TPG RE Finance Trust (TRTX) Net Margin (2016 - 2026)
TPG RE Finance Trust's (TRTX) quarterly Net Margin came in at 40.65% in Q1 2026, up 1376.0% year-on-year from 2.75% in Q1 2025, and up 8029.08% quarter-over-quarter from 0.5% in Q4 2025.
TPG RE Finance Trust (TRTX) Net Margin (2016 - 2026) Analysis & Trends
TPG RE Finance Trust's Net Margin history runs 11 years deep, the most recent figure standing at 40.65% for Q1 2026.
- On a quarterly basis, Net Margin rose 1376.0% year-over-year to 40.65% in Q1 2026; TTM through Mar 2026 was 33.98%, a 304.0% decrease from a year earlier, with the FY2025 full-year figure at 31.13%, down 784.0% from the prior year.
- Net Margin rose to 40.65% in Q1 2026 per TRTX's latest filing, from 0.5% in the prior quarter.
- Across five years, Net Margin topped out at 194.68% in Q2 2023 and bottomed at 370.95% in Q3 2022.
- The 5-year median for Net Margin is 40.65% (2026), against an average of 15.53%.
- Across the five-year window, Net Margin tumbled 43756 bps in 2022 and surged 42788 bps in 2023, its largest moves.
- Year by year, Net Margin stood at 49.11% in 2022, then plunged by 90 bps to 4.69% in 2023, then soared by 306 bps to 19.03% in 2024, then slumped by 97 bps to 0.5% in 2025, then soared by 8029 bps to 40.65% in 2026.
- Per Business Quant, the three latest TRTX Net Margin figures stand at 40.65% (Q1 2026), 0.5% (Q4 2025), and 48.75% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net 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 | - | 11.21% |
| 4 | Rithm Capital | 5.01 Bn | 5.01 Bn | - | 4.91% |
| 5 | Blackstone Mortgage Trust | 2.78 Bn | 2.24 Bn | - | 5.45% |
| 6 | Ellington Financial | 1.63 Bn | 1.51 Bn | - | 51.82% |
| 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 | - | 40.65% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 40.65% |
| Dec 31, 2025 | 0.50% |
| Sep 30, 2025 | 48.75% |
| Jun 30, 2025 | 46.63% |
| Mar 31, 2025 | 26.90% |
| Dec 31, 2024 | 19.03% |
| Sep 30, 2024 | 46.52% |
| Jun 30, 2024 | 53.50% |
| Mar 31, 2024 | 33.54% |
| Dec 31, 2023 | 4.69% |
| Sep 30, 2023 | 56.93% |
| Jun 30, 2023 | 194.68% |
| Mar 31, 2023 | 15.14% |
| Dec 31, 2022 | 49.11% |
| Sep 30, 2022 | -370.95% |
| Jun 30, 2022 | -54.57% |
| Mar 31, 2022 | 53.03% |
| Dec 31, 2021 | 89.13% |
| Sep 30, 2021 | 66.61% |
| Jun 30, 2021 | -52.52% |