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Tpg Re Finance (TRTX)
NYSE:TRTX
Earnings Data
Report Date
May 05, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.25Last Year’s EPS
0.24Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call contained multiple strong operational and financial highlights: sizable originations ($1.9B), 25% net asset growth, full-year distributable earnings covering the dividend (1.01x), a 100% performing loan book, improved liability profile (82% non-mark-to-market) and a lower cost of funds. These positives are tempered by some near-term headwinds and execution items including a modest q/q decline in book value (-1.6%), an increase in leverage (3.02x) as the company moves toward a higher target, spread compression on new loan originations (~50 bps below portfolio average), a small increase in CECL reserves, one loan downgrade (~1% of commitments), remaining REO to be sold and market perception with the stock trading at ~20% discount to book. Overall, the operational momentum, strong originations, liquidity and capital markets execution materially outweigh the noted lowlights, supporting a constructive outlook for 2026.Company Guidance
Strong Origination and Investment Activity in 2025
Originated 20 loans with total commitments of $1,900,000,000 in 2025; fourth quarter alone closed $927,000,000 of new loans (62% multifamily, 38% industrial). Over 90% of new originations were with repeat borrowers, demonstrating deep borrower relationships.
Meaningful Net Asset Growth
Net assets grew from $3,300,000,000 to $4,100,000,000, a 25% year-over-year increase driven by substantial new loan originations and repayment activity.
Solid Earnings and Dividend Coverage
Full-year distributable earnings of $76,800,000 or $0.97 per common share; coverage ratio of annual dividend was 1.01x (annual dividend $0.96 per share). Quarter distributable earnings were $18,500,000 or $0.24 per share. GAAP net income for the full year was $45,500,000 or $0.57 per share.
100% Performing Loan Portfolio and Stable Credit Profile
Loan portfolio ended the year 100% performing with a weighted average risk rating unchanged at 3.0. During the quarter, two multifamily loans were upgraded (3→2) and one multifamily loan was downgraded (3→4) representing ~1% of total loan commitments.
Improved Liability Structure and Lower Cost of Funds
Liability structure is 82% non-mark-to-market (up from 77% at 12/31/2024). Year-over-year cost of funds declined 18 basis points (from 2.00% to 1.82%, a ~9% reduction). Issued two CRE CLOs (TRTX FL6 and FL7) totaling $2,200,000,000, providing reinvestment capacity and attractive funding.
Strong Balance Sheet Liquidity and Financing Capacity
Near-term liquidity of $143,000,000 at year-end (including ~$72,600,000 cash net of covenants, $51,400,000 undrawn secured capacity, $4,000,000 CLO reinvestment proceeds). Additionally held unencumbered loan investments eligible to pledge totaling $127,100,000 and $1,600,000,000 of financing capacity available to support loan investments.
Active Capital Markets and Repayments
Received loan repayments of $987,900,000 during the year, including full repayments of $931,500,000 on 15 loans. Management highlighted continued healthy capital markets velocity and expectations for active transaction volume in 2026.
Strategic Sector Positioning
Increased combined exposure to multifamily and industrial from ~30% in early 2022 to over 72% of the balance sheet at year-end, reflecting a strategic shift into targeted, thematic sectors where management sees favorable fundamentals and platform advantage.
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 |
|---|---|---|---|
Feb 17, 2026 | $8.81 | $8.45 | -4.09% |
Oct 28, 2025 | $8.68 | $8.44 | -2.76% |
Jul 30, 2025 | $8.29 | $8.24 | -0.60% |
Apr 29, 2025 | $6.92 | $7.02 | +1.45% |
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 (TRTX) report earnings?
Tpg Re Finance (TRTX) is schdueled to report earning on May 05, 2026, After Close (Confirmed).
What is Tpg Re Finance (TRTX) earnings time?
Tpg Re Finance (TRTX) earnings time is at May 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TRTX EPS forecast?
TRTX EPS forecast for the fiscal quarter 2026 (Q1) is 0.25.