TPG RE Finance Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TPG RE Finance Trust, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
General and administrative	2.2	2.98	3.37	3.01	3.6	4.39	4.4	3.85	4.26	4.27
Interest expense	61.6	78.3	126	175	107	85.1	161	274
Pre-tax income	70	94.5	107	127	-137	140	-59.5	-116	74.7	60.7
Income tax	-0.01	0.15	0.34	0.58	0.31	1.06	0.53	0.26	0.4	0.38
Net income	70	94.4	107	126	-137	139	-60.1	-117	74.3	60.3
EPS, basic	1.69	1.74	1.70	1.73	-2.03	0.92	-0.95	-1.69	0.75	0.57
EPS, diluted	1.69	1.74	1.70	1.73	-2.03	0.87	-0.95	-1.69	0.75	0.57
Shares, basic (weighted)	41.4	54.2	63	72.7	76.7	77	77.3	77.6	79.8	79.3
Shares, diluted (weighted)	41.4	54.2	63	72.7	76.7	81.7	77.3	77.6	79.9	79.4
Dividend per share	1.62	1.56	1.71	1.72	1.21	0.95	0.96	0.96	0.96	0.96

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	103	75	39.7	79.2	320	261	254	206	190	87.6
Intangible assets								29.5	21.9	15.1
Total assets	2,666	3,355	4,527	5,893	4,909	5,218	5,545	4,214	3,731	4,406
Total liabilities	1,695	2,154	3,200	4,389	3,442	3,753	4,223	3,090	2,617	3,338
Total debt						3,722	4,179	3,048	2,572	3,309
Paid-in capital	979	1,216	1,355	1,531	1,560	1,712	1,717	1,725	1,731	1,741
Retained earnings	-10.1	-14.8	-25.9	-28.1	-293	-247	-395	-600	-617	-673
Other comprehensive income	1.25	-0.03	-1.99	1.05
Shareholders' equity	971	1,201	1,327	1,504	1,267	1,465	1,322	1,125	1,114	1,068
Total equity	971	1,201	1,327	1,504	1,267	1,465	1,322	1,125	1,114	1,068
Total liabilities and equity	2,666	3,355	4,527	5,893	4,909	5,218	5,545	4,214	3,731	4,406
Shares outstanding	47.3	59.4	66	74.9	76.8	77.2	77.4	77.9	81	78.3

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	70	94.4	107	126	-137	139	-60.1	-117	74.3	60.3
Depreciation and amortization								1	6	7.7
Stock-based compensation		0.03	0.67	2.56	5.77	5.76	5.05	8.03	6.39	9.81
Change in receivables	4.21	0.5	0.1	-2.31	1.56	0.77	-0.5	0.63	0.07	-0.34
Cash from operations	85.7	91.2	108	122	132	132	100	80.1	112	90.4
Capital expenditures	-0.5	-0.11
Purchases of investments		-96.3	-144	-815	-169	0	0
Cash from investing	-545	-703	-1,193	-1,309	965	-343	-453	1,095	441	-790
Stock issued	245	244	139	175	12.9	0	0
Share buybacks							0	0	-0.04	-25.3
Cash from financing	457	583	1,050	1,226	-857	152	345	-1,223	-569	597
Net change in cash	-1.98	-28.2	-35	38.9	240	-58.6	-6.72	-47.3	-16.5	-102
Free cash flow	85.2	91.1
Interest paid	51.3	64	108	155	97.8	69.2	138	264	194	180
Income taxes paid		0.14	0.34	0.39	0.14	1.22	0.78	0.37	0.26	0.29

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.55 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	0.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-18.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-24.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-19.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-7.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-4.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	80.5%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.01B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$1.11	Cash from operations / diluted weighted shares.
Book value per share	$13.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.34	Tangible book value / shares outstanding.
Cash per share	$0.93	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$502.8M	Share price x shares outstanding.
Enterprise value	$432.0M	Market cap + total debt - cash - short-term investments.
P/E	11.1x	Market cap / net income. Only when net income is positive.
P/B	0.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.50x	Market cap / tangible book value, when positive.
P/OCF	5.90x	Market cap / cash from operations, when positive.
Earnings yield	9.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.0%	(Dividends paid + share buybacks) / market cap.

Was TPG RE Finance Trust, Inc. profitable in fiscal 2025?

Yes. Net income was $60.3M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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