TRTX TPG RE Finance Trust, Inc. Common Stock
NYSE · Real Estate · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 28, 2026
$6.14
· of 52w range
· above low
· to high
$6.0752w low
$9.3752w high
Market Cap (MRQ)
$473M
P/E
10.8
EPS
$0.57
your badges
52W Range
$6–$9
Analyst Rating
BUY
Price Target
$10
P/E
10.8
ROE
5.6%
Net Profit Margin
41.3%
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TRTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$6.14
Market Cap (MRQ)
$473M
P/E
10.8
EPS
$0.57
ROE
5.6%
52W Range
$6–$9
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$0.572016-12-31 → 2025-12-31
Free Cash Flow·2017-12-31 → 2017-12-31
Net margin41.3%2017-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TRTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | 10.85Y avg ≈5.9 | ≈5.9 | 9.7 | Overvalued | |
| P/S | 3.35Y avg ≈4.6 | ≈4.6 | 4.3 | Fair value | |
| P/B (MRQ) | 0.55Y avg ≈0.5 | ≈0.5 | 0.6 | Fair value | |
| Price / Cash Flow | 5.35Y avg ≈6.5 | ≈6.5 | 7.3 | Overvalued | |
| Price / Tangible Book (MRQ) | 0.55Y avg ≈0.6 | ≈0.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TRTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Pretax Margin | 41.5%5Y avg ≈7.8% | ≈7.8% | -160.4% | Top tier | |
| Net Profit Margin | 41.3%5Y avg ≈7.4% | ≈7.4% | 23.8% | Top tier | |
| ROA | 1.5%5Y avg ≈0.52% | ≈0.52% | 1.4% | In line | |
| ROE | 5.6%5Y avg ≈1.4% | ≈1.4% | 5.6% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | TRTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -4.6%5Y avg ≈-2.3% | ≈-2.3% | · | · | |
| Revenue CAGR 3Y | 0.27%5Y avg ≈-4.4% | ≈-4.4% | · | · | |
| Revenue CAGR 5Y | -3.8% | · | · | · | |
| EPS YoY | -24.0% | · | · | · | |
| Net Income YoY | -18.9% | · | · | · | |
| EPS CAGR 3Y | -4.8% | · | · | · | |
| Net Income CAGR 3Y | -18.7% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TRTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.05Y avg ≈0.0 | ≈0.0 | 0.0 | Top tier |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Annualized Payout≈$0.96
5Y Div CAGR≈-8.8%
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 28, 2026 | $0.24 | USD | ≈15.2% |
| Jun 26, 2026 | $0.24 | USD | ≈11.3% |
| Mar 27, 2026 | $0.24 | USD | ≈12.6% |
| Dec 26, 2025 | $0.24 | USD | ≈10.9% |
| Sep 26, 2025 | $0.24 | USD | ≈11.1% |
| Jun 27, 2025 | $0.24 | USD | ≈12.5% |
| Mar 28, 2025 | $0.24 | USD | ≈12.0% |
| Dec 27, 2024 | $0.24 | USD | ≈11.4% |
| Sep 27, 2024 | $0.24 | USD | ≈11.6% |
| Jun 27, 2024 | $0.24 | USD | ≈11.4% |
| Mar 27, 2024 | $0.24 | USD | ≈12.4% |
| Dec 28, 2023 | $0.24 | USD | ≈14.3% |
| Sep 27, 2023 | $0.24 | USD | ≈14.7% |
| Jun 27, 2023 | $0.24 | USD | ≈13.0% |
| Mar 28, 2023 | $0.24 | USD | ≈14.0% |
| Dec 28, 2022 | $0.24 | USD | ≈14.6% |
| Sep 27, 2022 | $0.24 | USD | ≈13.9% |
| Jun 27, 2022 | $0.24 | USD | ≈10.8% |
| Mar 28, 2022 | $0.24 | USD | ≈8.4% |
| Dec 28, 2021 | $0.31 | USD | ≈7.7% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-4.6%
Next Report
Oct 26, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 27, 2026 | $0.23 | $0.26 | -11.6% |
| March 31, 2026 | $0.25 | $0.26 | -2.6% | |
| Dec. 31, 2025 | $0.24 | $0.26 | -7.7% | |
| Sept. 30, 2025 | $0.25 | $0.26 | -2.7% | |
| June 30, 2025 | $0.24 | $0.23 | 4.1% | |
| March 31, 2025 | $0.24 | $0.26 | -7.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $4M | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $2M | |
| Interest Expense | · | · | $274M | $161M | $85M | $107M | $175M | $126M | $78M | $62M | |
| Interest Income | $290M | $307M | $363M | $303M | $240M | $284M | $340M | $266M | $199M | $154M | |
| Pretax Income | $61M | $75M | $-116M | $-60M | $140M | $-137M | $127M | $107M | $94M | $70M | |
| Income Tax | $378.0K | $399.0K | $259.0K | $530.0K | $1M | $305.0K | $579.0K | $340.0K | $146.0K | $-5.0K | |
| Net Income | $60M | $74M | $-117M | $-60M | $139M | $-137M | $126M | $107M | $94M | $70M | |
| EPS (Basic) | $0.57 | $0.75 | $-1.69 | $-0.95 | $0.92 | $-2.03 | $1.73 | $1.70 | $1.74 | $1.69 | |
| EPS (Diluted) | $0.57 | $0.75 | $-1.69 | $-0.95 | $0.87 | $-2.03 | $1.73 | $1.70 | $1.74 | $1.69 | |
| Shares (Basic) | 79,299,265 | 79,801,990 | 77,575,788 | 77,296,524 | 76,977,743 | 76,656,756 | 72,743,171 | 63,034,806 | 54,194,596 | 41,406,026 | |
| Shares (Diluted) | 79,445,823 | 79,888,044 | 77,575,788 | 77,296,524 | 81,684,388 | 76,656,756 | 72,743,171 | 63,034,806 | 54,194,596 | 41,406,026 |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $88M | $190M | $206M | $254M | $261M | $320M | $79M | $40M | $75M | $103M | |
| Intangibles | $15M | $22M | $29M | · | · | · | · | · | · | · | |
| Total Assets | $4.41B | $3.73B | $4.21B | $5.55B | $5.22B | $4.91B | $5.89B | $4.53B | $3.36B | $2.67B | |
| Total Liabilities | $3.34B | $2.62B | $3.09B | $4.22B | $3.75B | $3.44B | $4.39B | $3.20B | $2.15B | $1.69B | |
| Long-term Debt | $3.31B | $2.57B | $3.05B | $4.18B | $3.72B | · | · | · | · | · | |
| Common Stock | $78.0K | $81.0K | $77.0K | $77.0K | $77.0K | · | · | · | · | · | |
| Paid-in Capital | $1.74B | $1.73B | $1.72B | $1.72B | $1.71B | $1.56B | $1.53B | $1.36B | $1.22B | $979M | |
| Retained Earnings | $-673M | $-617M | $-600M | $-395M | $-247M | $-293M | $-28M | $-26M | $-15M | $-10M | |
| AOCI | · | · | · | · | · | · | $1M | $-2M | $-34.0K | $1M | |
| Stockholders' Equity | $1.07B | $1.11B | $1.12B | $1.32B | $1.46B | $1.27B | $1.50B | $1.33B | $1.20B | $971M | |
| Liabilities + Equity | $4.41B | $3.73B | $4.21B | $5.55B | $5.22B | $4.91B | $5.89B | $4.53B | $3.36B | $2.67B | |
| Shares Outstanding | 78,318,722 | 81,003,693 | 77,868,565 | 77,410,282 | 77,183,892 | 76,787,006 | 74,886,113 | 66,020,387 | 59,440,112 | 47,251,165 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $10M | $6M | $8M | $5M | $6M | $6M | $3M | $665.0K | $33.0K | · | |
| Operating Cash Flow | $90M | $112M | $80M | $100M | $132M | $132M | $122M | $108M | $91M | $86M | |
| CapEx | · | · | · | · | · | · | · | · | $111.0K | $500.0K | |
| Investing Cash Flow | $-790M | $441M | $1.10B | $-453M | $-343M | $965M | $-1.31B | $-1.19B | $-703M | $-545M | |
| Stock Issued | · | · | · | $0 | $0 | $13M | $175M | $139M | $244M | $245M | |
| Stock Repurchased | $25M | $37.0K | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | $-25M | $-37.0K | · | $0 | · | $13M | · | $139M | · | · | |
| Financing Cash Flow | $597M | $-569M | $-1.22B | $345M | $152M | $-857M | $1.23B | $1.05B | $583M | $457M | |
| Net Change in Cash | $-102M | $-17M | $-47M | $-7M | $-59M | $240M | $39M | $-35M | $-28M | $-2M | |
| Free Cash Flow | · | · | · | · | · | · | · | · | $91M | · | |
| Levered FCF | · | · | · | · | · | · | · | · | $13M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 41.3% | 48.5% | -100.2% | -41.4% | 89.0% | -77.3% | · | 75.9% | 77.1% | · | |
| Pretax Margin | 41.5% | 48.8% | -100.0% | -41.1% | 89.7% | -77.1% | · | 76.1% | 77.2% | · | |
| ROA | 1.5% | 1.9% | -2.4% | -1.1% | 2.7% | -2.5% | · | 2.7% | 3.1% | · | |
| ROE | 5.6% | 6.6% | -10.3% | -4.6% | 9.5% | -10.7% | · | 8.1% | 7.8% | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $13.64 | $13.75 | $14.44 | $17.08 | $18.98 | $16.50 | · | $20.10 | $20.21 | · | |
| Revenue / Share | $1.84 | $1.92 | $1.50 | $1.88 | $1.91 | $2.31 | · | $2.23 | $2.26 | · | |
| Cash Flow / Share | $1.14 | $1.40 | $1.03 | $1.30 | $1.62 | $1.72 | · | $1.71 | $1.68 | · | |
| Cash / Share | $1.12 | $2.35 | $2.65 | $3.28 | $3.38 | $4.16 | · | $0.60 | $1.26 | · | |
| Dividend / Share | $0.96 | $0.96 | $0.96 | $0.96 | $0.95 | $1.21 | $1.72 | $1.71 | $1.56 | $1.62 | |
| EPS (TTM) | $0.57 | $0.75 | $-1.69 | $-0.95 | $0.87 | $-2.03 | $1.73 | $1.70 | $1.74 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -4.6% | 31.6% | -19.7% | -6.9% | -12.1% | · | · | · | · | · | |
| Revenue CAGR 3Y | 0.27% | -0.54% | -13.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -3.8% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -24.0% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | -4.8% | · | · | · | · | · | · | · | · | |
| Net Income YoY | -18.9% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | -18.7% | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $146M | $153M | $116M | $145M | $156M | $177M | $167M | $141M | $122M | · | |
| Net Income TTM | $60M | $74M | $-117M | $-60M | $139M | $-137M | $126M | $107M | $94M | · | |
| Market Cap | $674M | $689M | $506M | $526M | $951M | $815M | · | $1.21B | $1.13B | · | |
| P/E | 15.1 | 11.3 | -3.8 | -7.1 | 14.2 | -5.2 | 11.7 | 10.8 | 10.9 | · | |
| P/S | 4.6 | 4.5 | 4.3 | 3.6 | 6.1 | 4.6 | · | 8.6 | 9.3 | · | |
| P/B | 0.6 | 0.6 | 0.5 | 0.4 | 0.6 | 0.6 | · | 0.9 | 0.9 | · | |
| P / Tangible Book | 0.6 | 0.6 | 0.5 | 0.4 | 0.6 | 0.6 | · | · | · | · | |
| P / Cash Flow | 7.5 | 6.1 | 6.3 | 5.2 | 7.2 | 6.2 | · | 11.2 | 12.4 | · | |
| P / FCF | · | · | · | · | · | · | · | · | 12.4 | · | |
| Earnings Yield | 6.6% | 8.8% | -26.0% | -14.0% | 7.1% | -19.1% | 8.5% | 9.3% | 9.1% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $953.0K | $910.0K | $1M | $998.0K | $989.0K | $1M | $1M | $1M | $1M | $986.0K | $970.0K | $718.0K | $1M | $896.0K | $1M | $949.0K | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $55M | · | $70M | $71M | $70M | $45M | $28M | |
| Interest Income | $74M | $74M | $74M | $77M | $71M | $68M | $69M | $78M | $78M | $82M | $84M | $90M | $97M | $92M | $75M | $66M | |
| Pretax Income | $13M | $19M | $4M | $22M | $21M | $14M | $11M | $22M | $25M | $17M | $6M | $-61M | $-69M | $8M | $-114M | $-5M | |
| Income Tax | $101.0K | $112.0K | $85.0K | $109.0K | $128.0K | $56.0K | $-157.0K | $66.0K | $100.0K | $390.0K | $65.0K | $5.0K | $5.0K | $184.0K | $125.0K | $118.0K | |
| Net Income | $13M | $19M | $4M | $22M | $21M | $14M | $11M | $22M | $25M | $17M | $6M | $-61M | $-69M | $7M | $-115M | $-5M | |
| EPS (Basic) | $0.12 | $0.19 | $0.01 | $0.23 | $0.21 | $0.12 | $0.09 | $0.23 | $0.26 | $0.17 | $0.03 | $-0.83 | $-0.94 | $0.05 | $-1.52 | $-0.11 | |
| EPS (Diluted) | $0.12 | $0.19 | $0.01 | $0.23 | $0.21 | $0.12 | $0.09 | $0.23 | $0.26 | $0.17 | $0.03 | $-0.83 | $-0.94 | $0.05 | $-1.52 | $-0.11 | |
| Shares (Basic) | 77,043,597 | 78,252,513 | · | 78,515,639 | 79,474,862 | 80,975,625 | · | 80,925,851 | 79,456,745 | 77,868,735 | · | 77,730,715 | 77,417,566 | 77,410,406 | 77,403,487 | 77,188,291 | |
| Shares (Diluted) | 78,025,668 | 79,063,393 | · | 78,813,809 | 80,208,877 | 81,768,745 | · | 81,365,205 | 80,907,705 | 77,868,735 | · | 77,730,715 | 77,417,566 | 78,089,651 | 77,403,487 | 77,188,291 |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $66M | $92M | $88M | $94M | $166M | $363M | $190M | $226M | $259M | $203M | · | $302M | $307M | $162M | $236M | $356M | |
| Intangibles | $13M | $14M | $15M | $15M | $16M | $20M | $22M | $22M | $24M | $27M | · | $8M | $9M | · | · | · | |
| Total Assets | $4.60B | $4.47B | $4.41B | $4.06B | $4.16B | $3.96B | $3.73B | $3.66B | $3.70B | $3.83B | · | $4.46B | $4.98B | $5.38B | $5.66B | $5.40B | |
| Total Liabilities | $3.55B | $3.41B | $3.34B | $2.98B | $3.07B | $2.86B | $2.62B | $2.54B | $2.57B | $2.71B | · | $3.32B | $3.76B | $4.07B | $4.36B | $3.95B | |
| Long-term Debt | · | $3.38B | $3.31B | $2.95B | $3.04B | $2.83B | · | $2.49B | $2.53B | $2.66B | · | $3.26B | $3.71B | $4.02B | $4.32B | $3.92B | |
| Common Stock | $77.0K | $78.0K | $78.0K | $78.0K | $79.0K | $81.0K | $81.0K | $81.0K | $81.0K | $78.0K | · | $77.0K | $77.0K | $77.0K | $77.0K | $77.0K | |
| Paid-in Capital | $1.74B | $1.74B | $1.74B | $1.74B | $1.73B | $1.73B | $1.73B | $1.73B | $1.73B | $1.73B | · | $1.72B | $1.72B | $1.72B | $1.72B | $1.71B | |
| Retained Earnings | $-700M | $-681M | $-673M | $-654M | $-644M | $-630M | $-617M | $-605M | $-604M | $-606M | · | $-584M | $-501M | $-410M | $-409M | $-273M | |
| Stockholders' Equity | $1.04B | $1.06B | $1.07B | $1.08B | $1.09B | $1.10B | $1.11B | $1.12B | $1.12B | $1.12B | $1.12B | $1.14B | $1.22B | $1.31B | $1.31B | $1.44B | |
| Liabilities + Equity | $4.60B | $4.47B | $4.41B | $4.06B | $4.16B | $3.96B | $3.73B | $3.66B | $3.70B | $3.83B | · | $4.46B | $4.98B | $5.38B | $5.66B | $5.40B | |
| Shares Outstanding | 76,985,190 | 77,801,209 | 78,318,722 | 78,306,713 | 79,420,606 | 80,626,997 | 81,003,693 | 80,927,733 | 80,928,525 | 77,872,438 | · | 77,734,786 | 77,730,578 | 77,414,006 | 77,406,620 | 77,403,381 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $2M | $4M | $1M | $2M | $2M | $2M | $1M | $2M | $2M | $3M | $1M | $2M | $2M | $932.0K | $1M | |
| Operating Cash Flow | $22M | $25M | $25M | $22M | $25M | $19M | $25M | $24M | $26M | $37M | $23M | $26M | $7M | $23M | $17M | $32M | |
| Investing Cash Flow | $-154M | $-66M | $-361M | $29M | $-465M | $8M | $-118M | $3M | $189M | $366M | $113M | $441M | $480M | $62M | $-511M | $100M | |
| Stock Repurchased | $11M | $4M | $387.0K | $9M | $13M | $3M | $0 | $37.0K | $0 | $0 | $0 | · | · | · | · | · | |
| Net Stock Activity | · | $-4M | · | · | · | $-3M | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $107M | $46M | $331M | $-123M | $244M | $146M | $56M | $-60M | $-159M | $-407M | $-231M | $-473M | $-341M | $-177M | $374M | $-128M | |
| Net Change in Cash | $-26M | $4M | $-6M | $-72M | $-197M | $173M | $-36M | $-33M | $56M | $-4M | $-95M | $-5M | $146M | $-92M | $-120M | $4M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 38.6% | 50.8% | · | 58.1% | 57.0% | 37.0% | · | 55.3% | 62.9% | 43.0% | · | -226.6% | -212.0% | 29.2% | -360.6% | -14.1% | |
| Pretax Margin | 38.9% | 51.1% | · | 58.4% | 57.4% | 37.2% | · | 55.5% | 63.1% | 44.0% | · | -226.6% | -211.9% | 29.9% | -360.2% | -13.8% | |
| ROA | 0.30% | 0.45% | · | 0.57% | 0.53% | 0.35% | · | 0.55% | 0.57% | 0.36% | · | -1.2% | -1.3% | 0.14% | -2.1% | -0.10% | |
| ROE | 1.2% | 1.8% | · | 2.0% | 1.9% | 1.2% | · | 2.0% | 2.1% | 1.4% | · | -5.0% | -5.2% | 0.53% | -8.3% | -0.38% |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $13.57 | $13.65 | · | $13.82 | $13.73 | $13.69 | · | $13.90 | $13.89 | $14.39 | · | $14.63 | $15.69 | $16.91 | $16.88 | $18.63 | |
| Revenue / Share | $0.44 | $0.47 | · | $0.48 | $0.45 | $0.45 | · | $0.49 | $0.49 | $0.50 | · | $0.35 | $0.42 | $0.32 | $0.41 | $0.50 | |
| Cash Flow / Share | · | $0.31 | · | · | · | $0.23 | · | · | · | $0.48 | · | · | · | $0.30 | · | · | |
| Cash / Share | $0.85 | $1.18 | · | $1.20 | $2.09 | $4.50 | · | $2.80 | $3.20 | $2.61 | · | $3.89 | $3.96 | $2.09 | $3.05 | $4.60 | |
| Dividend / Share | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | $0.24 | |
| EPS (TTM) | $0.55 | $0.64 | · | $0.65 | $0.65 | $0.70 | · | $0.69 | $-0.37 | $-1.57 | · | $-1.29 | $-1.98 | $-1.15 | $-0.86 | $0.98 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $144M | $146M | · | $146M | $148M | $151M | · | $150M | $137M | $130M | · | $121M | $126M | $132M | $147M | $155M | |
| Net Income TTM | $58M | $66M | · | $67M | $67M | $71M | · | $70M | $-13M | $-107M | · | $-87M | $-140M | $-76M | $-51M | $93M | |
| Market Cap | $644M | $608M | · | $670M | $613M | $657M | · | $690M | $699M | $601M | · | $523M | $576M | $562M | $542M | $697M | |
| P/E | 15.2 | 12.2 | · | 13.2 | 11.9 | 11.6 | · | 12.4 | -23.4 | -4.9 | · | -5.2 | -3.7 | -6.3 | -8.1 | 9.2 | |
| P/S | 4.5 | 4.2 | · | 4.6 | 4.1 | 4.3 | · | 4.6 | 5.1 | 4.6 | · | 4.3 | 4.6 | 4.3 | 3.7 | 4.5 | |
| P/B | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 | |
| P / Tangible Book | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 | |
| P / Cash Flow | · | 24.7 | · | · | · | 34.3 | · | · | · | 16.1 | · | · | · | 23.9 | · | · | |
| Earnings Yield | 6.6% | 8.2% | · | 7.6% | 8.4% | 8.6% | · | 8.1% | -4.3% | -20.3% | · | -19.2% | -26.7% | -15.8% | -12.3% | 10.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $60M | $74M | $-117M | $-60M | $139M |
| Diluted EPS | $0.57 | $0.75 | $-1.69 | $-0.95 | $0.87 |
No data for this statement
Not enough fundamentals data to build this statement yet.
No data for this statement
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 166 filers · $552.7M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
166
Value held
$552.7M
New positions
15
Exited positions
15
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 15 (-17 vs prior Q) | 15 (-7 vs prior Q) | 68 (+25 vs prior Q) | 40 (-23 vs prior Q) | -2.1M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Long Pond Capital, LP | $58,833,584 | 7,029,102 | 10.64% | Shares |
| BlackRock, Inc. | $54,385,649 | 6,497,688 | 9.84% | Shares |
| VANGUARD GROUP INC | $35,631,451 | 4,138,380 | 6.45% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $28,063,229 | 3,352,835 | 5.08% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $27,511,855 | 3,286,960 | 4.98% | Shares |
| State of New Jersey Common Pension Fund A | $26,358,369 | 3,149,148 | 4.77% | Shares |
| TPG GP A, LLC | $20,028,263 | 2,392,863 | 3.62% | Shares |
| GRATIA CAPITAL, LLC | $17,303,577 | 2,067,333 | 3.13% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $16,369,999 | 1,955,268 | 2.96% | Shares |
| STATE STREET CORP | $15,791,663 | 1,836,490 | 2.86% | Shares |
| GOLDMAN SACHS GROUP INC | $12,691,180 | 1,516,270 | 2.30% | Shares |
| TWO SIGMA ADVISERS, LP | $12,452,643 | 1,446,300 | 2.25% | Shares |
| TWO SIGMA INVESTMENTS, LP | $12,205,594 | 1,458,255 | 2.21% | Shares |
| Qube Research & Technologies Ltd | $10,750,328 | 1,284,388 | 1.95% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $10,617,052 | 1,268,465 | 1.92% | Shares |
| CITIGROUP INC | $9,994,709 | 1,194,111 | 1.81% | Shares |
| MORGAN STANLEY | $9,926,978 | 1,186,018 | 1.80% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,414,576 | 1,124,800 | 1.70% | Call option |
| One William Street Capital Management, L.P. | $8,955,900 | 1,070,000 | 1.62% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $8,889,903 | 1,062,115 | 1.61% | Shares |
| FMR LLC | $7,210,925 | 861,520 | 1.30% | Shares |
| VAN ECK ASSOCIATES CORP | $6,830,740 | 816,098 | 1.24% | Shares |
| Caption Management, LLC | $6,696,000 | 800,000 | 1.21% | Call option |
| NORTHERN TRUST CORP | $6,244,052 | 746,004 | 1.13% | Shares |
| DIMENSION CAPITAL MANAGEMENT LLC | $6,062,533 | 724,317 | 1.10% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $5,963,122 | 712,440 | 1.08% | Shares |
| JPMORGAN CHASE & CO | $5,759,450 | 680,786 | 1.04% | Shares |
| UBS Group AG | $5,726,905 | 684,218 | 1.04% | Shares |
| Balyasny Asset Management L.P. | $5,290,133 | 632,035 | 0.96% | Shares |
| CONDOR CAPITAL MANAGEMENT | $5,226,275 | 624,405 | 0.95% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,946,570 | 590,988 | 0.89% | Shares |
| FRANKLIN RESOURCES INC | $4,827,046 | 576,708 | 0.87% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $4,210,579 | 503,056 | 0.76% | Shares |
| WELLS FARGO & COMPANY/MN | $4,185,000 | 500,000 | 0.76% | Call option |
| Focus Partners Wealth | $3,916,349 | 467,885 | 0.71% | Shares |
| Cercano Management LLC | $3,361,451 | 401,607 | 0.61% | Shares |
| Almitas Capital LLC | $3,035,665 | 362,684 | 0.55% | Shares |
| Solel Partners LP | $2,928,144 | 349,838 | 0.53% | Shares |
| Nokomis Capital, L.L.C. | $2,618,956 | 312,898 | 0.47% | Shares |
| NORGES BANK | $2,417,256 | 288,800 | 0.44% | Shares |
| BANK OF AMERICA CORP /DE/ | $2,265,349 | 270,651 | 0.41% | Shares |
| ALLIANCEBERNSTEIN L.P. | $2,238,893 | 286,670 | 0.41% | Shares |
| FJ Capital Management LLC | $2,090,307 | 249,738 | 0.38% | Shares |
| BARCLAYS PLC | $1,835,080 | 219,245 | 0.33% | Shares |
| Bank of New York Mellon Corp | $1,768,018 | 211,233 | 0.32% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $1,542,040 | 184,234 | 0.28% | Shares |
| Bracebridge Capital, LLC | $1,524,654 | 182,157 | 0.28% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,410,103 | 180,551 | 0.26% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $1,390,165 | 166,089 | 0.25% | Shares |
| XTX Topco Ltd | $1,200,015 | 143,371 | 0.22% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Gratia Capital, LLC, Steve Pei ×2 filings | April 21, 2026 | 3.70% | Amendment | Passive investment | SEC |
| PE Holder, L.L.C., PE Holdings, L.L.C., SOF-XI U.S. Public MAR Holdings L.P., Starwood XI Management Holdings GP, L.L.C., Starwood XI Management, L.P., Starwood XI Management GP, L.L.C., Starwood Capital Group Global II, L.P., SCGG II GP, L.L.C., Starwood Capital Group Holdings GP, L.L.C., BSS SCG GP Holdings, LLC, Barry S. Sternlicht ×2 filings | May 10, 2024 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 16 insiders · 7 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Doug Bouquard | Chief Executive Officer | June 30, 2026 F | 1,070,146 | 0 | 0 | $0 |
| Greta Guggenheim | CEO & President | Dec. 17, 2020 A | 599,589 | 0 | 0 | $0 |
| Robert Foley | Chief Financial Officer | June 30, 2025 F | 428,326 | 0 | 0 | $0 |
| Matthew Coleman | President | June 30, 2026 F | 326,961 | 0 | 0 | $0 |
| Brandon C Fox | See Remark (A) | June 30, 2026 F | 87,577 | 0 | 0 | $0 |
| Peter A. Smith | (3) Chief Investment Officer and Vice President. (4) Matthew Coleman is signing on behalf of Mr. Smith pursuant to the power of | June 30, 2023 F | 308,361 | 0 | 0 | $0 |
| Deborah J. Ginsberg | (3) Vice President, General Counsel and Secretary. (4) Matthew Coleman is signing on behalf of Ms. Ginsberg pursuant to the pow | June 30, 2023 F | 145,185 | 0 | 0 | $0 |
| Michael Bradley Smith | Director | July 24, 2026 A | 98,699 | 0 | 0 | $0 |
| Michael Gillmore | Director | July 24, 2026 A | 98,699 | 0 | 0 | $0 |
| Todd Schuster | Director | July 24, 2026 A | 63,978 | 0 | 0 | $0 |
| Wendy Silverstein | Director | July 24, 2026 A | 98,699 | 0 | 0 | $0 |
| Julie Hong Clayton | Director | June 30, 2026 F | 35,330 | 0 | 0 | $0 |
| Avi Banyasz | Director | June 30, 2026 F | 162,322 | 0 | 0 | $0 |
| Edward J. Goldthorpe | Director | Dec. 24, 2025 A | 2,169 | 0 | 0 | $0 |
| Gregory White | Director | Dec. 27, 2024 A | 78,340 | 0 | 0 | $0 |
| Kelvin L. Davis | Director | Dec. 17, 2021 A | 59,032 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 20 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SRET · Global X Funds | 3.23% | 945,309 NS | July 31, 2026 | N-PORT |
| SDIV · Global X Funds | 0.90% | 1,375,096 NS | July 31, 2026 | N-PORT |
| PFF · iShares Trust | 0.07% | 485,461 SH | Sept. 11, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.04% | 62,186 SH | Aug. 19, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.02% | 88,207 | Oct. 1, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 408,827 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 33,843 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 1,844,402 SH | Sept. 11, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 6,605 | Oct. 1, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 893,929 SH | Aug. 19, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.01% | 114,310 SH | Aug. 19, 2026 | Daily |
| JPSE · J.P. Morgan Exchange-Traded Fund Tr… | 0.01% | 5,467 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 5,671 SH | Sept. 9, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.01% | 18,522 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 90,394 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 15,315 SH | Sept. 3, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,386,001 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,665 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 661,417 SH | Sept. 11, 2026 | Daily |
| REM · iShares Trust | · | 884,146 SH | Sept. 11, 2026 | Daily |
TRTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 12 analysts
BUY
Median target
$10.00
+62.9%
4 33.3%
Strong Buy
6 50.0%
Buy
1 8.3%
Hold
1 8.3%
Sell
0 0.0%
Strong Sell
12-Month Price Target
6 analysts · 2026-10-01Mean target $9.88 +60.8%
← Below all targets
Current price $6.14
Low$8.25
Mean$9.88
High$11.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TRTX | $674M | 15.1 | -4.6% | 41.3% | 5.6% | · |
| PMT | $1.09B | 12.7 | · | -656.4% | 6.8% | · |
| ABR | $1.52B | 13.9 | -18.0% | 30.9% | 5.3% | · |
| IVR | $604M | 6.4 | 104.8% | 134.3% | 13.4% | · |
| FBRT | $818M | 15.7 | 20.9% | 30.5% | 5.6% | · |
| BRSP | · | -21.5 | -7.9% | -9.4% | -3.1% | · |
| RWT | · | · | · | · | · | · |
| KREF | $529M | -7.8 | -25.8% | -41.8% | -3.7% | · |
| NREF | $262M | 4.9 | 67.7% | 261.0% | 33.5% | · |
| REFI | $258M | 7.3 | · | 65.0% | 11.7% | · |
| ACRE | $263M | 4.4 | -21.3% | -1.6% | -0.17% | · |
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Source: SEC 10-Q filed Jul 28, 2026