TPG RE Finance Trust ended the first quarter of 2026 with a $4.3 billion loan investment portfolio, up to 100% performing loans and a 3.0 weighted-average risk rating. The company reported $172.8 million of liquidity and $1.5 billion of available financing capacity, while debt-to-equity stood at 3.1x.
Book value per share was $11.06 at March 31, 2026. Based on the May 29 closing share price of $8.40, the stock traded at 0.76x book value and carried an 11.4% annualized dividend yield. The dividend declared for the quarter was $0.24 per common share.
For the quarter, GAAP income per diluted share was $0.19, while distributable earnings per diluted share were $0.25. That compares with the $0.24 common dividend declared, leaving earnings slightly above the payout.
The portfolio was almost entirely floating rate at 99.6%, with a weighted-average all-in yield of 7.10% and a weighted-average credit spread of 3.17%. Weighted-average cost of funds was 1.80%, producing a spread of 5.30 percentage points between portfolio yield and funding cost. Weighted-average LTV was 65.5%, and the approved advance rate was 83.6%.
Non-mark-to-market financing made up 77.9% of the capital structure. The average loan size was $86.3 million.
Relative to peers shown in the presentation, TRTX’s current dividend yield of 11.4% ranked below KREF’s 15.0% and BXMT’s 13.7%, but above BRSP’s 11.1%, CMTG’s 10.3% and ARI’s 9.1%. Its price-to-book multiple of 0.76x was above CMTG’s 0.21x, ARI’s 0.24x, BXMT’s 0.56x, BRSP’s 0.82x and KREF’s 0.91x, while GPMT was shown at 0.90x. Following these announcements, the company's shares moved -0.77%, and are now trading at a price of $8.335. For the full picture, make sure to review TPG RE Finance Trust's 8-K report.
