2026-10-21
- return on equitybottom 25% 558 covered Financials peers, as of 2026-09-02
- indicated dividend yieldtop 10% 440 covered Financials peers, as of 2026-09-02
Position among covered Financials companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Quarterly results
| Quarter | Net income | Diluted EPS | Operating cash flow |
|---|---|---|---|
| Q1 FY2026 2026-03-31 | $19M | $0.19 | $25M |
| Q4 FY2025 2025-12-31 | $4M† | $0.01† | $25M† |
| Q3 FY2025 2025-09-30 | $22M | $0.23 | $22M† |
| Q2 FY2025 2025-06-30 | $21M | $0.21 | $25M† |
| Q1 FY2025 2025-03-31 | $14M | $0.12 | $19M |
| Q4 FY2024 2024-12-31 | $11M† | $0.09† | $25M† |
| Q3 FY2024 2024-09-30 | $22M | $0.23 | $24M† |
| Q2 FY2024 2024-06-30 | $25M | $0.26 | $26M† |
† Not filed as a discrete quarter: derived from the company's own year-to-date figures (for example the fourth quarter as the fiscal year minus the first nine months). A derived per-share figure is approximate, because the share count moves within the year.
Balance sheet at 2026-03-31
- Cash and equivalents$92M
- Total debt$3.4B borrowings only; leases excluded
- Net debt$3.3B total debt − cash − short-term investments
From the company's own SEC 10-Q and 10-K filings (XBRL), re-read every week. Figures in US dollars as filed; informational only — not financial advice.
How TPG RE FINANCE TRUST INC looks technically
TPG RE FINANCE TRUST INC (TRTX) is trading 27.8% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed below its 200-day average about 144 trading days ago — a "death cross", a bearish long-term signal. A strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 65, with sellers in control. Momentum is beaten down — its 14-day RSI (a 0–100 momentum gauge) is 30, in oversold territory (below 30). MACD, a trend-momentum gauge, turned bullish about 3 trading days ago (its momentum flipped positive). It made a new 20-day low about 5 trading days ago. It is 4.6% above its 52-week low (its lowest price of the past year).
Trend
8
| Distance from the 200-day | it is trading 27.8% below its 200-day average, the long-term trend line — a long-term downtrend | -27.8% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $7.04 | $7.04 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $8.11 | $8.11 |
| Swing structure | each recent peak has been higher than the one before it and each dip has been shallower — the pattern chart-watchers call an uptrend, which describes where price has already been and not where it goes next | higher highs and higher lows |
| Last swing turn | its last significant turn was a swing high 95 calendar days ago — the swings before that are what the structure reading is measured on | 95 sessions |
| Wave structure | its recent swings can be read as a completed three-part upward correction — a pullback in the A-B-C shape Elliott-wave chartists use; the labelling fails if price closes above 8.835. It is the only labelling that fits, and it describes the swings already printed, not what comes next. | possible three-wave upward correction, complete |
| Since the 50/200 cross | its 50-day average crossed below its 200-day average about 144 trading days ago — a "death cross", a bearish long-term signal | 144 sessions |
| Trend strength (14-day ADX) | a strong downtrend is in place — ADX, a 0–100 trend-strength gauge, is 65, with sellers in control | 64.9 |
Momentum
3
| 14-day RSI | momentum is beaten down — its 14-day RSI (a 0–100 momentum gauge) is 30, in oversold territory (below 30) | 29.8 |
|---|---|---|
| Position in its 14-day range | it is trading in the lower half of its 14-day range ($5.60 to $6.46) — its "stochastic" reading is 30 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been climbing within that range over the last few sessions. | 30.3 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, turned bullish about 3 trading days ago (its momentum flipped positive) | 3 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $9.37 | $9.37 |
|---|---|---|
| From the 52-week high | it is 37.5% below its 52-week high (its highest price of the past year) | -37.5% |
| Above the 52-week low | it is 4.6% above its 52-week low (its lowest price of the past year) | +4.6% |
| Below the 52-week high | it is 37.5% below its highest point of the past year | 37.5% |
| Since a 20-day breakout | it made a new 20-day low about 5 trading days ago | 5 sessions |
| Since a 55-day breakout | it made a new 55-day low about 5 trading days ago | 5 sessions |
| All-time high | its highest closing price on record is $21.30 (set on 2020-02-19) | $21.30 |
| Given back of the 52-week move | over the past year its closes ranged ($5.64 to $9.31), and it has recovered only a small part of its fall from last year’s high — 6% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $7.91 to $8.03. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 6.0% |
| From the all-time high | it is 72.5% below its all-time high | -72.5% |
| Nearest price level | it is trading 29.6% below a resistance level at $7.59 — a price it turned at twice since 2025-06-30, most recently on 2026-03-27. Since 2024-10-21 it has 0 such levels below the current price and 7 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | +29.6% |
| All-time low | its lowest closing price on record is $2.45 (set on 2020-04-03) | $2.45 |
| Above the all-time low | it is 139.2% above its all-time low | +139.2% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are unusually wide versus its own recent history (wider than about 87% of the past ~6 months) | 87th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $0.2008 between its high and its low — about 3.4% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $0.2008 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $5.47 and $6.72 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $5.47 – $6.10 – $6.72 |
| Typical daily range (% of price) | its price moves about 3.4% in a typical session — about typical for the companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 3.4% |
| Stretch from the 200-day average | it is trading 11.2 daily ranges below its 200-day average price (27.8% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 11.2 daily ranges below its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 1.20× |
|---|
Analyst
2
| Change in the average price target | analysts have cut their average price target by 3.4% since the prior reading | -3.4% |
|---|---|---|
| Change in the consensus rating | not available for this company yet | n/a |
Candlestick patterns
1
| Since a hammer | 1 session ago, after a stretch of decline, it sold off hard during the session and then closed back near its high — a "hammer", the long lower wick showing the drop was bought back before the close | 1 session ago |
|---|
Price gaps
2
| Gap at the open | it opened on 2026-10-20 0.2% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and traded back through that level before the close | +0.2% |
|---|---|---|
| Open gap | it gapped 2.1% below the previous close 16 sessions ago and has not traded back through the level it left behind at 6.56 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | -2.1% |
Price streaks
1
| Closing streak | it has closed higher 2 sessions in a row, a +1.21% move over the run — an unbroken run of up days, which describes what has already happened and says nothing about the next session | 2 sessions up |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 19.4 percentage points (the stock lost 18.4% while the market gained 1.0%) | -19.4% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 36.0 percentage points (the stock lost 32.4% while the market gained 3.6%) | -36.0% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 38.5 percentage points (the stock lost 30.0% while the market gained 8.5%) | -38.5% |
| vs market, 12 months | over the past 12 months this stock lagged the market by 47.9 percentage points (the stock lost 33.3% while the market gained 14.6%) | -47.9% |
Signal agreement
2
| Bullish technical signals | 2 of the 9 technical signals we can compute for it are currently in a bullish state: its RSI momentum gauge is oversold (a beaten-down reading), MACD momentum is positive — these describe past price behaviour, not a forecast | 2 of 9 |
|---|---|---|
| Bearish technical signals | 5 of the 9 technical signals we can compute for it are currently in a bearish state: a "death cross" — its 50-day average is below its 200-day, trading below its 200-day average, a strong downtrend, with sellers in control, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 5 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 24% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-14 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is moderate, spanning 6.8% of the share price. | -23.6% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is 26% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $7.87 — a volume-weighted average of daily closes over 196 sessions, not a true tick-by-tick VWAP. | -25.6% |
|---|---|---|
| Vs the average paid since it last reported | the price is 16% below the average price paid since it last reported on 2026-07-28 (its 10-Q), so the typical buyer over that stretch is under water. That average is $6.98 — a volume-weighted average of daily closes over 60 sessions, not a true tick-by-tick VWAP. | -16.1% |
Price levels it has turned at before
TRTX last closed at $5.86 on 2026-10-20. Since 2024-10-21 it has turned at 0 prices below its last close and 7 above; the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $7.59 | Resistance | 29.6% above the last close | turned there twice · 2025-06-30 to 2026-03-27 |
| $8.04 | Resistance | 37.1% above the last close | turned there 8 times · 2025-02-19 to 2026-09-04 |
| $8.25 | Resistance | 40.8% above the last close | turned there 8 times · 2024-10-29 to 2026-06-26 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a three-part upward correction — the A-B-C shape chartists use for a pullback — now complete.
This labelling fails — stops being a possible reading at all — if it closes above $8.84.
It is the only labelling that fits these swings, though its proportions are not the textbook ones.
This labelling was already in place when we began recording count changes on 2026-08-13, so how long it has stood is not something we can say yet.
Read from daily closes as of 2026-10-20.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 200-day moving average · Trading below the 50-day moving average · Oversold (14-day RSI below 30) · Pulled back from the 12-month high · MACD just crossed bullish (12/26/9) · Analyst price target recently CUT | Learn: moving average · golden cross · adx · rsi · macd · breakout · fifty two week high low
Based on daily closing prices as of 2026-10-20. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingBuy (1.83 mean, 1=Strong Buy…5=Strong Sell) — 6 analysts
- Mean price target$9.54 range $8.00 – $11.00; median $9.50
Analyst estimates, as of 2026-10-20. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for TRTX
- Consensus EPS estimate$0.254 next reporting period, as of 2026-10-20
- Estimate change, 30 days$0.00 (0.0%) from $0.254, on 2026-09-15, 35-day window
- Readings revised upward0% of 10 comparable readings
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Sensitivity to fluctuations in interest rates, which impact net interest margin and the value of loan portfolios.","Credit risk associated with commercial mortgage loans, including potential borrower defaults and declines in underlying property values.","Reliance on secured financing agreements and collateralized loan obligations (CLOs), which could be affected by volatility in debt markets."]
What changed in the latest 10-Q
AI-assisted comparison of TRTX's 10-Q filed 2026-04-28 against the prior one filed 2025-10-28.
Management's Discussion & Analysis (MD&A)
- Added:
- Newer filing (2026-04-28) references Form 10-K filed February 17, 2026, whereas older filing (2025-10-28) referenced Form 10-K filed February 18, 2025
- Newer filing adds macroeconomic discussion specific to 2026: 'Thus far, 2026 has been marked by significant uncertainty and volatility in global markets, largely driven by geopolitical conditions and the constant effects of international conflicts on global markets and interest rates, tariffs and international trade policy and disputes, and political and regulatory uncertainty'
- Newer filing states 'After a series of interest rate decreases by the Federal Reserve in 2024 and 2025, the Federal Reserve has elected to hold interest rates steady thus far in 2026'
- Newer filing notes market expectations 'with many now projecting a single quarter-point reduction in rates during 2026, or potentially no cuts at all'
- Newer filing reports origination of two first mortgage loans in Q1 2026 with $148.4 million in aggregate total loan commitments
- Newer filing reports Q1 2026 Net income attributable to common stockholders of $15.2 million
- Newer filing reports Q1 2026 Distributable Earnings of $19.5 million
- Newer filing reports allowance for credit losses decrease of $0.3 million to total of $77.1 million (179 basis points)
- Newer filing reports weighted average interest rate of Term SOFR plus 2.73% for Q1 2026 originations
- Removed:
- Older filing (2025-10-28) contained discussion of macroeconomic conditions evaluation including 'a period of sustained high interest rates; the potential impact of tariffs; inflation; structural shifts and regulatory changes to the commercial banking systems' and recession concerns; this detailed macroeconomic evaluation section is removed in newer filing
- Older filing stated 'TPG is a leading global alternative asset manager with $261 billion in assets under management as of June 30, 2025'; newer filing states '$303 billion in assets under management as of December 31, 2025', reflecting updated figure
- Older filing referenced 'TPG's real estate investment group'; newer filing changes this to 'TPG's Real Estate platform'
- Older filing reported origination of eleven first mortgage loans during Q2-Q3 2025 with $974.8 million in aggregate total loan commitments; this is removed in the newer filing context
- Older filing reported Q3 2025 Net income attributable to common stockholders of $18.4 million; not applicable in newer Q1 2026 filing
- Older filing reported Q3 2025 Distributable Earnings of $19.9 million; not applicable in newer Q1 2026 filing
- Older filing reported allowance for credit losses decrease of $2.6 million to total of $66.1 million (176 basis points); different figures in newer filing
- Reworded:
- Newer filing: 'The cost and availability of debt continues to remain more constructive for real estate values and transaction activity as compared to recent past periods' — older filing did not include this characterization
- Newer filing references 'First Quarter 2026 Activity' as the period heading; older filing used 'Third Quarter 2025 Activity'
- Newer filing states weighted average interest rate floor of 2.86% for Q1 2026 originations; older filing reported 3.20% for Q3 2025 originations
- Newer filing describes reinvestment feature activity for TRTX 2025-FL6 and TRTX 2025-FL7 with specific recycling amounts; older filing describes different securitization reinvestment activity
- Newer filing mentions 'Executed an extension of the initial and extended maturity date of the Bank of America secured credit agreement, effective June 2026' and notes text appears truncated; older filing discusses 'short-term extension of the initial maturity of the Barclays secured credit agreement'
- Notes:
- Both filings are truncated in the provided text; newer filing ends mid-sentence and older filing is cut off mid-liquidity section, limiting full comparison of all MD&A content
- The filings cover different reporting periods (Q1 2026 vs Q3 2025), so some differences reflect period-specific activities rather than policy or disclosure changes
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
No open-market insider purchases or sales are on record for TRTX — recent Form 4 activity was compensation-related (awards, option exercises, or tax withholding), not open-market buying or selling.
View full insider trading history → View SEC Form 3/4/5 filingsOnly open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Short interest (FINRA)
TRTX had 6,495,308 shares of reported short interest as of the 2026-09-30 FINRA settlement date (delayed, bi-monthly; not real-time).
TRTX had 8.46% of its shares outstanding sold short as of the 2026-09-30 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 5.07 days to cover at the same settlement.
- Reported short interest (shares) 6,495,308
- Short interest (% of shares outstanding) 8.46%
- Prior settlement (shares) 5,175,800
- Reported change 25.49%
- Days to cover (reported) 5.07
Reported to FINRA as of the 2026-09-30 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- Blackstone Mortgage Trust (BXMT)
- Starwood Property Trust (STWD)
- KKR Real Estate Finance Trust (KREF)
- Apollo Commercial Real Estate Finance (ARI)
- Arbor Realty Trust (ABR)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
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Frequently asked questions
What does TPG RE FINANCE TRUST INC (TRTX) do?
TPG RE Finance Trust is a commercial real estate finance company that originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments. The company focuses primarily on first mortgage loans for institutional-quality commercial properties in major markets across the United States. It operates as a real estate investment trust (REIT) and is externally managed by an affiliate of TPG Inc.
What sector is TPG RE FINANCE TRUST INC (TRTX) in?
TPG RE FINANCE TRUST INC (TRTX) is classified in the Financials sector. Its industry is mortgage REITs. It trades on NYSE.
Does TRTX pay a dividend?
Yes — TPG RE FINANCE TRUST INC (TRTX) pays a dividend, with an indicated yield of about 13.37% and 5-year non-decreasing per-share dividend streak (SEC EDGAR XBRL) (market data, as of 2026-09-02). Informational only — not financial advice.
Who are TPG RE FINANCE TRUST INC's (TRTX) competitors?
Notable peers of TPG RE FINANCE TRUST INC (TRTX) include Blackstone Mortgage Trust, Starwood Property Trust, KKR Real Estate Finance Trust, Apollo Commercial Real Estate Finance and Arbor Realty Trust. This peer set is informational only — not financial advice.
Is TPG RE FINANCE TRUST INC (TRTX) overbought or oversold right now?
TPG RE FINANCE TRUST INC (TRTX) is currently in oversold territory (its 14-day RSI is 30, below 30) (as of 2026-10-20). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on TRTX come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest; prices are market data, as of 2026-09-02; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-21.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.