TPG RE Finance Trust Inc
NYSE:TRTX
Income Statement
Earnings Waterfall
TPG RE Finance Trust Inc
Income Statement
TPG RE Finance Trust Inc
| Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | Dec-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||
| Interest Expense |
62
|
67
|
71
|
73
|
78
|
86
|
97
|
112
|
126
|
139
|
156
|
169
|
175
|
174
|
153
|
127
|
107
|
89
|
85
|
85
|
85
|
87
|
93
|
117
|
161
|
208
|
251
|
276
|
274
|
259
|
239
|
217
|
199
|
187
|
182
|
182
|
186
|
|
| Revenue |
154
N/A
|
168
+9%
|
182
+8%
|
189
+4%
|
201
+6%
|
212
+6%
|
226
+6%
|
248
+10%
|
267
+8%
|
284
+6%
|
308
+8%
|
330
+7%
|
342
+3%
|
347
+1%
|
328
-5%
|
306
-7%
|
284
-7%
|
260
-8%
|
252
-3%
|
242
-4%
|
241
-1%
|
244
+1%
|
248
+2%
|
265
+7%
|
306
+15%
|
340
+11%
|
377
+11%
|
397
+5%
|
390
-2%
|
389
0%
|
376
-3%
|
367
-2%
|
352
-4%
|
338
-4%
|
330
-2%
|
328
-1%
|
333
+2%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(20)
|
(22)
|
(23)
|
(24)
|
(25)
|
(26)
|
(27)
|
(28)
|
(30)
|
(30)
|
(31)
|
(33)
|
(34)
|
(34)
|
(35)
|
(32)
|
(31)
|
(31)
|
(28)
|
(28)
|
(28)
|
(29)
|
(35)
|
(35)
|
(35)
|
(35)
|
(30)
|
(30)
|
(30)
|
(30)
|
(29)
|
(29)
|
(28)
|
(28)
|
(28)
|
(28)
|
(29)
|
|
| Gross Profit |
134
N/A
|
146
+9%
|
158
+8%
|
164
+4%
|
176
+7%
|
186
+6%
|
198
+6%
|
219
+11%
|
237
+8%
|
254
+7%
|
277
+9%
|
297
+7%
|
307
+3%
|
313
+2%
|
293
-6%
|
274
-7%
|
253
-7%
|
230
-9%
|
224
-2%
|
215
-4%
|
213
-1%
|
215
+1%
|
214
-1%
|
230
+8%
|
270
+18%
|
305
+13%
|
346
+14%
|
367
+6%
|
360
-2%
|
360
0%
|
347
-4%
|
338
-3%
|
324
-4%
|
310
-4%
|
302
-3%
|
299
-1%
|
304
+2%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(5)
|
(5)
|
(6)
|
(7)
|
(7)
|
(8)
|
(9)
|
(9)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(9)
|
(10)
|
(12)
|
(15)
|
(19)
|
(28)
|
(34)
|
(40)
|
(46)
|
(49)
|
(50)
|
(50)
|
(50)
|
|
| Selling, General & Administrative |
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(4)
|
(5)
|
(5)
|
(6)
|
(7)
|
(7)
|
(8)
|
(9)
|
(9)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(11)
|
(10)
|
(12)
|
(12)
|
(12)
|
(12)
|
(11)
|
(11)
|
(11)
|
(11)
|
(14)
|
|
| Depreciation & Amortization |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(2)
|
(5)
|
(8)
|
(16)
|
(23)
|
(28)
|
(36)
|
(38)
|
(39)
|
(39)
|
(36)
|
|
| Operating Income |
132
N/A
|
144
+9%
|
156
+9%
|
162
+4%
|
173
+7%
|
183
+6%
|
194
+6%
|
216
+11%
|
233
+8%
|
250
+7%
|
272
+9%
|
292
+7%
|
302
+3%
|
306
+2%
|
286
-7%
|
266
-7%
|
244
-8%
|
221
-10%
|
215
-3%
|
205
-5%
|
203
-1%
|
205
+1%
|
204
0%
|
220
+8%
|
261
+18%
|
295
+13%
|
334
+13%
|
352
+5%
|
340
-3%
|
332
-2%
|
312
-6%
|
298
-5%
|
278
-7%
|
261
-6%
|
251
-4%
|
249
-1%
|
254
+2%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(62)
|
(67)
|
(71)
|
(73)
|
(78)
|
(87)
|
(97)
|
(112)
|
(126)
|
(140)
|
(156)
|
(169)
|
(175)
|
(174)
|
(154)
|
(127)
|
(107)
|
(89)
|
(85)
|
(85)
|
(85)
|
(87)
|
(93)
|
(117)
|
(161)
|
(208)
|
(251)
|
(276)
|
(274)
|
(259)
|
(239)
|
(217)
|
(199)
|
(187)
|
(182)
|
(182)
|
(186)
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(267)
|
(256)
|
(257)
|
(273)
|
(2)
|
(11)
|
(11)
|
6
|
(3)
|
(47)
|
(183)
|
(173)
|
(176)
|
(223)
|
(162)
|
(190)
|
(187)
|
(93)
|
(17)
|
(4)
|
(3)
|
(10)
|
(7)
|
(14)
|
|
| Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
16
|
0
|
29
|
29
|
13
|
0
|
0
|
0
|
7
|
0
|
0
|
0
|
0
|
0
|
7
|
7
|
7
|
|
| Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
16
|
0
|
0
|
0
|
13
|
0
|
0
|
0
|
7
|
7
|
7
|
0
|
0
|
0
|
0
|
0
|
|
| Pre-Tax Income |
70
N/A
|
77
+10%
|
85
+10%
|
89
+4%
|
95
+7%
|
96
+2%
|
97
+1%
|
103
+6%
|
107
+4%
|
111
+3%
|
116
+5%
|
123
+5%
|
127
+4%
|
(134)
N/A
|
(124)
+8%
|
(118)
+4%
|
(137)
-15%
|
129
N/A
|
119
-8%
|
110
-7%
|
140
+27%
|
131
-6%
|
93
-29%
|
(51)
N/A
|
(60)
-16%
|
(76)
-27%
|
(140)
-84%
|
(86)
+38%
|
(116)
-35%
|
(107)
+8%
|
(13)
+88%
|
71
N/A
|
75
+6%
|
71
-4%
|
67
-6%
|
67
0%
|
61
-10%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||
| Tax Provision |
0
|
(0)
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
0
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
|
| Income from Continuing Operations |
70
|
77
|
85
|
89
|
94
|
96
|
97
|
103
|
107
|
110
|
116
|
122
|
126
|
(135)
|
(124)
|
(119)
|
(137)
|
128
|
117
|
108
|
139
|
130
|
93
|
(51)
|
(60)
|
(76)
|
(140)
|
(87)
|
(117)
|
(107)
|
(13)
|
70
|
74
|
71
|
67
|
67
|
60
|
|
| Net Income (Common) |
70
N/A
|
77
+10%
|
85
+11%
|
89
+4%
|
94
+6%
|
96
+2%
|
97
+1%
|
103
+6%
|
107
+4%
|
110
+3%
|
116
+5%
|
122
+5%
|
126
+3%
|
(136)
N/A
|
(128)
+6%
|
(130)
-2%
|
(156)
-20%
|
102
N/A
|
41
-60%
|
36
-12%
|
71
+97%
|
67
-5%
|
79
+18%
|
(65)
N/A
|
(74)
-14%
|
(90)
-23%
|
(154)
-71%
|
(101)
+35%
|
(131)
-30%
|
(122)
+7%
|
(28)
+77%
|
55
N/A
|
60
+8%
|
57
-5%
|
52
-7%
|
52
0%
|
45
-13%
|
|
| EPS (Diluted) |
1.15
N/A
|
1.28
+11%
|
1.41
+10%
|
1.46
+4%
|
1.56
+7%
|
1.59
+2%
|
1.62
+2%
|
1.6
-1%
|
1.7
+6%
|
1.61
-5%
|
1.56
-3%
|
1.64
+5%
|
1.73
+5%
|
-1.77
N/A
|
-1.65
+7%
|
-1.65
N/A
|
-2.03
-23%
|
1.26
N/A
|
0.51
-60%
|
0.44
-14%
|
0.87
+98%
|
0.81
-7%
|
1.02
+26%
|
-0.83
N/A
|
-0.95
-14%
|
-1.16
-22%
|
-1.99
-72%
|
-1.3
+35%
|
-1.69
-30%
|
-1.57
+7%
|
-0.34
+78%
|
0.69
N/A
|
0.75
+9%
|
0.7
-7%
|
0.65
-7%
|
0.66
+2%
|
0.57
-14%
|
|