TPG RE Finance Trust annual net debt
2021
2022
2023
2024
2025
TPG RE Finance Trust Net Debt Growth & History (TRTX)
TPG RE Finance Trust's net debt was $3.22B for fiscal 2025.
View full TPG RE Finance Trust company overviewTPG RE Finance Trust annual net debt history
| Fiscal year | Period ended | Net debt | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | $3.22B | $840.4M | +35.29% |
| 2024 | 2024-12-31 | $2.38B | −$460.6M | −16.21% |
| 2023 | 2023-12-31 | $2.84B | −$1.08B | −27.59% |
| 2022 | 2022-12-31 | $3.93B | $463.6M | +13.39% |
| 2021 | 2021-12-31 | $3.46B | — | — |
TPG RE Finance Trust quarterly net debt
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 | Net debt | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $3.44B | $568.2M | +19.79% |
| Q1 2026 | 2026-03-31 | $3.29B | $826.8M | +33.56% |
| Q4 2025 | 2025-12-31 | $3.22B | $840.4M | +35.29% |
| Q3 2025 | 2025-09-30 | $2.85B | $586.8M | +25.89% |
| Q2 2025 | 2025-06-30 | $2.87B | $602.3M | +26.54% |
| Q1 2025 | 2025-03-31 | $2.46B | $2.0M | +0.08% |
| Q4 2024 | 2024-12-31 | $2.38B | −$460.6M | −16.21% |
| Q3 2024 | 2024-09-30 | $2.27B | −$687.3M | −23.27% |
| Q2 2024 | 2024-06-30 | $2.27B | −$1.13B | −33.23% |
| Q1 2024 | 2024-03-31 | $2.46B | −$1.40B | −36.28% |
| Q4 2023 | 2023-12-31 | $2.84B | −$1.08B | −27.59% |
| Q3 2023 | 2023-09-30 | $2.95B | −$1.13B | −27.67% |
| Q2 2023 | 2023-06-30 | $3.40B | −$163.4M | −4.59% |
| Q1 2023 | 2023-03-31 | $3.86B | $191.1M | +5.20% |
| Q4 2022 | 2022-12-31 | $3.93B | $463.6M | +13.39% |
| Q3 2022 | 2022-09-30 | $4.08B | $620.7M | +17.92% |
| Q2 2022 | 2022-06-30 | $3.56B | — | — |
| Q1 2022 | 2022-03-31 | $3.67B | — | — |
| Q4 2021 | 2021-12-31 | $3.46B | — | — |
| Q3 2021 | 2021-09-30 | $3.46B | — | — |
TPG RE Finance Trust net debt trends
Between the periods ended 2021-12-31 and 2025-12-31, TPG RE Finance Trust's net debt decreased from $3.46B to $3.22B, a change of −$239.7M. The latest reported quarter, Q2 2026, shows $3.44B.
About the metric
What net debt means
Net debt compares a company’s interest-bearing debt with its cash and cash equivalents. Positive net debt means debt exceeds cash, while a negative value indicates the company has more cash than debt on this measure.
Calculation and source
How net debt is calculated
TickerStat calculates net debt as total interest-bearing debt minus cash and cash equivalents at the same reporting-period end. Short-term investments are not subtracted because they are not included in the standardized cash series. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review TPG RE Finance Trust source filings ↗