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Reported July 28, 2026 · After market close

Revenue$34.0MMiss by $3.3M
Adjusted EPS$0.23Miss by $0.03
Revenue estimate$37.3M
EPS estimate$0.26
TRTX delivered strong first-half results, generating Distributable Earnings of $0.48 per share that fully covered our year-to-date common stock dividend. We had a highly active second quarter, investing $466 million into new loans across our target asset classes while receiving $274 million of repayments. Importantly, we transformed our liability structure over the last quarter by closing a $400 million Term Loan B and a $100 million Corporate Revolver, securing highly durable, non-mark-to-market liquidity with the ability to drive steady earnings and long-term shareholder value. TRTX is exceptionally well-positioned to navigate the evolving commercial mortgage REIT landscape and capture accretive growth.
Doug Bouquard

Next report

Oct 27, 2026 (in a month)
Revenue estimate$38.3M
EPS estimate$0.26

Financials

Q2 2026

Income statement

See full
Revenue$74.1M+4.8%
Net income$13.1M-36.3%
EPS (diluted)$0.12-42.9%

Balance sheet

See full
Cash & equivalents$39.5M-76.3%
Total debt$3.6B
Total equity$1.0B-4.2%
Total assets$4.6B+10.4%

Cash flow

See full
Operating cash flow$21.6M-12.8%
CapEx$183.0K
Free cash flow$21.4M-14.3%

Valuation & ratios

Valuation

as of 09/16/26
See full
Market cap$562.72M-22.8%
Enterprise value$4.1B
P/E9.7×-1.1×
P/S1.9×-0.7×

Profitability

See full
Net margin19.4%-4.2pp
FCF margin30.5%-2.0pp

Returns & leverage

See full
Return on equity5.4%-0.6pp
Debt / equity3.4×

FAQ

When did TPG RE Finance Trust, Inc. report Q2 2026 earnings?
TPG RE Finance Trust, Inc. (TRTX) reported Q2 2026 earnings on July 28, 2026 after market close.
What were TPG RE Finance Trust, Inc.'s Q2 2026 revenue and EPS?
TPG RE Finance Trust, Inc. reported revenue of $34.0M and adjusted eps of $0.23 for Q2 2026.
Did TPG RE Finance Trust, Inc. beat estimates in Q2 2026?
Revenue missed the consensus estimate of $37.3M by $3.3M. EPS missed the consensus estimate of $0.26 by $0.03.
How did TPG RE Finance Trust, Inc.'s Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 58.6% from $82.2M a year earlier.
Where can I find TPG RE Finance Trust, Inc.'s Q2 2026 SEC filings?
You can read the 8-K earnings release (0001630472-26-000027) and the 10-Q periodic report (0001630472-26-000026) directly on SEC EDGAR. The filing index links above go to sec.gov.