TPG RE Finance Trust Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), TPG RE Finance Trust Inc reported revenue of $34.3M (+11.6% year on year) and net income of $60.3M (-18.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income | $290.2M | $307.1M | $362.6M | $302.9M |
| Interest expense | ($186.5M) | ($198.9M) | ($273.9M) | ($160.8M) |
| Net interest income | $103.8M | $108.3M | $88.7M | $142.1M |
| Other income, net | $8.1M | $14.1M | $19.9M | $2.8M |
| Revenue from real estate owned operations | $34.3M | $30.7M | $7.8M | — |
| Total other revenue | $42.3M | $44.8M | $27.7M | $2.8M |
| Professional fees | $5.8M | $5.8M | $6.7M | $4.7M |
| General and administrative | $4.3M | $4.3M | $3.8M | $4.4M |
| Stock compensation expense | $9.8M | $6.4M | $8.0M | $5.1M |
| Servicing and asset management fees | $1.8M | $1.9M | $1.4M | $2.0M |
| Management fee | $20.9M | $20.2M | $22.4M | $23.5M |
| Expenses from real estate owned operations | $35.9M | $35.6M | $7.5M | — |
| Total other expenses | $78.5M | $74.2M | $49.9M | $44.8M |
| Gain on sale of real estate owned, net | $7.0M | $0 | $7.0M | $13.3M |
| Credit loss expense, net | ($13.9M) | ($4.1M) | $189.9M | ($173.0M) |
| Income (loss) before income taxes | $60.7M | $74.7M | ($116.4M) | ($59.5M) |
| Income tax expense, net | ($378.0K) | ($399.0K) | ($259.0K) | ($530.0K) |
| Preferred stock dividends and participating securities' share in earnings | ($14.8M) | ($14.7M) | ($14.3M) | ($13.6M) |
| Net income (loss) attributable to common stockholders | $45.5M | $59.7M | ($130.9M) | ($73.6M) |
| Earnings per common share, basic (in USD per share) | $0.57 | $0.75 | -$1.69 | -$0.95 |
| Earnings per common share, diluted (in USD per share) | $0.57 | $0.75 | -$1.69 | -$0.95 |
| Basic (in shares) | 79.3M | 79.8M | 77.6M | 77.3M |
| Diluted (in shares) | 79.4M | 79.9M | 77.6M | 77.3M |
| Net income (loss) | $60.3M | $74.3M | ($116.6M) | ($60.1M) |
| Comprehensive net income (loss) | $60.3M | $74.3M | ($116.6M) | ($60.1M) |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income | $74.1M | $74.2M | $77.1M | $70.7M |
| Interest expense | ($50.4M) | ($48.5M) | ($48.8M) | ($45.5M) |
| Net interest income | $23.7M | $25.7M | $28.3M | $25.1M |
| Other income, net | $1.3M | $3.3M | $1.6M | $2.8M |
| Revenue from real estate owned operations | $9.1M | $8.3M | $8.0M | $8.2M |
| Total other revenue | $10.3M | $11.6M | $9.6M | $11.1M |
| Professional fees | $1.3M | $1.5M | $1.8M | $1.6M |
| General and administrative | $953.0K | $910.0K | $998.0K | $989.0K |
| Stock compensation expense | $2.1M | $2.1M | $1.4M | $2.0M |
| Servicing and asset management fees | $250.0K | $525.0K | $647.0K | $592.0K |
| Management fee | $5.3M | $5.3M | $5.2M | $5.2M |
| Expenses from real estate owned operations | $7.3M | $8.3M | $8.3M | $10.3M |
| Total other expenses | $17.2M | $18.5M | $18.3M | $20.6M |
| Gain on sale of real estate owned, net | $0 | — | $0 | $7.0M |
| Credit loss expense, net | ($3.6M) | $286.0K | $2.6M | ($1.8M) |
| Income before income taxes | $13.2M | $19.1M | $22.1M | $20.8M |
| Income tax expense, net | ($101.0K) | ($112.0K) | ($109.0K) | ($128.0K) |
| Preferred stock dividends and participating securities' share in earnings | ($3.8M) | ($3.8M) | ($3.5M) | ($3.8M) |
| Net income attributable to common stockholders | $9.4M | $15.2M | $18.4M | $16.9M |
| Earnings per common share, basic (in USD per share) | $0.12 | $0.19 | $0.23 | $0.21 |
| Earnings per common share, diluted (in USD per share) | $0.12 | $0.19 | $0.23 | $0.21 |
| Basic (in shares) | 77.0M | 78.3M | 78.5M | 79.5M |
| Diluted (in shares) | 78.0M | 79.1M | 78.8M | 80.2M |
| Net income | $13.1M | $18.9M | $22.0M | $20.6M |
| Comprehensive net income | $13.1M | $18.9M | $22.0M | $20.6M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $87.6M | $190.2M | $206.4M | $254.1M |
| Restricted cash | $654.0K | $323.0K | $642.0K | $265.0K |
| Accounts receivable | $0 | $10.0K | $40.0K | $666.0K |
| Collateralized loan obligation proceeds held at trustee | $4.0M | $0 | $247.2M | $297.2M |
| Accounts receivable from servicer/trustee | $717.0K | $369.0K | $66.5M | $163.6M |
| Accrued interest and fees receivable | $28.4M | $27.3M | $32.2M | $41.7M |
| Loans held for investment | $4.1B | $3.3B | $3.5B | $5.0B |
| Allowance for credit losses | ($74.5M) | ($61.6M) | ($67.1M) | ($197.3M) |
| Loans held for investment, net | $4.0B | $3.2B | $3.4B | $4.8B |
| Real estate owned, net | $224.4M | $256.4M | $174.1M | $0 |
| Other assets | $31.9M | $39.9M | $77.6M | $6.2M |
| Total assets | $4.4B | $3.7B | $4.2B | $5.5B |
| Accrued interest payable | $6.8M | $6.7M | $10.2M | $11.1M |
| Accrued expenses and other liabilities | $15.9M | $15.1M | $14.6M | $25.1M |
| Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net | $2.7B | $1.9B | $2.2B | $2.5B |
| Secured financing agreements, net | $618.5M | $670.7M | $820.8M | $1.1B |
| Payable to affiliates | $5.3M | $5.1M | $4.9M | $6.0M |
| Deferred revenue | $1.9M | $1.7M | $1.3M | $1.5M |
| Dividends payable | $19.4M | $20.0M | $19.2M | $19.0M |
| Total liabilities | $3.3B | $2.6B | $3.1B | $4.2B |
| Preferred stock | $8.0K | $8.0K | $8.0K | $8.0K |
| Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 78,318,722 and 81,003,693 shares issued and outstanding, respectively) | $78000.00 | $81000.00 | $77000.00 | $77000.00 |
| Additional paid-in-capital | $1.7B | $1.7B | $1.7B | $1.7B |
| Accumulated deficit | ($672.6M) | ($617.2M) | ($600.3M) | ($395.0M) |
| Total stockholders' equity | $1.1B | $1.1B | $1.1B | $1.3B |
| Total liabilities and stockholders' equity | $4.4B | $3.7B | $4.2B | $5.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $65.6M | $92.0M | $93.6M | $165.8M |
| Restricted cash | $633.0K | $472.0K | $868.0K | $572.0K |
| Collateralized loan obligation proceeds held at trustee | $5.2M | $0 | $44.2M | $1.8M |
| Accounts receivable from servicer/trustee | $464.0K | $43.7M | $73.2M | $523.0K |
| Accrued interest and fees receivable | $28.6M | $29.6M | $31.4M | $30.2M |
| Loans held for investment | $4.3B | $4.1B | $3.6B | $3.8B |
| Allowance for credit losses | ($77.8M) | ($74.0M) | ($64.5M) | ($67.0M) |
| Loans held for investment, net | $4.2B | $4.1B | $3.6B | $3.7B |
| Real estate owned, net | $224.8M | $223.7M | $223.3M | $223.2M |
| Other assets | $27.8M | $26.9M | $31.5M | $32.2M |
| Total assets | $4.6B | $4.5B | $4.1B | $4.2B |
| Accrued interest payable | $5.2M | $7.1M | $6.0M | $6.4M |
| Accrued expenses and other liabilities | $16.4M | $13.9M | $16.8M | $13.8M |
| Long-term debt | $1.9B | — | — | — |
| Payable to affiliates | $5.3M | $5.3M | $5.2M | $5.2M |
| Deferred revenue | $1.4M | $1.3M | $1.8M | $2.6M |
| Dividends payable | $18.9M | $19.2M | $19.1M | $19.5M |
| Total liabilities | $3.6B | $3.4B | $3.0B | $3.1B |
| Preferred stock | $8.0K | $8.0K | $8.0K | $8.0K |
| Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 76,985,190 and 78,318,722 shares issued and outstanding, respectively) | $77000.00 | $78000.00 | $78000.00 | $79000.00 |
| Additional paid-in-capital | $1.7B | $1.7B | $1.7B | $1.7B |
| Accumulated deficit | ($700.3M) | ($680.6M) | ($653.7M) | ($644.2M) |
| Total stockholders' equity | $1.0B | $1.1B | $1.1B | $1.1B |
| Total liabilities and stockholders' equity | $4.6B | $4.5B | $4.1B | $4.2B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $60.3M | $74.3M | ($116.6M) | ($60.1M) |
| Amortization and accretion of premiums, discounts and loan origination fees, net | ($4.7M) | ($6.1M) | ($12.0M) | ($11.1M) |
| Amortization of deferred financing costs and debt issuance discount | $6.5M | — | — | — |
| Depreciation and amortization | $12.7M | $16.0M | $3.6M | — |
| Amortization of above and below-market leases | ($94.0K) | ($255.0K) | ($524.0K) | — |
| Accrued PIK interest | ($682.0K) | ($360.0K) | — | — |
| Collection of accrued PIK interest | $0 | $1.2M | — | — |
| Gain on sale of real estate owned, net | ($7.0M) | $0 | ($7.0M) | ($13.3M) |
| Stock compensation expense | $9.8M | $6.4M | $8.0M | $5.1M |
| Increase of allowance for credit losses, net (see Note 3) | $13.9M | $4.1M | $189.9M | — |
| Accounts receivable | ($338.0K) | $71.0K | $626.0K | ($504.0K) |
| Accrued interest and fees receivable | ($1.6M) | $4.7M | $10.8M | ($16.5M) |
| Accrued expenses and other liabilities | $114.0K | ($3.2M) | $4.0M | ($143.0K) |
| Accrued interest payable | $96.0K | ($3.6M) | ($855.0K) | $8.4M |
| Payable to affiliates | $163.0K | $198.0K | ($1.1M) | $375.0K |
| Deferred revenue | $196.0K | $463.0K | ($178.0K) | $93.0K |
| Other assets | $947.0K | $10.1M | ($12.5M) | ($1.1M) |
| Net cash provided by operating activities | $90.4M | $112.1M | $80.1M | $100.5M |
| Origination and acquisition of loans held for investment | ($1.8B) | ($495.0M) | ($194.7M) | ($1.5B) |
| Advances on loans held for investment | ($41.9M) | ($40.7M) | ($140.5M) | ($145.2M) |
| Principal repayments of loans held for investment | $983.9M | $887.1M | $1.1B | $1.1B |
| Capital expenditures related to real estate owned | ($6.1M) | ($5.3M) | ($5.4M) | ($5.1M) |
| Cash assumed from conversion of loans held for investment to real estate owned | $0 | $1.6M | — | — |
| Sale of real estate owned | $39.4M | $0 | $75.4M | $154.7M |
| Sales of loans held for investment | $0 | $92.8M | $247.6M | $0 |
| Net cash (used in) provided by investing activities | ($789.7M) | $440.5M | $1.1B | ($452.6M) |
| Payments on collateralized loan obligations | ($1.0B) | ($237.5M) | ($541.4M) | ($1.0B) |
| Proceeds from collateralized loan obligations | $1.9B | $0 | $0 | $907.0M |
| Payments on secured financing agreements/Payments on asset-specific financing arrangements | ($2.3B) | ($753.7M) | ($1.2B) | ($1.4B) |
| Proceeds from secured financing agreements | $2.0B | $442.7M | $516.0M | $1.3B |
| Proceeds from asset-specific financing arrangements | $107.3M | $71.7M | $94.9M | $584.8M |
| Payment of deferred financing costs | ($21.5M) | ($1.7M) | ($3.6M) | ($18.8M) |
| Payment of costs from warrant exercise and issuance of common stock | $0 | — | — | — |
| Payments to retire common stock | ($25.3M) | ($37.0K) | — | — |
| Payments of costs from issuance of common stock | ($335.0K) | ($177.0K) | — | — |
| Dividends paid | ($91.1M) | ($90.4M) | ($88.4M) | ($92.9M) |
| Net cash provided by (used in) financing activities | $597.1M | ($569.2M) | ($1.2B) | $345.3M |
| Net change in cash, cash equivalents, and restricted cash | ($102.2M) | ($16.5M) | ($47.3M) | ($6.7M) |
| Cash, cash equivalents and restricted cash at beginning of period | $190.5M | $207.0M | $254.3M | $261.0M |
| Cash, cash equivalents and restricted cash at end of period | $88.3M | $190.5M | $207.0M | $254.3M |
| Interest paid | $179.7M | $194.4M | $263.7M | $137.5M |
| Taxes paid | $290.0K | $260.0K | $371.0K | $784.0K |
| Collateralized loan obligation proceeds held at trustee | $4.0M | $0 | $247.2M | $297.0M |
| Dividends declared, not paid | $19.4M | $20.0M | $19.2M | $19.0M |
| Principal repayments of loans held for investment held by servicer/trustee, net | $0 | — | $66.1M | $162.2M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $32.1M | $18.9M | $56.3M | $34.4M |
| Amortization and accretion of premiums, discounts and loan origination fees, net | ($3.7M) | ($1.9M) | ($3.2M) | ($1.7M) |
| Amortization of deferred financing costs and debt issuance discount | $4.1M | $1.8M | $4.6M | $3.3M |
| Depreciation and amortization | $5.2M | $2.6M | $10.1M | $7.4M |
| Amortization of above and below-market leases | ($109.0K) | ($66.0K) | ($26.0K) | $72.0K |
| Accrued PIK interest | ($360.0K) | ($181.0K) | ($505.0K) | ($332.0K) |
| Gain on sale of real estate owned, net | $0 | — | ($7.0M) | ($7.0M) |
| Stock compensation expense | $4.1M | $2.1M | $5.4M | $4.0M |
| Increase of allowance for credit losses, net (see Note 3) | $3.3M | ($286.0K) | $2.6M | $5.2M |
| Accounts receivable | $253.0K | $180.0K | ($852.0K) | ($154.0K) |
| Accrued interest and fees receivable | ($229.0K) | ($1.2M) | ($4.6M) | ($3.3M) |
| Accrued expenses and other liabilities | $32.0K | ($1.4M) | $2.0M | ($384.0K) |
| Accrued interest payable | ($1.5M) | $351.0K | ($618.0K) | ($239.0K) |
| Payable to affiliates | $68.0K | $41.0K | $126.0K | $83.0K |
| Deferred revenue | ($577.0K) | ($622.0K) | $58.0K | $878.0K |
| Other assets | $3.5M | $4.2M | $1.2M | $1.6M |
| Net cash provided by operating activities | $46.1M | $24.6M | $65.7M | $43.9M |
| Origination and acquisition of loans held for investment | ($583.4M) | ($134.1M) | ($928.2M) | ($665.7M) |
| Advances on loans held for investment | ($29.1M) | ($14.5M) | ($30.2M) | ($22.1M) |
| Principal repayments of loans held for investment | $396.8M | $84.4M | $493.3M | $192.0M |
| Capital expenditures related to real estate owned | ($5.0M) | ($2.1M) | ($2.6M) | ($1.4M) |
| Sale of real estate owned | $0 | — | $39.4M | $39.4M |
| Net cash used in investing activities | ($220.7M) | ($66.2M) | ($428.3M) | ($457.7M) |
| Payments on collateralized loan obligations | ($675.8M) | ($46.9M) | ($415.3M) | ($192.4M) |
| Proceeds from collateralized loan obligations | $0 | $0 | $960.1M | $960.1M |
| Payments on secured financing agreements/Payments on asset-specific financing arrangements | ($341.4M) | ($147.8M) | ($1.1B) | ($724.8M) |
| Proceeds from secured financing agreements | $1.2B | $267.3M | $810.4M | $420.3M |
| Payment of deferred financing costs | ($8.9M) | ($83.0K) | ($12.4M) | ($11.5M) |
| Payments to retire common stock | ($15.1M) | ($4.2M) | ($25.0M) | ($15.7M) |
| Payments of costs from issuance of common stock | $0 | — | ($54.0K) | ($30.0K) |
| Dividends paid | ($44.9M) | ($22.5M) | ($68.8M) | ($46.2M) |
| Net cash provided by financing activities | $152.5M | $45.9M | $266.5M | $389.8M |
| Net change in cash, cash equivalents, and restricted cash | ($22.1M) | $4.2M | ($96.0M) | ($24.1M) |
| Cash, cash equivalents and restricted cash at beginning of period | $88.3M | $88.3M | $190.5M | $190.5M |
| Cash, cash equivalents and restricted cash at end of period | $66.2M | $92.5M | $94.5M | $166.4M |
| Interest paid | $96.1M | $46.3M | $133.5M | $85.6M |
| Taxes paid | $366.0K | $287.0K | $271.0K | $271.0K |
| Collateralized loan obligation proceeds held at trustee | $5.2M | $0 | $44.2M | $1.8M |
| Dividends declared, not paid | $18.9M | $19.2M | $19.1M | $19.5M |
| Accrued deferred financing costs | $1.4M | $73.0K | $505.0K | $162.0K |
| Accrued capital expenditures related to real estate owned | $191.0K | $8.0K | $631.0K | $28.0K |
| Accrued costs from retired common stock | $199.0K | $300.0K | — | — |
| Accrued costs from issuance of common stock | $0 | — | $281.0K | $160.0K |
TPG RE Finance Trust Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.