Filing Flows › Comparisons › TRTX vs ONL
TPG RE Finance Trust vs Orion Properties: TRTX and ONL compared
TPG RE Finance Trust is the larger company: $35.9M of revenue in its latest quarter (Q3 2026) against $35.4M for Orion Properties (Q3 2026). Orion Properties is growing faster (-4% against -5% a year earlier). TPG RE Finance Trust is more profitable, with an operating margin of 26.4% against 10.7%.
Where the money goes: TRTX and ONL
TPG RE Finance Trust (TRTX) · Q3 2026
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.
Orion Properties (ONL) · Q3 2026
Orion Properties, Q3 2026: revenue $35.4M (-4% year over year), operating margin 10.7%, net loss $3.3M, operating cash flow $10.0M. The chart follows the revenue to costs, profit and cash.
| TPG RE Finance Trust (TRTX) | Orion Properties (ONL) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $35.9M | $35.4M |
| Revenue growth, Y/Y | -5% | -4% |
| Operating margin | 26.4% | 10.7% |
| Net earnings | $9.4M | −$3.3M |
| Net margin | 26.1% | -9.2% |
| Operating cash flow | $14.4M | $10.0M |
| Free cash flow | $12.2M | $2.0M |
Where the revenue comes from
TPG RE Finance Trust
- Net interest income: $26.7M (74%)
- Noninterest income: $9.2M (26%)
Orion Properties
- Rental Revenue: $35.2M (99%)
- Fee income from Unconsolidated Joint Venture: $198K (1%)
Questions
Which is bigger, TPG RE Finance Trust or Orion Properties?
TPG RE Finance Trust is the larger company: $35.9M of revenue in its latest quarter (Q3 2026) against $35.4M for Orion Properties (Q3 2026).
Is TPG RE Finance Trust or Orion Properties growing faster?
Orion Properties is growing faster (-4% against -5% a year earlier).
Which is more profitable, TPG RE Finance Trust or Orion Properties?
TPG RE Finance Trust is more profitable, with an operating margin of 26.4% against 10.7%.
More: TPG RE Finance Trust earnings · how TPG RE Finance Trust makes money · Orion Properties earnings · how Orion Properties makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 26, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.