TPG RE Finance Trust Inc (TRTX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of TPG RE Finance Trust Inc stock $10.96, price $6.75, upside +62.4%, quality 58 out of 100. Rating: strongly undervalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
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. As of Nov 8, 2026.
How to read this chart
60‑month range $3.73 – $9.03 · fair‑value band $8.25 – $43.30 · the $6.75 price screens below the $10.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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 $6.75, while our model-based Fair Value estimate is $10.96, implying the stock looks roughly 38% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $13.38 per share, and 9 of the 10 models we run sit above the $6.75 price.
Bear case: the DCF Models group reads lowest at $7.88, and 1 of the 10 models stay below the price. Data coverage for this calculation is high.
Scenario range: $8.25 (bear) to $43.30 (bull), the price of $6.75 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 58/100 (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 $527M Small · P/E ratio 17.3 · P/S ratio 3.14 · EPS (TTM) $0.3900 · Dividend yield 14.2% · Net margin 18.1% · Return on equity 4.3% · Return on assets (EBIT) 4.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 25% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 56% fair-value upside, at 62%, TRTX screens cheaper than that median.
Fair Value models
Bear$8.25Fair Value $10.96Bull$43.30
Price $6.75 · Upside +62.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
In the last 6 months, 3 officers or directors bought shares worth $298,699, most recently on Oct 30, 2026. Buying cluster
BuyMichael GillmoreDirector2,000 shares at $6.43$12,860Oct 30, 2026
BuyMichael Bradley SmithDirector5,000 shares at $6.52$32,600Oct 30, 2026
BuyWendy SilversteinDirector38,900 shares at $6.51$253,239Oct 30, 2026
Plus 13 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
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.
−0.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.1%
Dividend (yield on the price)14.2%
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.−15.1% vs −3.3%, 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%
Pace: the 5-year rate starts in 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).
+42.3%
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 +39.0% a year for the price.
News mood ⓘNews mood, the average tone of recent news (77 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare TPG RE Finance Trust Inc with another stock
Price, fair value, quality and upside side by side.
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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 · 31 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score58 · Top 25%
Fair Value upside+62.4% · Below median
Profitability
Return on equity (12 months)4.3% · Below median
Return on assets1.4% · Above median
Net margin (12 months)38.1% · Above median
Operating margin (12 months)34.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)−32.4% · Bottom 25%
Dividend yield (12 months)14.2% · Below median
Balance sheet
Debt / equity3.08× · Above median
Valuation Multiplesvs REIT - Mortgage median · lower = cheaper
P/E (12 months)17.3× · Pricier than median
P/B0.49× · Cheaper than median
P/S (12 months)4.42× · Pricier than median
Price / free cash flow (fiscal year)6.3× · Cheaper than median
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 Nov 8, 2026, our model estimates a fair value of $10.96 versus a price of $6.75, about +62% upside (undervalued).
What is the fair value of TRTX?
Our model-based fair value for TPG RE Finance Trust Inc is $10.96 (as of Nov 8, 2026), built from audited fundamentals. The current price: $6.75.
What is the quality score of TRTX?
TPG RE Finance Trust Inc has a Quality Score of 58/100. 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 $10.96 (as of Nov 8, 2026) from 12 valuation models. Cautious scenario $8.25, optimistic scenario $43.30. 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 $10.96, about +62% upside versus a price of $6.75 (undervalued). Cautious scenario $8.25, optimistic scenario $43.30. 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 $119M (latest available figure, as of Nov 8, 2026).
Does TPG RE Finance Trust Inc pay a dividend?
TPG RE Finance Trust Inc currently shows a dividend yield of 14.22% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of TPG RE Finance Trust Inc (TRTX) and when is the ex-dividend date?
TPG RE Finance Trust Inc pays a dividend of $0.96 per share a year, a dividend yield of 14.2%. The last ex-dividend date was Sep 28, 2026. A dividend has been paid every year since at least 2017. Free cash flow covers the dividend 1.16 times. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
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 +42.3 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 6 years revenue grew +12.4 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of TRTX use?
Our models discount TPG RE Finance Trust Inc at 12.7 %: a base by market capitalisation (small), damped by beta 1.53, 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 +42.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) 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 free-cash-flow growth of +42.3 % per 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 +9.2 % a year. That is the yardstick for the growth priced into TPG RE Finance Trust Inc (+42.3 % per 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 15.99 %: 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 (12.7 %), 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 $10.96 per share (as of Nov 8, 2026), against a price of $6.75. It is the blended result of 12 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is TPG RE Finance Trust Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, TRTX trades below its calculated fair value: price $6.75, fair value $10.96, a gap of about +62% (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 ($6.75); the fair value is what the company's own numbers justify ($10.96). For TPG RE Finance Trust Inc the two are $4.21 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 $527M (market capitalisation, as of Nov 8, 2026). Per share that is $6.75; our models calculate a fair value of $10.96 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 $8.25, base $10.96, optimistic $43.30 per share (as of Nov 8, 2026, price $6.75). 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 17.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $10.96 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2017 to 2025), reported earnings: 11.1. Other multiples: P/B 0.5, P/S 4.4, EV/EBITDA 14.2.
How solid is the balance sheet of TPG RE Finance Trust Inc (TRTX)?
Balance-sheet figures for TPG RE Finance Trust Inc (as of Nov 8, 2026): return on equity 4.3%, debt of 3.08 per unit of equity. They feed the Quality Score of 58/100, 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 $6.75, about 25% below its 52-week high of $9.03 and 20% above the low of $5.64 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $10.96 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, Rithm Capital Corp, Starwood Property Trust, Inc, 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 Nov 8, 2026: price $6.75, calculated fair value $10.96 (+62%), Quality Score 58/100, from 12 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 12 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $10.96 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. TPG RE Finance Trust Inc currently trades 38% 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 Nov 6, 2026 was $6.75. Our model-based fair value is $10.96, about +62% 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 ($8.25). The market is more pessimistic than our downside scenario. The model range is unusually wide ($8.25 to $43.30). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (58/100) 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 $527M. 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 3.14 (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 $0.3900 (price ÷ EPS = P/E 17.3). 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 14.2%. 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 4.3% (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 34.6% (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 −32.4% 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 −66.9% 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.
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Broad data
Nov 8, 2026