10-Q · July 28, 2026
TRTX reported Q2 total revenue of $34.008 million, down $3.300 million sequentially from $37.308 million, while diluted EPS declined to $0.12 from $0.19. The earnings weakness was driven principally by a $3.563 million…
Earnings analysis · 10-Q
TRTX earnings analysis
Filed October 26, 2026 · Our reading of the company's report
The latest report
TRTX reported $9 million of revenue and $0.12 diluted EPS, with revenue up sequentially but EPS down from $0.19 in 2026 Q1 and $0.23 in 2025 Q3. Operating margin improved to -89.5%, while free cash flow was $22 million…
Read full summary
TRTX reported $9 million of revenue and $0.12 diluted EPS, with revenue up sequentially but EPS down from $0.19 in 2026 Q1 and $0.23 in 2025 Q3. Operating margin improved to -89.5%, while free cash flow was $22 million versus $25 million in the prior quarter. The company completed its $25 million repurchase authorization and approved a new $50 million program, but the filing highlights material interest-rate, liquidity, and TPG-related conflicts risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.12
What stood out
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Revenue increased; operating loss narrowed
Revenue was $9 million, up from $8 million in 2026 Q2 and $8 million in 2025 Q3. Operating margin improved to -89.5% from -120.3% in 2026 Q1 and -130.6% in 2025 Q3.
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EPS declined and missed consensus
Diluted EPS was $0.12, down from $0.19 in 2026 Q1 and $0.23 in 2025 Q3. EPS was also below the $0.23 consensus estimate.
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Completed $25 million repurchase program
The company repurchased 1,163,018 common shares during the quarter at a weighted-average price of $8.00, for total consideration of $9.3 million, exhausting the prior program's remaining capacity.
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New $50 million buyback authorized
On October 26, 2026, the board approved a new share repurchase program authorizing up to $50.0 million of additional common-stock repurchases.
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Floating-rate structure supports rate sensitivity
As of September 30, 2026, 99.8% of loans by unpaid principal balance were floating-rate, while net floating-rate mortgage exposure was $1.186 billion. A 25-basis-point rate increase was estimated to increase annual net interest income by $2.921 million.
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Disclosure controls remained effective
Management concluded that disclosure controls were effective at the reasonable-assurance level as of September 30, 2026, and reported no material changes in internal control over financial reporting.
What to watch
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Expanded TPG fund conflict risk
The filing adds a risk factor concerning competition and conflicts with existing and future TPG Funds, including TRECO Funds. As of December 31, 2025, three of the company's eight directors were TPG employees, and investment opportunities may be allocated away from TRTX.
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Downside from declining rates
Nearly all loan assets and liabilities are floating-rate: 99.8% of loans by unpaid principal balance were floating-rate, while floating-rate mortgage liabilities totaled $3.738 billion. A 75-basis-point rate decrease was estimated to reduce annual net interest income by $6.905 million.
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Financing and margin-call exposure
Liquidity remains exposed to collateral values and refinancing conditions. The company states that margin calls could increase if pledged collateral declines and provides no assurance that secured credit agreements can be replaced; the portfolio had $3.738 billion of floating-rate mortgage liabilities as of September 30, 2026.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance; outlook was not provided in the filing.
Earlier filings 4
10-Q · April 28, 2026
TPG RE Finance Trust (TRTX) reported a strong sequential operating quarter: diluted EPS of $0.19 and net income attributable to common stockholders of $15.2 million for Q1 2026 (vs $0.0 diluted EPS and $0.2 million in…
10-K · February 17, 2026
TPG RE Finance Trust positions itself as an externally managed, floating-rate commercial real estate lender focused on first mortgage loans and senior participations in institutional-quality U.S. properties. As of…
10-Q · October 28, 2025
TPG RE Finance Trust reported Q3 2025 total revenue of $37,841,000 and GAAP net income of $21,993,000 (net income attributable to common stockholders $18,449,000), producing diluted EPS of $0.23, unchanged from Q3 2024.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.