TPG RE Finance Trust Inc (TRTX) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of TPG RE Finance Trust Inc $10.75, price $6.82, upside +57.6%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch TPG RE Finance Trust Inc for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $3.73 – $9.03 · fair‑value band $9.67 – $41.80 · the $6.82 price screens below the $10.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
Follow TPG RE Finance Trust in your weekly email
Every Wednesday you see whether TPG RE Finance Trust is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
TPG RE Finance Trust, Inc., a commercial real estate finance company, originates and acquires a portfolio of commercial real estate-related assets in the United States.
Show more
TPG RE Finance Trust, Inc., a commercial real estate finance company, originates and acquires a portfolio of commercial real estate-related assets in the United States. It engages in directly originating and selectively acquiring first mortgage loans secured by commercial real estate properties; and invests in other commercial real estate-related debt instruments, including subordinate mortgage interests, mezzanine loans, secured real estate securities, note financing, preferred equity, and miscellaneous debt instruments. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. TPG RE Finance Trust, Inc. was incorporated in 2014 and is based in New York, New York.
Stock analysis
TPG RE Finance Trust Inc (TRTX) currently trades at $6.82, while our model-based Fair Value estimate is $10.75, implying the stock looks roughly 36.6% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of $25.28 per share, and 8 of the 9 models we run sit above the $6.82 price.
Bear case: the DCF Models group reads lowest at $8.68, and 1 of the 9 models stay below the price. Evidence for this calculation is high.
Scenario range: $9.67 (bear) to $41.80 (bull), the price of $6.82 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
TPG RE Finance Trust Inc reported revenue of $333M in FY2025 versus $170M in FY2021, a compound +18.3%/yr. Reported net income was $60.3M in FY2025, compounding −18.8%/yr from FY2021.
Key figures
Market cap $664M · P/E ratio 10.7 · P/S ratio 1.93 · EPS (TTM) $0.6400 · Dividend yield 14.1% · Net margin 18.1% · Return on equity 6.1% · Return on assets (EBIT) 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 24% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 58%, TRTX screens cheaper than that median.
Fair Value models
Bear $9.67Fair Value $10.75Bull $41.80
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−1.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.1%
Dividend (yield on the price)14.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−15% vs −3%, slowing
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.77% → 73%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+41.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +38.6% a year for the price.
Compare TPG RE Finance Trust Inc with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Mortgage · 39 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Top 25%
Fair Value upside+50% · Below median
Profitability
Return on equity (TTM)6% · Below median
Return on assets2% · Above median
Net margin (TTM)48% · Above median
Operating margin (TTM)51% · Above median
Growth and dividend
Revenue growth12% · Above median
Dividend yield (TTM)14.1% · Below median
Balance sheet
Debt / equity3.08× · Above median
Valuation Multiplesvs REIT - Mortgage median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TPG RE Finance Trust Inc Fair Value". https://www.fairvalue-calculator.com/stock/TRTX
Frequently asked questions
Is TPG RE Finance Trust Inc (TRTX) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $10.75 versus a price of $6.82, about +58% upside (undervalued).
What is the fair value of TRTX?
Our model-based fair value for TPG RE Finance Trust Inc is $10.75 (as of Sep 23, 2026), built from audited fundamentals. The current price: $6.82.
What is the quality score of TRTX?
TPG RE Finance Trust Inc has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for TPG RE Finance Trust Inc (TRTX)?
Our model-based price target is the fair value of $10.75 (as of Sep 23, 2026) from 11 valuation models. Cautious scenario $9.67, optimistic scenario $41.80. It is a calculation from audited fundamentals, not an analyst target.
What is the TPG RE Finance Trust Inc stock forecast for 2026?
Our models put fair value at $10.75, about +58% upside versus a price of $6.82 (undervalued). Cautious scenario $9.67, optimistic scenario $41.80. The calculation is refreshed regularly with new filings.
What is the revenue of TPG RE Finance Trust Inc (TRTX)?
TPG RE Finance Trust Inc reported trailing-twelve-month revenue of about $136M (latest available figure, as of Sep 23, 2026).
Does TPG RE Finance Trust Inc pay a dividend?
TPG RE Finance Trust Inc currently shows a dividend yield of about 14.08% relative to its recent price (as of Sep 23, 2026).
What growth is priced into TPG RE Finance Trust Inc (TRTX)?
For today's price to be fair in a discounted-cash-flow model, TPG RE Finance Trust Inc would have to grow free cash flow by +41.9 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 6 years revenue grew +12.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of TRTX use?
Our models discount TPG RE Finance Trust Inc at 12.5 %: a base by market capitalisation (small), damped by beta 1.47, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For TPG RE Finance Trust Inc that is +41.9 % per year a year over ten years, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has TPG RE Finance Trust Inc (TRTX) delivered so far?
Over the past 6 years revenue at TPG RE Finance Trust Inc grew +12.4 % a year. The price currently implies +41.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of TPG RE Finance Trust Inc (TRTX) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into TPG RE Finance Trust Inc (+41.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of TPG RE Finance Trust Inc (TRTX)?
The free-cash-flow yield on the price is 15.54 %: that much free cash flow TPG RE Finance Trust Inc produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TPG RE Finance Trust Inc (TRTX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TPG RE Finance Trust Inc it is $10.75 per share (as of Sep 23, 2026), against a price of $6.82. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is TPG RE Finance Trust Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, TRTX trades below its calculated fair value: price $6.82, fair value $10.75, a gap of about +58% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TRTX?
No. The price is what the market pays today ($6.82); the fair value is what the company's own numbers justify ($10.75). For TPG RE Finance Trust Inc the two are $3.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is TPG RE Finance Trust Inc worth?
The market values TPG RE Finance Trust Inc at about $664M (market capitalisation, as of Sep 23, 2026). Per share that is $6.82; our models calculate a fair value of $10.75 per share.
What do the bullish and bearish scenarios say about TRTX?
Our models span a range for TPG RE Finance Trust Inc: cautious scenario $9.67, base $10.75, optimistic $41.80 per share (as of Sep 23, 2026, price $6.82). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TRTX?
TPG RE Finance Trust Inc trades at a price-to-earnings ratio of 10.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $10.75 is built from several models across several years. Other multiples: P/B 0.6, P/S 4.9, EV/EBITDA 14.7.
How solid is the balance sheet of TPG RE Finance Trust Inc (TRTX)?
Balance-sheet figures for TPG RE Finance Trust Inc (as of Sep 23, 2026): return on equity 6.1%, debt of 3.08 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is TRTX from its 52-week high?
TPG RE Finance Trust Inc trades at $6.82, about 24% below its 52-week high of $9.03 and at the low of $6.82 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $10.75 is for.
Which stocks are comparable to TPG RE Finance Trust Inc?
From the same area (Real Estate) we also value Annaly Capital Management, Inc, AGNC Investment Corp, Starwood Property Trust, Inc, Rithm Capital Corp, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is TPG RE Finance Trust Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $6.82, calculated fair value $10.75 (+58%), Quality Score 55/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TRTX calculated?
We run TPG RE Finance Trust Inc through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $10.75, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. TPG RE Finance Trust Inc currently trades 58 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of TPG RE Finance Trust Inc (TRTX)?
The closing price on Sep 23, 2026 was $6.82. Our model-based fair value is $10.75, about +58% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TPG RE Finance Trust Inc right now?
The price is below even our cautious bear case ($9.67). The market is more pessimistic than our downside scenario. The model range is unusually wide ($9.67 to $41.80). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of TPG RE Finance Trust Inc (TRTX) come from?
Earnings per share at TPG RE Finance Trust Inc grew −2.5 % a year from 2015 to 2025. Broken into its drivers: revenue per share +9.5 %, EBIT margin −0.2 %, tax rate +0.1 %, residual (interest, one-offs) −10.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of TPG RE Finance Trust Inc
How large is the market capitalisation of TPG RE Finance Trust Inc (TRTX)?
The market capitalisation of TPG RE Finance Trust Inc is $664M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of TPG RE Finance Trust Inc (TRTX)?
The price-to-sales ratio of TPG RE Finance Trust Inc is 1.93 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TPG RE Finance Trust Inc (TRTX)?
Earnings per share at TPG RE Finance Trust Inc are $0.6400 (price ÷ EPS = P/E 10.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TPG RE Finance Trust Inc (TRTX)?
The dividend yield of TPG RE Finance Trust Inc is 14.1% (payout 150%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of TPG RE Finance Trust Inc (TRTX)?
The net margin of TPG RE Finance Trust Inc is 18.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of TPG RE Finance Trust Inc (TRTX)?
The return on equity (ROE) of TPG RE Finance Trust Inc is 6.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of TPG RE Finance Trust Inc (TRTX)?
On an EBIT basis the return on assets of TPG RE Finance Trust Inc is 4.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of TPG RE Finance Trust Inc (TRTX)?
The operating margin of TPG RE Finance Trust Inc is 50.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TPG RE Finance Trust Inc (TRTX)?
Revenue at TPG RE Finance Trust Inc is growing +11.9% versus a year earlier (3y avg +2.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at TPG RE Finance Trust Inc (TRTX)?
Earnings per share at TPG RE Finance Trust Inc are growing +58.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TPG RE Finance Trust Inc (TRTX) carry?
The net debt of TPG RE Finance Trust Inc is $3.2B (fiscal year 2025, ≈ 38.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch TPG RE Finance Trust Inc in the live analysis
One click puts TPG RE Finance Trust Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Broad data
Sep 23, 2026