Filing Flows › TPG RE Finance Trust (TRTX) › Q3 2026 › vs Q3 2025
TPG RE Finance Trust (TRTX) Q3 2026 vs Q3 2025 (year over year)
TPG RE Finance Trust's revenue fell $1.9M (-5%) from $37.8M in Q3 2025 to $35.9M in Q3 2026. The biggest changes: Net interest income −$1.6M (-6%); Noninterest income −$313K (-3%). Operating margin 26.4% against 58.4% (-32.0 pts).
TPG RE Finance Trust, Q3 2026: revenue $35.9M (-5% year over year), operating margin 26.4%, net earnings $9.4M, operating cash flow $14.4M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 26.4% | 58.4% | -32.0 pts |
| Net margin | 26.1% | 58.1% | -32.0 pts |
| Free cash flow margin | 33.9% | 53.0% | -19.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Net interest income | $26.7M | $28.3M | −$1.6M | -6% |
| Noninterest income | $9.2M | $9.6M | −$313K | -3% |
| Revenue | $35.9M | $37.8M | −$1.9M | -5% |
| Operating profit | $9.5M | $22.1M | −$12.6M | -57% |
| Costs & expenses | $26.5M | $15.7M | $10.7M | +68% |
| Pre-tax earnings | $9.5M | $22.1M | −$12.6M | -57% |
| Credit loss provision | $8.6M | −$2.6M | $11.2M | — |
| Net earnings | $9.4M | $22.0M | −$12.6M | -57% |
| Income tax | $104K | $109K | −$5K | -5% |
| Depreciation | $1.9M | $1.7M | $200K | +12% |
| Share-based compensation | $1.3M | $1.4M | −$135K | -10% |
| Working capital & other | $1.9M | −$3.2M | $5.1M | — |
| Operating cash flow | $14.4M | $21.8M | −$7.5M | -34% |
| Free cash flow (OCF − capex) | $12.2M | $20.0M | −$7.9M | -39% |
| Capital expenditures | $2.2M | $1.8M | $400K | +22% |
Questions
How much did TPG RE Finance Trust's revenue grow year over year in Q3 2026?
TPG RE Finance Trust's revenue fell $1.9M (-5%) from $37.8M in Q3 2025 to $35.9M in Q3 2026.
What drove TPG RE Finance Trust's revenue change in Q3 2026?
Net interest income −$1.6M (-6%); Noninterest income −$313K (-3%).