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TPG RE Finance Trust cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$14.4M in Q3 2026 · $85.2M over twelve months

Operating cash flow$14.4M
Free cash flow+$14.4M
Cash / net income1.5×

Analysis

In Q3 2026, TPG RE Finance Trust generated $14.4M of operating cash flow. That is $7.5M less than in Q3 2025 ($21.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $85.2M; the largest uses were other investing ($1.2B), buybacks ($25.0M), real estate bought ($10.7M); besides operations, cash came from other financing ($1.1B); the cash balance fell by $23.4M.

Operating cash flow was $14.4M against net income of $9.4M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$2.1M, depreciation & amortization +$1.9M, receivables −$1.8M.

Free cash flow

TPG RE Finance Trust: free cash flow by quarterTPG RE Finance Trust: free cash flow by quarter$25.5MQ4 2024$19.1MQ1 2025$24.7MQ2 2025$21.8MQ3 2025$24.7MQ4 2025$24.6MQ1 2026$21.6MQ2 2026$14.4MQ3 2026
Operating cash flow less capital spending.
TPG RE Finance Trust: operating cash flow against capital spendingTPG RE Finance Trust: operating cash flow against capital spendingOperating cash flowCapital spending$25.5M$0Q4 2024$19.1M$0Q1 2025$24.7M$0Q2 2025$21.8M$0Q3 2025$24.7M$0Q4 2025$24.6M$0Q1 2026$21.6M$0Q2 2026$14.4M$0Q3 2026
Latest (Q3 2026): Operating cash flow $14.4M, Capital spending $0.

Capital allocation, year by year

TPG RE Finance Trust: where the cash came from (up) and went (down), by fiscal yearTPG RE Finance Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowAsset salesBuybacksFY2021: Operating cash flow $132MFY2021: Asset sales $54.4M$187MFY2021FY2022: Operating cash flow $100MFY2022: Asset sales $155M$255MFY2022FY2023: Operating cash flow $80.1MFY2023: Asset sales $75.4M$156MFY2023FY2024: Operating cash flow $112MFY2024: Buybacks −$37K$112MFY2024FY2025: Operating cash flow $90.4MFY2025: Asset sales $39.4MFY2025: Buybacks −$25.3M$130MFY2025
Over these 5 years operating cash flow totalled $515M; the largest uses were buybacks ($25.4M). Cash-flow statements as filed.

Where the cash came from and went

TPG RE Finance Trust: sources (+) and uses (−) of cash, Q3 2026TPG RE Finance Trust: sources (+) and uses (−) of cash, Q3 2026Other financing$643MOther investing−$641MOperating cash flow$14.4MBuybacks−$9.5MCash drawn (+) / kept (−)−$4.9MReal estate bought−$2.2M
TPG RE Finance Trust: sources (+) and uses (−) of cash, TTM to Q3 2026TPG RE Finance Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$1.2BOther financing$1.1BOperating cash flow$85.2MBuybacks−$25.0MCash drawn (+) / kept (−)$23.4MReal estate bought−$10.7M

From profit to cash

TPG RE Finance Trust: net income to operating cash flow, Q3 2026TPG RE Finance Trust: net income to operating cash flow, Q3 2026Net income$9.4MDepreciation & amortization$1.9MStock-based pay$1.3MReceivables−$1.8MAccrued liabilities−$1.3MDeferred revenue−$108KPrepaid and other assets−$2.1MOperating cash flow$14.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026$14.4M−$9.5M−$4.9M$14.4M
Q2 2026$21.6M−$10.9M$26.2M$21.6M
Q1 2026$24.6M−$4.2M−$4.2M$24.6M
Q4 2025$24.7M−$387K$6.2M$24.7M
Q3 2025$21.8M−$9.3M$72.0M$21.8M
Q2 2025$24.7M−$12.9M$197M$24.7M
Q1 2025$19.1M−$2.8M−$173M$19.1M
Q4 2024$25.5M—$36.3M$25.5M

TPG RE Finance Trust: income statement and cash flow

TPG RE Finance Trust, Q3 2026: revenue $35.9M (-5% year over year), operating margin 26.4%. The chart follows the revenue to costs, profit and cash.

TPG RE Finance Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.