Company Analysis

TPG RE Finance Trust, Inc. TRTX

A comprehensive view of key metrics, scores, and financial health for TPG RE Finance Trust, Inc.

Overview of TPG RE Finance Trust, Inc.

TRTX NYQ

Real Estate REIT - Mortgage Framework: Real Estate Investment Trusts Small Cap

TPG RE Finance Trust, Inc. (TRTX), is a Small Cap company, in the REIT - Mortgage industry, last closed at $7.72, about 65.7% overvalued vs fair value, -18.2% 1Y return, ranked 123/338 in sector.

Metrics P/E 15.0× Rev Growth 0.1% ROE 5.5% Gross Margin 174.4% Div Yield 13.52%

USD 7.72

-2.15%

(Delayed)

• Vol 90d: 19.8%

52-Week Range

Low

7.61

Now 7.72

High

9.72

Market Cap

$650.20M

Enterprise Value

$4.09B

Overall Score

View breakdown

Overall

Growth

Fair

Profitability

Fair

Health

Fair

Efficiency

Fair

Valuation

Fair

Growth

Fair

Profitability

Fair

Health

Fair

Efficiency

Fair

Valuation

Fair

Completeness: 94%

Confidence: 60%

Updated: Sep 12

Top Beats

No strong beats yet

Quick Facts

Website https://www.tpgrefinance.com

HQ New York, NY

Fiscal year Dec 31

Next Events

Earnings Oct 27

Fair Value Snapshot

Bear Base Bull

Current: $7.72 -66% vs base

Engine Room Money Flow™

Small Cap

Real Estate Investment Trust - Where revenue goes and how value is created

Flow Steps

Total Revenue

$151.3M

0.1%%

Net Operating Income

$242.7M

224.7%%

Net Income

$45.5M

-18.9%%

FFO (Funds From Operations)

$-73.4M

Money Flow Bridge

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Flow Direction: Money moves from left to right

Components: Breakdown shows composition of each stage

Industry-Specific: Real Estate Investment Trust

Data Quality Notes

Note: For REITs, FFO and AFFO are the key cash metrics. Net Income is distorted by high depreciation on properties.
Note: Owner Pocket percentages are relative to AFFO (not FCF), as AFFO represents true cash available for distribution.
Warning: Interest Coverage is 1.3x, indicating potential debt service pressure.
Note: Deleveraging - net debt repayment of $1.1B.

Quality & Reliability Indicators

NOI Margin

160.4%

Excellent

Operating Income / Revenue - property efficiency

Locked Metric

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Where It Leaks

Cash Flow Health critical

Significant cash flow inefficiencies identified. Multiple high-impact leaks require attention.

Active Leaks

1/4

Improving

High Impact

Critical

Low

Stock-Based Compensation Leak

Current: 10.9%

Conversion Leak

Worsening

Locked Leak

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Locked Leak

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Scores based on quantitative metrics and qualitative factors

Full moat analysis

Key strengths

Dividend Well-Covered by AFFO Dividend coverage is healthy (score 0.72).
Accretive Growth Track Record Growth appears accretive (score 0.80), suggesting disciplined capital allocation.

Key risks

Weak NOI Margins NOI margins lag peers (score 0.35), indicating weak pricing power.
High Operating Costs Operating efficiency lags peers (score 0.35).

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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For informational purposes only. Not investment advice.

Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Equity REITs vs Industry Peers 94% Coverage

Click axes to expand details. Marker shows current allocation.

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Growth

36th percentile vs peers

Key Signals

Buyback % -3.3% 95p Rev Growth YoY 0.1% 38p TSR 15.0% 78p Revenue CAGR 3Y -1.1% 28p AFFO/Share 76.5% 25p

Strengths

Buyback % in top 20% of peers (-3.3%, 95th percentile)
Consistently strong margins across 3 metrics
Strong liquidity position vs peers

Risks

FFO Growth YoY in bottom 20% of peers (-26.8%)
Growth below peer median (percentile: 36)

Profitability

58th percentile vs peers

Key Signals

Strengths

Risks

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Safety

28th percentile vs peers

Key Signals

Strengths

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Two Futures

Scenario-based fair value ranges for TPG RE Finance Trust, Inc..

WACC X.X%

X%XX%

Rev CAGR 5Y X.X%

-XX%XX%

Op Margin XX.X%

-XX%XX%

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Bear

- - -

- upside

Base

$2.65

- - -

-65.7% vs current

Snapshot base estimate

Bull

- - -

- upside

Fair Value Range Current: $-

$- $- $-

TPG RE Finance Trust, Inc. TRTX

Overview of TPG RE Finance Trust, Inc.

Quick Facts

Next Events

Fair Value Snapshot

Flow Steps

Money Flow Bridge

Data Quality Notes

Quality & Reliability Indicators

NOI Margin

Locked Metric

Locked Metric

Stock-Based Compensation Leak

Locked Leak

Locked Leak

Locked Leak

Key strengths

Key risks

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Rent Pricing Power

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AFFO Strength

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Balance Sheet & Cost of Capital

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Capital Recycling & Growth

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Operational Efficiency

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Portfolio Quality & Diversification

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Growth

Profitability

Safety

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