Q3 2026 Revenue down 5% year over year to $35.9M · 26¢ of every $1 of revenue kept as net profit · operating margin 26.4%
TPG RE Finance Trust made $35.9M in Q3 2026 (-5% Y/Y): Net interest income $26.7M, Noninterest income $9.2M. Operating margin 26.4%, net earnings $9.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 2026.
Revenue$35.9M
Year over year-5%
Operating margin26.4%
Net earnings$9.4M
Operating cash flow$14.4M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $35.9M in Q3 2026, down 5% year over year and up 6% from the previous quarter. Net interest income was the largest line at 74% of revenue. Net interest income lost $1.6M year over year (down 6%), 84% of the total change.
Operating profit was $9.5M, a 26.4% margin (down 32.0 points year over year). Total costs grew 68% against a revenue fall of 5%. Net earnings were $9.4M, down 57% year over year. The effective tax rate was 1.1%.
Operating cash flow was $14.4M (down 34% year over year), 154% of net earnings. Non-cash charges added back $1.9M of depreciation and $1.3M of share-based compensation. Working capital and other items added $1.9M. Capital expenditures of $2.2M left free cash flow of $12.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 26, 2026
$35.9M
-5%
26.4%
$9.4M
$14.4M
Q2 2026
10-Q
Jul 28, 2026
$34.0M
-6%
38.9%
$13.1M
$21.6M
Charts
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $9.4M, Operating cash flow $14.4M.+3.6% since FY2020: more shares outstanding (issuance, stock pay).Cash $87.6M, short-term investments —, long-term debt $3.3B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG. Our principal executive offices are located at 888 Seventh Avenue, 35 th Floor, New York, New York 10106. We are organized as a holding company and conduct our operations primarily through TPG RE Finance Trust Holdco, LLC (“Holdco”), a wholly owned Delaware limited liability company, and Holdco’s direct and indirect subsidiaries. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to stockholders and maintain our qualification as a REIT.
In its own words, from its 10-K, filed Feb 17, 2026.
TPG RE Finance Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -5% against the peers' median +11%. Operating margin: 26.4% against the peers' median 20.6%.