Filing Flows › TPG RE Finance Trust (TRTX) › Q3 2026
TPG RE Finance Trust (TRTX) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 26, 2026
TPG RE Finance Trust (TRTX) reported revenue of $35.9M for the third quarter 2026 (Q3 2026), -5% from a year earlier and +6% from the quarter before. Operating margin was 26.4%, net earnings $9.4M (26.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $35.9M | +6% | -5% |
| Operating profit | $9.5M | -28% | -57% |
| Net earnings | $9.4M | -29% | -57% |
| Operating cash flow | $14.4M | -33% | -34% |
| Free cash flow | $12.2M | — | -39% |
What changed
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.
Questions
What was TPG RE Finance Trust's revenue in the third quarter 2026?
TPG RE Finance Trust (TRTX) reported revenue of $35.9M for the third quarter 2026 (Q3 2026), -5% from a year earlier and +6% from the quarter before.
Was TPG RE Finance Trust profitable in the third quarter 2026?
Operating profit was $9.5M (26.4% of revenue) and net earnings $9.4M.