TRTX

Real Estate

TPG RE Finance Trust, Inc. · REIT - Mortgage · $640M

UQS Score — Balanced Preset
47.5
Below Average

TPG RE Finance Trust, Inc. scores 47.5/100 using the Balanced preset.

UQS vs Real Estate Sector
TRTX
47.5
Sector avg
38.4
Quality
Good
Moat
Weak
Growth
Weak
Risk
Weak
Valuation
Attractive

What is TPG RE Finance Trust, Inc.?

TPG RE Finance Trust is a commercial real estate finance company that originates and manages mortgage loans across major US property sectors. It operates as a real estate investment trust, distributing the majority of its taxable income to shareholders.

The company lends to commercial real estate borrowers rather than owning properties directly. It originates senior mortgage loans, mezzanine loans, and preferred equity positions secured by office, multifamily, life science, industrial, hospitality, and retail properties across the United States. Additional exposure comes through commercial real estate collateralized loan obligations and mortgage-backed securities. Revenue is generated primarily from interest income on its loan portfolio.

Incorporated in 2014 and launched as a public company in 2017, TPG RE Finance Trust is headquartered in New York City.

  • Senior commercial mortgage loan origination
  • Mezzanine and subordinate debt financing
  • Preferred equity investments in real estate
  • Commercial real estate CLO and CMBS exposure
  • Diversified property-type lending across US markets

Is TRTX a Good Stock to Buy?

UQS Score rates TRTX as Below Average overall, reflecting meaningful headwinds across several key pillars.

The Quality pillar stands out as the relative bright spot within the profile, suggesting the underlying loan book maintains a degree of operational discipline. Valuation is rated Attractive, meaning the stock may be priced at a discount relative to its fundamentals — a factor worth weighing alongside the broader risk picture.

Both the Moat and Risk pillars register as Weak, pointing to limited competitive differentiation and elevated exposure to credit and interest-rate pressures common in commercial real estate lending.

See the full pillar breakdown and detailed financial metrics by signing up for a UQS Pro account. Sign up free →

Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.

Does TRTX pay dividends?

Yes — TPG RE Finance Trust, Inc. pays a dividend.

TRTX pays a regular dividend, consistent with its REIT structure — federal tax rules require distributing at least ninety percent of taxable income to shareholders. Income-focused investors often screen for REIT dividends, but the sustainability of any payout depends on portfolio credit quality and interest income trends. Pro members can view the full financial context behind the current distribution.

When does TRTX report earnings?

TPG RE Finance Trust reports earnings on a quarterly cadence, typical for US-listed REITs.

Results have reflected the broader pressures facing commercial real estate lenders, including office sector stress and shifting interest-rate conditions. Growth is rated Neutral, suggesting the trajectory is neither strongly expanding nor contracting at present.

For the most recent quarter's results and guidance, visit TPG RE Finance Trust's investor relations page directly.

TRTX Price History

+13.0% over 5Y

Monthly close, adjusted for stock splits and dividend reinvestment.

Return Calculator

What if I invested in TPG RE Finance Trust, Inc.?

$
Today it would be worth
$12,897
That's a +29.0% total return, or +5.2% annualized.

Based on TPG RE Finance Trust, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.

TRTX Long-term Outlook

The fundamental outlook for TRTX is shaped by a Neutral Growth profile and a Weak Risk rating. Commercial real estate lending faces ongoing headwinds from elevated borrowing costs and credit stress in certain property types, particularly office. The Attractive Valuation label suggests the market may already be pricing in a degree of pessimism, which could create opportunity — but only if risk factors stabilize.

Growth drivers

  • Potential recovery in commercial real estate credit conditions
  • Diversified property-type exposure including resilient multifamily and industrial sectors
  • REIT structure providing consistent income distribution to shareholders

Key risks

  • Elevated credit risk in office and other stressed property segments
  • Interest-rate sensitivity affecting net interest margin on the loan portfolio
  • Weak Moat rating limits pricing power relative to larger or more diversified peers

TRTX vs Peers

TRTX operates in a competitive commercial real estate finance space alongside several other mortgage REITs with distinct strategies.

ADAMSimilar UQS
Adamas Trust, Inc.

Adamas Trust focuses on a narrower niche within real estate finance, offering a different risk-return profile compared to TRTX's broadly diversified loan book.

RWTTRTX scores higher
Redwood Trust, Inc.

Redwood Trust emphasizes residential mortgage finance alongside commercial exposure, giving it a different sector mix than TRTX's predominantly commercial focus.

FBRTTRTX scores higher
Franklin BSP Realty Trust, Inc.

Franklin BSP Realty Trust brings the backing of a large alternative asset manager, which may provide capital-raising advantages relative to TRTX.

Frequently Asked Questions

What does TPG RE Finance Trust do?

TPG RE Finance Trust originates and manages commercial mortgage loans and related debt instruments across US property types including office, multifamily, industrial, and hospitality. It earns revenue primarily from interest income and operates as a REIT, distributing most of its taxable income to shareholders.

Does TRTX pay dividends?

Yes, TRTX pays a regular dividend. As a REIT, it is required to distribute at least ninety percent of its taxable income to shareholders. Income investors should review the company's investor relations page for the current dividend rate and payment schedule.

When does TRTX report earnings?

TPG RE Finance Trust follows a standard quarterly earnings cadence for US-listed companies. For exact dates and the most recent results, check the company's investor relations page or a financial calendar service.

Is TRTX a good stock to buy?

UQS Score rates TRTX as Below Average overall. The Valuation pillar is Attractive and Quality is Good, but Moat and Risk are both Weak. Whether it fits your portfolio depends on your risk tolerance and income objectives. The full pillar breakdown is available to Pro members.

Is TRTX overvalued?

The UQS Valuation pillar for TRTX is rated Attractive, suggesting the stock may be trading at a discount relative to its fundamentals. However, an attractive price alone does not offset the Weak Risk and Moat ratings — context matters when evaluating any valuation signal.

How does TRTX compare to its competitors?

TRTX competes with mortgage REITs such as Redwood Trust and Franklin BSP Realty Trust. Each has a different property-type focus and capital structure. UQS Score provides side-by-side pillar comparisons for Pro members, making it easier to evaluate relative quality and risk across peers.

What is TRTX's market cap bracket?

TRTX is classified as a small-cap company. Small-cap REITs can offer higher yield potential but typically carry greater liquidity risk and less balance-sheet flexibility than large-cap peers in the same sector.

Who founded TPG RE Finance Trust?

TPG RE Finance Trust was incorporated in 2014 and is affiliated with TPG, a global alternative asset management firm. The company went public in 2017 and is headquartered in New York City. Full founding details are publicly available through SEC filings.

Is TRTX a long-term quality investment?

As a long-term quality indicator, TRTX's Below Average UQS Score reflects concerns worth monitoring — particularly the Weak Moat and Risk ratings. The Attractive Valuation and Good Quality pillar offer some counterbalance, but long-term holders should track credit quality trends in the commercial real estate market.

What is the main competitive advantage of TPG RE Finance Trust?

TRTX benefits from its affiliation with TPG's broader alternative asset platform, which can support deal sourcing and capital access. However, the UQS Moat pillar is rated Weak, indicating that durable competitive advantages relative to peers are limited in the current environment.

What sector does TRTX belong to?

TRTX operates in the Real Estate sector, specifically within commercial real estate finance. It functions as a mortgage REIT rather than a property owner, meaning its performance is more closely tied to credit markets and interest rates than to physical property values.

Is TRTX a growth stock or value stock?

Based on its UQS profile, TRTX leans toward the value side — the Valuation pillar is Attractive while Growth is rated Neutral. It is better characterized as an income-oriented vehicle given its REIT dividend structure than a high-growth opportunity.

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Pro Analysis

TRTX — Score History

3540455055Apr 2Apr 12Apr 22May 2May 12May 22May 24v5
Score changes· 8 most recent
DateUQSQualityMoatGrowthRiskValueChange
May 18, 202647.577.015.023.636.995.3-0.2
May 16, 202647.777.015.023.636.996.1+1.7
May 7, 202646.079.515.041.30.094.2-0.1
Apr 26, 202646.179.515.041.30.094.5+0.1
Apr 19, 202646.079.515.041.30.093.80.0
Apr 18, 202646.079.515.041.30.094.2-0.9
Apr 5, 202646.979.515.041.30.0100.0+4.3
Apr 2, 202642.661.615.042.10.0100.0

TRTX — Pillar Breakdown

Quality

77.0/100 (25%)

TPG RE Finance Trust, Inc. demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.

Return on EquityWeak

Profitability relative to shareholders' equity.

Operating ProfitabilityStrong

Ability to convert revenue into operating profit.

Net ProfitabilityStrong

Bottom-line profit as a share of revenue.

Cash GenerationStrong

Free cash flow relative to market value.

Growth

23.6/100 (20%)

TPG RE Finance Trust, Inc. faces growth headwinds with declining or stagnant revenue trends.

Recent Revenue TrendWeak

Revenue trajectory over the last twelve months.

3Y Revenue CAGRWeak

Compound annual revenue growth rate over 3 years.

EPS GrowthWeak

Year-over-year earnings per share growth.

Forward Revenue OutlookWeak

Analyst consensus for future revenue growth.

Forward EPS GrowthStrong

Analyst consensus for future earnings growth.

Risk

36.9/100 (15%)

TPG RE Finance Trust, Inc. has some risk factors including moderate leverage or solvency concerns.

Debt/EquityWeak

Total debt relative to shareholder equity.

Current RatioStrong

Short-term liquidity — ability to pay near-term obligations.

Interest CoverageWeak

Earnings capacity relative to interest payments.

Valuation

95.0/100 (15%)

TPG RE Finance Trust, Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.

Earnings YieldStrong

Inverse of forward P/E — higher yield means cheaper stock.

Price to Free Cash FlowStrong

How many years of FCF the market cap represents.

PEG RatioStrong

P/E relative to earnings growth — lower is more attractive.

EV/EBITDA vs SectorStrong

Enterprise value multiple relative to sector median.

Moat

15/100 (25%)

TPG RE Finance Trust, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for TRTX.

Score Composition

Quality
77.0×25%19.3
Growth
23.6×20%4.7
Risk
36.9×15%5.5
Valuation
95.0×15%14.3
Moat
15.0×25%3.8
Total
47.5Below Average

Financial Data

More Stock Analysis

How is the TRTX UQS Score Calculated?

The UQS (Unified Quality Score) for TPG RE Finance Trust, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.

Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.

Moat (25%) assesses TPG RE Finance Trust, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.

Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.

Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.

Valuation (15%) measures whether TPG RE Finance Trust, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.

Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.