Tpg Re Finance Trust Stock Earnings Reports

TRTX reported solid third-quarter 2025 results and reiterated a clear growth posture. Key operational outcomes: GAAP net income of $18.4 million ($0.23/share) and distributable earnings of $19.9 million ($0.25/share), covering the quarterly dividend of $0.24. Book value rose modestly to $11.25. Investment activity accelerated: $279M closed in Q3, $197M closed subsequent to quarter-end, and over $670M expected to close in Q4; year-to-date closed plus expected Q4 closings exceed $1.8B for 2025. The firm is concentrated in multifamily and industrial (~91% of new activity), with Q3 loans averaging 65% LTV and a 3.22% credit spread. Portfolio health remains strong: 100% performing loans, stable weighted risk rating (3.0), and CECL reserve rate unchanged at 176 bps. Liability execution continues to be a differentiator: pricing of the FL7 CLO (managed CRE CLO) provides ~30 months reinvestment capacity and, together with FL6, about $1.9B of financing capacity at a blended cost near SOFR + ~1.75%. At quarter-end near-term liquidity was $216M and total leverage was 2.6x. Management plans to pursue prudent balance-sheet growth (targeting higher debt-to-equity over time toward ~3.0–3.5x), deploy excess liquidity, and use liability tools (CLOs) to lower cost of capital and fund earnings growth. Share repurchases year-to-date repurchased 3.2M shares (weighted avg $7.89), producing meaningful book value accretion. Management believes the shares trade at a significant discount to book value (~20%) and expects market conditions (lower SOFR/less rate volatility) to increase demand for their bridge/transition lending product.