Filing Flows › TPG RE Finance Trust (TRTX) › Q2 2026 › vs Q2 2025
TPG RE Finance Trust (TRTX) Q2 2026 vs Q2 2025 (year over year)
TPG RE Finance Trust's revenue fell $2.2M (-6%) from $36.2M in Q2 2025 to $34.0M in Q2 2026. The biggest changes: Net interest income −$1.5M (-6%); Noninterest income −$713K (-6%). Operating margin 38.9% against 57.3% (-18.4 pts).
TPG RE Finance Trust, Q2 2026: revenue $34.0M (-6% year over year), operating margin 38.9%, net earnings $13.1M, operating cash flow $21.6M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 38.9% | 57.3% | -18.4 pts |
| Net margin | 38.6% | 57.0% | -18.4 pts |
| Free cash flow margin | 54.3% | 66.7% | -12.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Net interest income | $23.7M | $25.1M | −$1.5M | -6% |
| Noninterest income | $10.3M | $11.1M | −$713K | -6% |
| Revenue | $34.0M | $36.2M | −$2.2M | -6% |
| Operating profit | $13.2M | $20.8M | −$7.5M | -36% |
| Costs & expenses | $20.8M | $15.4M | $5.3M | +35% |
| Pre-tax earnings | $13.2M | $20.8M | −$7.5M | -36% |
| Credit loss provision | $3.6M | $1.8M | $1.8M | +100% |
| Other operating costs | $17.2M | $13.7M | $3.5M | +26% |
| Net earnings | $13.1M | $20.6M | −$7.5M | -36% |
| Income tax | $101K | $128K | −$27K | -21% |
| Depreciation | $1.9M | $2.0M | −$100K | -5% |
| Share-based compensation | $2.1M | $2.0M | $83K | +4% |
| Working capital & other | $4.4M | $99K | $4.3M | 45× |
| Operating cash flow | $21.6M | $24.7M | −$3.2M | -13% |
| Free cash flow (OCF − capex) | $18.5M | $24.1M | −$5.7M | -23% |
| Capital expenditures | $3.1M | $600K | $2.5M | +417% |
Questions
How much did TPG RE Finance Trust's revenue grow year over year in Q2 2026?
TPG RE Finance Trust's revenue fell $2.2M (-6%) from $36.2M in Q2 2025 to $34.0M in Q2 2026.
What drove TPG RE Finance Trust's revenue change in Q2 2026?
Net interest income −$1.5M (-6%); Noninterest income −$713K (-6%).