TPG RE Finance Trust Inc. Common Stock (TRTX)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I look first for a business I can understand and a price that compensates for risk. TPG RE Finance Trust is a commercial real estate mortgage lender, so its fortunes depend on credit, leverage, and the cost of capital. It has no obvious wide moat; loans are largely commoditized, and the market's 0.43 price-to-book at the 2026-10-13 close tells me investors doubt the carrying value of the book. The turnaround is real: after a fiscal 2023 net loss of $116.6 million, it earned $74.3 million in fiscal 2024 and $60.3 million in fiscal 2025. In the quarter ended 2026-03-31, net income was $18.9 million, or $0.19 per diluted share, up from $13.7 million, or $0.12, in the quarter ended 2025-03-31. Still, ROE of 5.44% and ROCE of 1.33% are modest for a leveraged lender, and debt-to-equity of 3.36 leaves little room for credit mistakes. The 13.37% dividend yield looks attractive, but compared with $0.55 of EPS it appears uncovered. Piotroski is 4/9 and FairStock Score is 44/100. I cannot assess CET1, NIM, or combined ratio because they are not in the data, nor can I see non-accruals or reserves. At 0.43 times book, the stock is statistically cheap, but cheapness is not the same as safety. This is a credit-cycle bet: if commercial real estate stabilizes, book value and earnings can recover; if not, the discount may widen or dividends may shrink.

In plain English: TPG RE Finance Trust lends money secured by commercial real estate. The company lost money in 2023 but has been profitable again in 2024 and 2025, though it still carries a lot of debt and pays a very high dividend. Compared with its stated book value, the stock looks cheap, but that cheapness likely reflects real worries about property loans and credit losses.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer