TPG RE Finance Trust (TRTX)
Originates and holds floating-rate first mortgages on transitional, institutional-quality US commercial real estate.
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Externally managed by an affiliate of TPG, the company originates and holds floating-rate first-mortgage loans on transitional, institutional-quality commercial properties across the United States, funded mainly through CRE CLOs and secured credit facilities structured to avoid mark-to-market margin calls.
Originates and holds floating-rate first-mortgage loans against transitional, institutional-quality commercial real estate across the United States, operating as a single commercial real-estate credit business rather than a diversified property owner.
An affiliate of TPG manages the company under contract, supplying underwriting, sourcing, and workout expertise; the company has no employees of its own, and its officers are paid by the sponsor rather than directly.
The loan book leans toward multifamily and industrial properties, with office exposure cut sharply after a 2023 stretch of elevated credit reserves; loans target assets expected to stabilize within a few years of origination.
Financing runs mainly through CRE CLOs and secured credit facilities structured to avoid mark-to-market margin calls. The company emerged from TPG's real estate platform in 2014 and went public in 2017.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 17, 2026 | UBS | Downgrade | Rating: — | |
| Mar 12, 2026 | Citizens | Upgrade | ||
| Feb 19, 2026 | Wells Fargo | Reiterate | Rating: —Target: $9 | Target: $10 |
| Sep 17, 2025 | JMP Securities | Downgrade | ||
| Oct 17, 2024 | JP Morgan | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $65.6M · Total debt $3.51B · Total assets $4.60B · Shareholders' equity $1.04B
- Revenue
- $10.3M
- Operating income
- −$6.9M
- Net income
- $13.1M
HistoryDividendAnnual yieldUpcoming
| Institutions | 77.46% | 59.46M shares | |
|---|---|---|---|
| 161 holders · as of Jun 30, 2026 | |||
| Insiders | 8.24% | 6.33M shares | |
| 12 holders · as of Jul 28, 2026 | |||
| Strategic holders | 19.11% | 14.67M shares | |
| 2 holders · as of Jan 24, 2022 | |||
| Adds to | 104.81% | ||
76.77M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 104.81%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
China Investment Corp1,2Strategic10 percent owner | 9.62% | 9.39M | filed Jan 24, 2022 |
TPG Group Holdings (SBS) Advisors, Inc.3,4Strategic10 percent owner | 9.49% | 7.28M | filed Dec 31, 2020 |
Long Pond Capital, LPInstitution | 9.16% | 7.03M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 8.46% | 6.50M | as of Jun 30, 2026 |
Michigan Judges Retirement SystemInsider | 6.28% | 4.82M | filed Feb 8, 2022 |
- China Investment Corp's transaction reports restate only vehicles that traded; the 2018 ownership statement (9.39M) less the 2.00M net shares sold since is used instead.
- China Investment Corp reports a block also reported by Long Pond Capital, LP; it is counted once, under Long Pond Capital, LP.
- TPG Group Holdings (SBS) Advisors, Inc.'s transaction reports restate only vehicles that traded; the 2021 ownership statement (7.28M) is used instead.
- TPG Group Holdings (SBS) Advisors, Inc. reports a block also reported by Long Pond Capital, LP; it is counted once, under Long Pond Capital, LP.
Insider tradesForm 4
No open-market trades in the last 12 months.
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| TPG RE Finance Trust | $7.22 | +0.07% | $553.5M | 13.3 | 6.8 | 2.1 | −58.7% |
| KKR Real Estate Finance Trust | $6.65 | −1.70% | $434.7M | — | — | 1.0 | −41.6% |
| Blackstone Mortgage Trust | $13.19 | −0.64% | $2.24B | 165.9 | 10.9 | 1.5 | +18.1% |
| Starwood Property Trust | $15.14 | +0.90% | $5.56B | 22.0 | 9.0 | 2.7 | +7.9% |
| Claros Mortgage Trust | $1.42 | −4.05% | $208.8M | — | — | 0.9 | −77.6% |
| Franklin BSP Realty Trust | $7.82 | +1.36% | $640.3M | 17.5 | 7.5 | 1.1 | −45.4% |
| Ares Commercial Real Estate | $4.44 | +1.26% | $243.0M | — | 20.3 | 2.5 | — |
| BrightSpire Capital | $4.24 | +1.32% | $528.9M | — | 7.0 | 1.6 | −2.8% |
| Ladder Capital | $9.48 | +0.26% | $1.20B | 22.5 | 8.7 | 3.2 | −40.9% |
| Median | 22.3 | 8.9 | 1.5 | −40.9% |