Tpg Re Finance Trust (TRTX)
NYSE:TRTX
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Earnings Data
Report Date
Aug 04, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.25Last Year’s EPS
0.24Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed a positive tone: strong credit metrics (100% performing, stable risk ratings, CECL essentially flat), meaningful year‑over‑year balance sheet growth (+26%), a robust origination pipeline ($535M in executed term sheets; $1.25B committed since Q4 2025), solid liquidity ($173M) and active share repurchases supporting book value. Headwinds mentioned were modest: yield‑curve driven pressure on new acquisitions, a flat quarter‑over‑quarter net asset result (driven by seasonality and large repayments), a small rise in leverage (3.02x to 3.1x), and competitive dynamics in target sectors. On balance the positives (credit strength, pipeline, liquidity, capital actions and YoY growth) outweigh the limited near‑term challenges.Company Guidance
Strong Credit Performance and Asset Quality
100% performing loan portfolio at quarter end; weighted average risk rating unchanged at 3.0; no negative credit migration during the quarter; CECL reserve essentially flat, decreasing slightly from 180 bps to 179 bps (down 1 basis point).
Material Year‑over‑Year Growth in Net Assets
Net assets of $4.1 billion at quarter end, flat quarter‑over‑quarter but up 26% year‑over‑year (+$868.0 million).
Strong Origination Activity and Robust Pipeline
Closed $324 million of loans year‑to‑date in 2026 and had $535 million of executed term sheets in Q1 (majority multifamily and industrial). Since start of Q4 2025 originated 12 loans with total commitments of $1.25 billion, with >90% from repeat borrowers; subsequent to quarter end originated a $175.4 million hotel loan (3.0% credit spread).
Improved Portfolio Vintage
67% of the balance sheet comprised of 2023 and newer loan originations, reflecting a newer-vintage portfolio compared with peers and supporting credit stability.
Liquidity and Durable Capital Structure
Near‑term liquidity of $172.8 million (including $77 million cash net of $15 million held for covenants), 78% of financing is non‑mark‑to‑market, weighted average cost of funds 1.80%, debt‑to‑equity ratio of 3.1x, and $1.5 billion of available financing capacity.
Share Repurchases and Book Value Support
Repurchased over 1 million shares through April 27 for $8.7 million (average $8.07/share). In Q1 repurchased 556,592 shares for $4.5 million (avg $8.06), which increased book value by $0.02 per share; book value per share was $11.06 as of March 31.
Earnings and Dividend Coverage
GAAP net income of $15.2 million for Q1 2026; distributable earnings of $19.5 million or $0.25 per common share; dividend of $0.24 per share covered 1.04x by distributable earnings.
Office Exposure Reduced
Full payment on 575 Fifth Avenue and other repayments received in April reduced office exposure to less than 5% of the balance sheet on a pro forma basis.
REO Monetization Plan and Earnings Contribution
Management expects to sell some REO assets in 2026; REO (mostly multifamily) contributes positively to distributable earnings with an expected run rate of roughly $0.02 to $0.03 per quarter.
TRTX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TRTX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 28, 2026 | $8.38 | $8.31 | -0.84% |
Feb 17, 2026 | $8.55 | $8.20 | -4.08% |
Oct 28, 2025 | $8.43 | $8.19 | -2.80% |
Jul 30, 2025 | $8.04 | $8.00 | -0.57% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Tpg Re Finance Trust (TRTX) report earnings?
Tpg Re Finance Trust (TRTX) is schdueled to report earning on Aug 04, 2026, After Close (Confirmed).
What is Tpg Re Finance Trust (TRTX) earnings time?
Tpg Re Finance Trust (TRTX) earnings time is at Aug 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is TRTX EPS forecast?
TRTX EPS forecast for the fiscal quarter 2026 (Q2) is 0.25.