TRTX TPG RE Finance Trust, Inc.

Overview and Growth

In fiscal 2025, TPG RE Finance Trust, Inc. reported net income of $60.32M. Diluted earnings per share were $0.57, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $0.75 in fiscal 2024, the current result was 24.0% lower. Diluted shares averaged 79.45M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 79.89M diluted shares in fiscal 2024, the current 79.45M base was 0.6% lower. At period end, total assets were $4.41B, framing the scale of the company’s operating and financing commitments.

Profitability

Net income came to $60.32M, completing the progression from revenue through gross and operating profitability to the final reported result. Before income taxes, the company reported $60.70M of earnings, providing a bridge between the operating result and final net income. The reported income-tax provision was $378.00K, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 0.6% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 5.6%, indicating the profitability achieved on book capital. Net income represented 1.4% of period-end assets, placing the company’s bottom-line result against the total resource base employed. Current net income of $60.32M was below fiscal 2024 net income of $74.33M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

The company held $4.41B of assets against $3.34B of liabilities and $1.07B of equity, revealing how the asset base was financed. The company held $87.61M in cash and equivalents, a narrower liquidity measure than total current assets. Total debt was $3.31B, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 3.1x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 75.1% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 24.2%, placing book capital against the total resource base. Relative to total assets, liabilities measured 75.8%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 2.0%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $3.73B in fiscal 2024, the current asset base moved 18.1% and finished higher. Against $1.11B of equity in fiscal 2024, the current book-equity balance moved 4.1% and ended lower. Compared with $190.16M in fiscal 2024, the current cash balance moved 53.9% and finished lower.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $90.36M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.5x, showing the relationship between accrual earnings and operating cash. Compared with $112.13M in fiscal 2024, current operating cash flow of $90.36M was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.