TPG RE Finance Trust (TRTX) FCF Margin (2016 - 2026)

TPG RE Finance Trust's (TRTX) quarterly FCF Margin came in at 60.24% in Q1 2026, up 996.0% year-on-year from 5.5% in Q1 2025, and down 13.3% quarter-over-quarter from 69.48% in Q4 2025.

TPG RE Finance Trust (TRTX) FCF Margin (2016 - 2026) Analysis & Trends

TPG RE Finance Trust's FCF Margin history runs 11 years deep, the most recent figure standing at 60.24% for Q1 2026.

  • On a quarterly basis, FCF Margin rose 996.0% year-over-year to 60.24% in Q1 2026; TTM through Mar 2026 was 62.51%, a 67.0% increase from a year earlier, with the FY2025 full-year figure at 61.16%, down 1187.0% from the prior year.
  • FCF Margin fell to 60.24% in Q1 2026 per TRTX's latest filing, from 69.48% in the prior quarter.
  • Across five years, FCF Margin topped out at 201.08% in Q2 2022 and bottomed at 20.94% in Q3 2023.
  • The 5-year median for FCF Margin is 60.24% (2026), against an average of 62.11%.
  • Across the five-year window, FCF Margin jumped 11440 bps in 2022 and plunged 22065 bps in 2023, its largest moves.
  • Year by year, FCF Margin stood at 27.02% in 2022, then surged by 67 bps to 45.01% in 2023, then surged by 75 bps to 78.82% in 2024, then dropped by 12 bps to 69.48% in 2025, then dropped by 13 bps to 60.24% in 2026.
  • Per Business Quant, the three latest TRTX FCF Margin figures stand at 60.24% (Q1 2026), 69.48% (Q4 2025), and 54.48% (Q3 2025).

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) FCF Margin (Qtr)
1 Annaly Capital Management 16.30 Bn 14.44 Bn - -
2 AGNC Investment 11.85 Bn 11.36 Bn - -
3 Starwood Property Trust 5.99 Bn 5.94 Bn - 18.26%
4 Rithm Capital 5.01 Bn 5.01 Bn - -1.16%
5 Blackstone Mortgage Trust 2.78 Bn 2.24 Bn - -145.84%
6 Ellington Financial 1.63 Bn 1.51 Bn - -6.04%
7 Dynex Capital 1.56 Bn 1.05 Bn - -
8 Armour Residential REIT 1.42 Bn 1.34 Bn - -
9 Two Harbors Investment 1.27 Bn 987.19 Mn - -
10 TPG RE Finance Trust 664.36 Mn 572.36 Mn - 60.24%

Historic Data

Download Data
DateValue
Mar 31, 2026 60.24%
Dec 31, 2025 69.48%
Sep 30, 2025 54.48%
Jun 30, 2025 65.95%
Mar 31, 2025 50.28%
Dec 31, 2024 78.82%
Sep 30, 2024 51.16%
Jun 30, 2024 67.96%
Mar 31, 2024 92.41%
Dec 31, 2023 45.01%
Sep 30, 2023 -20.94%
Jun 30, 2023 -19.58%
Mar 31, 2023 92.94%
Dec 31, 2022 27.02%
Sep 30, 2022 54.95%
Jun 30, 2022 201.08%
Mar 31, 2022 84.64%
Dec 31, 2021 75.54%
Sep 30, 2021 91.97%
Jun 30, 2021 86.68%