TPG RE Finance Trust annual debt-to-equity ratio
2021
2022
2023
2024
2025
TPG RE Finance Trust Debt-to-Equity Ratio Growth & History (TRTX)
TPG RE Finance Trust's debt-to-equity ratio was 3.10 for fiscal 2025.
View full TPG RE Finance Trust company overviewTPG RE Finance Trust annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 3.10 | 0.79 | +34.23% |
| 2024 | 2024-12-31 | 2.31 | −0.40 | −14.83% |
| 2023 | 2023-12-31 | 2.71 | −0.45 | −14.27% |
| 2022 | 2022-12-31 | 3.16 | 0.62 | +24.40% |
| 2021 | 2021-12-31 | 2.54 | — | — |
TPG RE Finance Trust quarterly debt-to-equity ratio
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 3.36 | 0.57 | +20.53% |
| Q1 2026 | 2026-03-31 | 3.18 | 0.62 | +24.33% |
| Q4 2025 | 2025-12-31 | 3.10 | 0.79 | +34.23% |
| Q3 2025 | 2025-09-30 | 2.72 | 0.51 | +22.81% |
| Q2 2025 | 2025-06-30 | 2.78 | 0.54 | +23.80% |
| Q1 2025 | 2025-03-31 | 2.56 | 0.18 | +7.75% |
| Q4 2024 | 2024-12-31 | 2.31 | −0.40 | −14.83% |
| Q3 2024 | 2024-09-30 | 2.22 | −0.65 | −22.57% |
| Q2 2024 | 2024-06-30 | 2.25 | −0.79 | −25.98% |
| Q1 2024 | 2024-03-31 | 2.38 | −0.70 | −22.68% |
| Q4 2023 | 2023-12-31 | 2.71 | −0.45 | −14.27% |
| Q3 2023 | 2023-09-30 | 2.86 | −0.44 | −13.43% |
| Q2 2023 | 2023-06-30 | 3.04 | 0.32 | +11.84% |
| Q1 2023 | 2023-03-31 | 3.07 | 0.33 | +12.16% |
| Q4 2022 | 2022-12-31 | 3.16 | 0.62 | +24.40% |
| Q3 2022 | 2022-09-30 | 3.31 | 0.72 | +28.06% |
| Q2 2022 | 2022-06-30 | 2.72 | — | — |
| Q1 2022 | 2022-03-31 | 2.74 | — | — |
| Q4 2021 | 2021-12-31 | 2.54 | — | — |
| Q3 2021 | 2021-09-30 | 2.58 | — | — |
TPG RE Finance Trust debt-to-equity ratio trends
Between the periods ended 2021-12-31 and 2025-12-31, TPG RE Finance Trust's debt-to-equity ratio increased from 2.54 to 3.10, a change of 0.56. The latest reported quarter, Q2 2026, shows 3.36.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review TPG RE Finance Trust source filings ↗