Filing Flows › TPG RE Finance Trust (TRTX) › Q2 2026
TPG RE Finance Trust (TRTX) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
TPG RE Finance Trust (TRTX) reported revenue of $34.0M for the second quarter 2026 (Q2 2026), -6% from a year earlier and -9% from the quarter before. Operating margin was 38.9%, net earnings $13.1M (38.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.0M | -9% | -6% |
| Operating profit | $13.2M | -31% | -36% |
| Net earnings | $13.1M | -31% | -36% |
| Operating cash flow | $21.6M | -12% | -13% |
| Free cash flow | $18.5M | -18% | -23% |
What changed
Revenue was $34.0M in Q2 2026, down 6% year over year and down 9% from the previous quarter. Net interest income was the largest line at 70% of revenue. Net interest income lost $1.5M year over year (down 6%), 67% of the total change.
Operating profit was $13.2M, a 38.9% margin (down 18.4 points year over year). Total costs grew 35% against a revenue fall of 6%. The fastest-growing cost line was Credit loss provision (+100%). Net earnings were $13.1M, down 36% year over year. The effective tax rate was 0.8%.
Operating cash flow was $21.6M (down 13% year over year), 164% of net earnings. Non-cash charges added back $1.9M of depreciation and $2.1M of share-based compensation. Working capital and other items added $4.4M. Capital expenditures of $3.1M left free cash flow of $18.5M.
Questions
What was TPG RE Finance Trust's revenue in the second quarter 2026?
TPG RE Finance Trust (TRTX) reported revenue of $34.0M for the second quarter 2026 (Q2 2026), -6% from a year earlier and -9% from the quarter before.
Was TPG RE Finance Trust profitable in the second quarter 2026?
Operating profit was $13.2M (38.9% of revenue) and net earnings $13.1M.