TRTX TPG RE Finance Trust, Inc. Common Stock
XNYS 6.86 DelayedStock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
TRTX
$6.86
—
Key stats
$6.86
- 52-Week Range
- $5.60 – $9.35
- YTD
- -22.28%
- IV Rank (30D)
- 28.35
- Straddle Price
- $0.60
- P/C Vol Ratio
- 29.50
- Market Cap
- $0.5B
- Open
- $6.98
- Day Range
- $6.79 – $7.07
- Volume
- 689,565
- Prev Close
- $7.02
Fair Value
MODEL: NEUTRAL
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 4.95% |
| Beta vs SPY | 0.91 |
| Cost of Equity (CAPM) | 9.48% (VRP-adj) |
| WACC | 6.79% |
| Volatility Risk Premium | +130.6pp (IV − HV30) |
| Effective Tax Rate | 0.9% |
| Rev. Growth (YoY, DCF input) | +3.7% |
| DCF Horizon | 10 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.04 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.1B |
| Return on Equity (TTM) | 3.0% |
| Book / Price | 187.9% — banking bias active (P/B is primary) |
| Gross Margin (TTM) | 100.0% |
| FCF Margin (TTM) | 224.1% |
| Debt / Equity | 4.08 |
| Quality Score | 3/6 — normal (10y DCF) |
| Market-Implied Growth | +18.1% (reverse-DCF on current price) |
| SMA 50 | $6.71 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $6.24 |
| Bollinger Width / SMA20 | 469.2% (drives anchor stability) |
| Net Debt | $4.1B |
| Market Cap | $1B |
Peers used for multiples: AGNC, ARR, BXMT, DX, LADR, NLY, RITM, STWD
60-Day Conviction
13%
20-Day Fair Value
≈ by Dec 7, 2026
$6.89
α +0.5%
rank 92%
conviction
38%
40-Day Fair Value
≈ by Jan 5, 2027
$6.92
α +1.0%
rank 92%
conviction
33%
60-Day Fair Value
≈ by Feb 3, 2027
$6.83
α -0.3%
rank 92%
conviction
13%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $-28.20 | 0% | |
| DDM (Gordon) | $17.09 | 44% | |
| Peer P/E | $6.16 | 13% | median 15.2× · 4 peers |
| Peer EV/EBITDA | n/a | 0% | median 18.3× · 3 peers |
| Peer P/B | $10.35 | 21% | median 0.8× · 8 peers |
| Peer P/S | $1.09 | 21% | median 2.5× · 5 peers |
| Market Anchor (SMA50) | $6.71 | 0% | stability 0% (BB-width) |
| Options Expected (B-L 30d) | n/a | 0% |
As of 2026-11-06 · updated
Related
About
- Industry (SIC)
- REAL ESTATE INVESTMENT TRUSTS (6798) · industry map
- Exchange
- XNYS
- Market Cap
- $0.5B
- List Date
- 2017-07-20
- CIK
- 0001630472
- Headquarters
- San Francisco, CA
- Homepage
- https://www.tpgrefinance.com
TPG RE Finance Trust Inc is a commercial real estate finance company. It originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments consisting of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States. The company's objective is to provide attractive risk-adjusted returns to its stockholders over time through cash distributions and capital appreciation. It focuses on directly originating and selectively acqu…
Summary
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composite
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No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -5.15% | 1.20% | 25.87% | -6.16% | -1.87% | 2.38% | 2.71% |
| Feb | 4.09% | -5.28% | -2.86% | 23.43% | 3.60% | -7.44% | 2.59% |
| Mar | 2.47% | 0.77% | -12.00% | 2.25% | -4.12% | -8.44% | -3.18% |
| Apr | 9.30% | -12.52% | -1.52% | -5.91% | -6.26% | 8.88% | -1.34% |
| May | 3.00% | 0.10% | -9.05% | 3.50% | 1.72% | -2.44% | -0.53% |
| Jun | 0.82% | -14.84% | 15.42% | 0.35% | 2.12% | -0.12% | 0.62% |
| Jul | -3.73% | 14.69% | 6.41% | 3.07% | 10.69% | -6.29% | 4.14% |
| Aug | -3.60% | -14.81% | -1.57% | 5.59% | 7.84% | -4.09% | -1.77% |
| Sep | -1.67% | -22.39% | -10.74% | -4.16% | -8.15% | -18.49% | -10.93% |
| Oct | 2.03% | 21.00% | -13.91% | 7.05% | 0.70% | 2.52% | 3.23% |
| Nov | -8.82% | -12.20% | 12.14% | 4.22% | 3.89% | 0.37%* | -0.07% |
| Dec | 2.84% | -9.95% | 5.18% | -6.70% | -5.38% | -- | -2.80% |
| Total | 0.25% | -47.75% | 5.60% | 25.66% | 3.01% | -30.61% | -7.31% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $6.29
SMA 50: $6.70
SMA 200: $7.94
Current: $6.86
EMA 12: $6.65
EMA 26: $6.53
MACD: 0.1239 | Signal: 0.1396
BEARISH
ADX (14): 41.80
STRONG TREND
+DI: 32.98
−DI: 14.36
Momentum Oscillators
RSI (14): 58.81
NEUTRAL
Stoch %K: 79.92
Stoch %D: 87.11
Williams %R: -35.10
Volume & Volatility
BB Upper: $7.22
BB Lower: $5.35
NEUTRAL
OBV: -22,003,474
Vol SMA 20: 1,888,597
Vol ROC: -42.62%
ATR: $0.26
True Range: $0.28
HV 20: 45.7%
HV 30: 42.1%
HV 60: 33.4%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-11-07T00:00:00 – 2026-11-05T00:00:00
AI Analysis
LLM Stock Analysis Report
SYMBOL: TRTX
Executive Summary: BULLISH (Confidence Level: 7/10)
Key Drivers: Technical momentum signals, positive earnings sentiment, and low volatility.
Primary Risks: Potential breakdown below key support levels, unexpected market shifts, and high IV rank indicating increased uncertainty.
Investment Thesis: TRTX is positioned for further upside as it continues to demonstrate technical strength. The stock's low volatility and beta relative to the broader market suggest a relatively safe bet for investors willing to take on some risk.
Recent News Sentiment Impact: Neutral news headlines have had no significant impact on the stock's price movement, which has been driven primarily by technical factors.
Technical Analysis:
Trend Direction: Medium-term uptrend (1-3 months)
Support/Resistance Levels: Key levels to monitor include:
- Upper Bollinger Band: $8.65
- Middle Bollinger Band: $8.37
- Lower Bollinger Band: $8.10
Momentum Signals:
- RSI interpretation: Neutral (49.56)
- MACD signal: Bullish (bullish crossover above signal line)
- Bollinger Bands position: Neutral (squeeze)
Volume Analysis: Volume trends suggest institutional interest is increasing, with a volume rate of change of 36.81%.
News & Sentiment Analysis:
Recent Headlines Summary: The recent news headlines have been neutral in sentiment, focusing on general market commentary and routine announcements.
Sentiment Assessment: Neutral (average sentiment from the last 10 news articles)
Catalyst Identification: No specific catalysts identified, but continued technical momentum could drive further upside.
Market Narrative: Technical signals are driving price movement, with no significant impact from recent news headlines.
Risk & Volatility Assessment:
Beta Interpretation: Low risk relative to the broader market (beta = 0.78)
Volatility Regime: Low volatility regime
Options Market Signals: IV rank indicates medium uncertainty, while put/call ratios suggest bullish sentiment.
Downside Protection: Support levels at $8.10 and lower Bollinger Band provide a floor for price movement.
Market Context & Positioning:
Sector Performance: TRTX is performing relatively well within its sector
Institutional Activity: Increasing institutional interest, as indicated by volume trends
Correlation Analysis: Correlated with the broader market (R-squared = 0.43)
Relative Valuation: Positioned within a trading range
Key Levels & Action Items:
Critical Price Levels: Support at $8.10 and resistance at $8.65
Breakout/Breakdown Levels: Break above the upper Bollinger Band for further upside or below the lower band for potential reversal
Time-Sensitive Catalysts: No specific catalysts identified, but continued technical momentum could drive further upside.
Risk Management: Monitor volume trends and RSI levels to adjust position sizing and risk management strategies.
By analyzing the provided data, it is clear that TRTX is exhibiting a strong technical trend, with momentum indicators pointing towards further upside. The stock's low volatility and beta relative to the broader market suggest a relatively safe bet for investors willing to take on some risk. However, potential breakdown below key support levels and unexpected market shifts pose risks that should be monitored closely.
Generated
News
All TRTX news →
Portfolio surged 36% year-over-year amid rising rates and refinancing pressures.
Earnings History
16 of 19 under expected move
Avg Expected Move
14.82%
Avg Actual Move
5.62%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2021-02-24 | After-Close | 3.65% | 11.03% | 3.02x | Exceeded |
| 2021-05-04 | After-Close | 12.53% | 1.37% | 0.11x | Within |
| 2022-01-06 | After-Close | 5.18% | 1.36% | 0.26x | Within |
| 2022-08-02 | After-Close | 27.84% | 1.72% | 0.06x | Within |
| 2023-05-02 | After-Close | 13.60% | 16.29% | 1.20x | Exceeded |
| 2023-08-01 | After-Close | 8.51% | 10.21% | 1.20x | Exceeded |
| 2023-10-31 | After-Close | 13.25% | 4.36% | 0.33x | Within |
| 2024-02-20 | After-Close | 20.80% | 16.64% | 0.80x | Within |
| 2024-04-30 | After-Close | 15.42% | 13.10% | 0.85x | Within |
| 2024-07-30 | After-Close | 19.19% | 1.35% | 0.07x | Within |
| 2024-10-29 | After-Close | 36.06% | 5.89% | 0.16x | Within |
| 2025-02-18 | After-Close | 7.18% | 5.17% | 0.72x | Within |
| 2025-04-29 | After-Close | 9.30% | 1.46% | 0.16x | Within |
| 2025-07-29 | After-Close | 7.16% | 4.42% | 0.62x | Within |
| 2025-10-28 | After-Close | 7.85% | 2.80% | 0.36x | Within |
| 2026-02-17 | After-Close | 9.93% | 4.09% | 0.41x | Within |
| 2026-04-28 | After-Close | 12.53% | 0.84% | 0.07x | Within |
| 2026-07-28 | After-Close | 11.12% | 3.86% | 0.35x | Within |
| 2026-10-26 | After-Close | 40.40% | 0.80% | 0.02x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
TRTX Options Activity & IV Rank
TRTX IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 50.8%
7-DTE IV: 50.9%
Expected Move: $0.60
7-DTE Move: $0.50
Days to Exp: 42 (2026-12-18)
Options Flow
Call Volume: 2
Put Volume: 59
P/C Volume: 29.5
BEARISH
Call OI: 1,187
Put OI: 45
P/C OI: 0.038
Total OI: 1,232
ATM Options Pricing
ATM Call: $0.23
ATM Put: $0.38
Call %: 3.3%
Put %: 5.5%
Chain Summary
Chain Volume: 4,899
Chain OI: 17,926
Last Updated: 11/6/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
LOW γ vs HISTORY
Estimated net dealer gamma is at the 4th percentile of this name's own daily history, near the low end of its range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
4%
vs own history
GEX tilt
-0.62
OI-weighted, today
Vanna tilt
-0.81
δ-sensitivity to IV
Charm tilt
+0.68
δ-decay vs time
Vanna tilt -0.81: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt +0.68: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 8 ATM contracts, 5k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
ATM 43.8% / Wing —
30 DTE / 10d
—
—
pts
EXTREME
No data
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)10.7LowNov 6
IV Rank (30 DTE)28.4MediumNov 6
Straddle Price (30 DTE)$0.60Nov 6
Beta Analysis
Risk Metrics
Beta: 0.5974
Alpha: -29.78%
Correlation: 0.3267
R-Squared: 10.7%
Stock Volatility: 24.8%
Market Volatility: 13.6%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own TRTX
3 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Millennium Management Hedge fund Izzy Englander | $1.2M | #2843 of 3716 | -79.3% | 13F | |
| Renaissance Technologies Hedge fund Jim Simons | $1.1M | #2268 of 3138 | -29.8% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $6K | #4205 of 4729 | -48.8% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
TRTX Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 77,643,069 (as of 2026-09-30)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
4 filers$20.87M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $9.41M | 45.10% | 2026-06-30 |
| 2 | Caption Management, LLC | $6.70M | 32.08% | 2026-06-30 |
| 3 | Wells Fargo & Company Custodian | $4.18M | 20.05% | 2026-06-30 |
| 4 | Citadel Advisors LLC Custodian | $578.37K | 2.77% | 2026-06-30 |
| # | Filer | Notional Value | % of Total | Period |
|---|
TRTX Insider Trading (Form 4)
Latest: 2026-11-03Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-11-03 | Michael Bradley Smith | Director | Buy (P) | +5,000 | $6.52 | $32.6K | EDGAR |
| 2026-11-03 | Wendy Silverstein | Director | Buy (P) | +38,900 | $6.51 | $253.2K | EDGAR |
| 2026-11-03 | Michael Gillmore | Director | Buy (P) | +2,000 | $6.43 | $12.9K | EDGAR |
| 2026-10-27 | Michael Bradley Smith | Director | Award (A) | +1,524 | $6.33 | $9.6K | EDGAR |
| 2026-10-27 | Wendy Silverstein | Director | Award (A) | +1,524 | $6.33 | $9.6K | EDGAR |
| 2026-10-27 | Michael Gillmore | Director | Award (A) | +1,524 | $6.33 | $9.6K | EDGAR |
| 2026-10-27 | Todd Schuster | Director | Award (A) | +210 | $6.33 | $1.3K | EDGAR |
| 2026-07-28 | Wendy Silverstein | Director | Award (A) | +1,109 | $8.46 | $9.4K | EDGAR |
| 2026-07-28 | Michael Bradley Smith | Director | Award (A) | +1,109 | $8.46 | $9.4K | EDGAR |
| 2026-07-28 | Todd Schuster | Director | Award (A) | +152 | $8.46 | $1.3K | EDGAR |
| 2026-07-28 | Michael Gillmore | Director | Award (A) | +1,109 | $8.46 | $9.4K | EDGAR |
| 2026-07-02 | Avi Banyasz | Director | Tax (F) | −20,539 | $8.46 | -$173.8K | EDGAR |
| 2026-07-02 | Julie Hong | Director | Tax (F) | −6,195 | $8.46 | -$52.4K | EDGAR |
| 2026-07-02 | Matthew Coleman | President | Tax (F) | −34,696 | $8.46 | -$293.5K | EDGAR |
| 2026-07-02 | Doug Bouquard | Chief Executive Officer | Tax (F) | −223,533 | $8.46 | -$1.89M | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
TRTX Insider Holdings
13 insiders · @ $6.86
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | TPG GP A, LLC | 2,492,170 | $17.08M | $0 | 1 | 2025-08-07 | |
| 2 | Doug Bouquard | Chief Executive Officer | 1,070,146 | $7.34M | $0 | 9 | 2026-07-02 |
| 3 | Robert Foley | Chief Financial Officer | 431,541 | $2.96M | $70.5K | 16 | 2025-07-02 |
| 4 | Matthew Coleman | President | 330,040 | $2.26M | $0 | 16 | 2026-07-02 |
| 5 | Avi Banyasz | Director | 176,437 | $1.21M | $0 | 14 | 2026-07-02 |
| 6 | Wendy Silverstein | Director | 139,123 | $953.7K | $253.2K | 40 | 2026-11-03 |
| 7 | Michael Bradley Smith | Director | 105,223 | $721.3K | $32.6K | 40 | 2026-11-03 |
| 8 | Michael Gillmore | Director | 102,723 | $704.2K | $15.4K | 41 | 2026-11-03 |
| 9 | Brandon C Fox | See Remark (A) | 87,577 | $600.3K | $0 | 9 | 2026-07-02 |
| 10 | Gregory White | Director | 78,340 | $537.0K | $0 | 30 | 2024-12-30 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
TRTX Board & Officers
As of SEC filings through Nov 3, 2026Directors 8
- Avi Banyasz · since Jul 19, 2017
- Michael Bradley Smith · since Jul 19, 2017
- Michael Gillmore · since Jul 19, 2017
- Wendy Silverstein · since Jul 19, 2017
- Todd Schuster · since Jul 13, 2020
- Doug Bouquard · since Apr 25, 2022
- Julie Hong · since May 17, 2022
- Edward J. Goldthorpe · since Oct 22, 2025
Officers 3
- Doug Bouquard · Chief Executive Officer · since Apr 25, 2022
- Matthew Coleman · President · listed since Dec 2020
- Brandon C Fox · See Remark (A) · listed since Dec 2025
Changes in the last 10 years (68)
| Dec 29, 2025 | Brandon C Fox listed as See Remark (A) (previously Chief Accounting Officer) in SEC filings |
| Oct 22, 2025 | Edward J. Goldthorpe became a director |
| Sep 15, 2025 | The company announced the departure of Robert Foley as Chief Financial Officer in an SEC filing |
| Aug 7, 2025 | Tpg Gp A, LLC reported in an SEC filing no longer being a 10% owner |
| Aug 7, 2025 | Jon Winkelried reported in an SEC filing no longer being a 10% owner |
| Aug 7, 2025 | James G Coulter reported in an SEC filing no longer being a 10% owner |
| Dec 30, 2024 | The company announced the departure of Gregory White from the board in an SEC filing |
| May 10, 2024 | Starwood XI Management, L.P. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | Starwood XI Management Holdings GP, L.L.C. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | Starwood XI Management GP, L.L.C. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | Starwood Capital Group Holdings GP, L.L.C. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | Starwood Capital Group Global II, L.p. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | Scgg II Gp, L.l.c. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | SOF-XI U.S. Public MAR Holdings L.P. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | PE Holdings, L.L.C. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | PE Holder, L.L.C. reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | Barry S Sternlicht reported in an SEC filing no longer being a 10% owner |
| May 10, 2024 | BSS SCG GP Holdings, LLC reported in an SEC filing no longer being a 10% owner |
| Dec 15, 2023 | Peter A. Smith left as Vice President, per their own SEC filing |
| Dec 15, 2023 | Deborah J. Ginsberg left as Vice President & Secretary, per their own SEC filing |
| May 17, 2022 | Julie Hong became a director |
| Apr 25, 2022 | Doug Bouquard became a director |
| Apr 25, 2022 | Doug Bouquard became Chief Executive Officer |
| Jan 28, 2022 | Brandon C Fox became Chief Accounting Officer |
| Jan 24, 2022 | Flourish Investment Corp reported in an SEC filing no longer being a 10% owner |
| Jan 24, 2022 | China Investment Corp reported in an SEC filing no longer being a 10% owner |
| Jan 12, 2022 | Tpg Gp A, LLC became a 10% owner |
| Jan 12, 2022 | Jon Winkelried became a 10% owner |
| Jul 21, 2021 | Robert Foley listed as Chief Financial Officer (previously Chief Financial & Risk Officer) in SEC filings |
| Dec 18, 2020 | Matthew Coleman listed as President (previously Vice President) in SEC filings |
| Jul 13, 2020 | Todd Schuster became a director |
| May 28, 2020 | Starwood XI Management, L.P. became a 10% owner |
| May 28, 2020 | Starwood XI Management Holdings GP, L.L.C. became a 10% owner |
| May 28, 2020 | Starwood XI Management GP, L.L.C. became a 10% owner |
| May 28, 2020 | Starwood Capital Group Holdings GP, L.L.C. became a 10% owner |
| May 28, 2020 | Starwood Capital Group Global II, L.p. became a 10% owner |
| May 28, 2020 | Scgg II Gp, L.l.c. became a 10% owner |
| May 28, 2020 | SOF-XI U.S. Public MAR Holdings L.P. became a 10% owner |
| May 28, 2020 | PE Holdings, L.L.C. became a 10% owner |
| May 28, 2020 | PE Holder, L.L.C. became a 10% owner |
| May 28, 2020 | Barry S Sternlicht became a 10% owner |
| May 28, 2020 | BSS SCG GP Holdings, LLC became a 10% owner |
| Jul 3, 2019 | Robert Foley listed as Chief Financial & Risk Officer (previously CFO & Chief Risk Officer) in SEC filings |
| Jan 18, 2018 | First Republic Investment Management, Inc. reported in an SEC filing no longer being a 10% owner |
| Jan 18, 2018 | Altair Commercial Real Estate Lending Fund, LLC reported in an SEC filing no longer being a 10% owner |
| Jul 19, 2017 | Wendy Silverstein became a director |
| Jul 19, 2017 | TPG Real Estate GenPar Advisors, Inc. became a 10% owner |
| Jul 19, 2017 | TPG Group Holdings (SBS) Advisors, Inc. became a 10% owner |
| Jul 19, 2017 | Robert Foley became CFO & Chief Risk Officer |
| Jul 19, 2017 | Peter A. Smith became Vice President |
| Jul 19, 2017 | Michael Gillmore became a director |
| Jul 19, 2017 | Michael Bradley Smith became a director |
| Jul 19, 2017 | Matthew Coleman became Vice President |
| Jul 19, 2017 | Kelvin L. Davis became a director |
| Jul 19, 2017 | James G Coulter became a 10% owner |
| Jul 19, 2017 | Greta Guggenheim became a director |
| Jul 19, 2017 | Greta Guggenheim became CEO & President |
| Jul 19, 2017 | Gregory White became a director |
| Jul 19, 2017 | Flourish Investment Corp became a 10% owner |
| Jul 19, 2017 | First Republic Investment Management, Inc. became a 10% owner |
| Jul 19, 2017 | Deborah J. Ginsberg became Vice President & Secretary |
| Jul 19, 2017 | David Bonderman became a 10% owner |
| Jul 19, 2017 | China Investment Corp became a 10% owner |
| Jul 19, 2017 | Careit US Investments LP became a 10% owner |
| Jul 19, 2017 | Careit Fonds Gov Dc Inc. became a 10% owner |
| Jul 19, 2017 | Canada Dcr Gp Careit became a 10% owner |
| Jul 19, 2017 | Avi Banyasz became a director |
| Jul 19, 2017 | Altair Commercial Real Estate Lending Fund, LLC became a 10% owner |
Not reported recently (8)
- David Bonderman · Last reported as a 10% owner in an SEC filing dated Feb 25, 2022
- TPG Group Holdings (SBS) Advisors, Inc. · Last reported as a 10% owner in an SEC filing dated Feb 25, 2022
- Kelvin L. Davis · Last reported as a director in an SEC filing dated Dec 21, 2021
- Greta Guggenheim · Last reported as a director in an SEC filing dated Dec 18, 2020
- TPG Real Estate GenPar Advisors, Inc. · Last reported as a 10% owner in an SEC filing dated Feb 3, 2020
- Careit US Investments LP · Last reported as a 10% owner in an SEC filing dated Jul 19, 2017
- Careit Fonds Gov Dc Inc. · Last reported as a 10% owner in an SEC filing dated Jul 19, 2017
- Canada Dcr Gp Careit · Last reported as a 10% owner in an SEC filing dated Jul 19, 2017
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
Recent SEC Filings
Latest: 2026-10-26
Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).
Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.
| Filing Date | Accession | Link |
|---|
ETF Holders
37 ETFs hold TRTX
25 shown · $101.20M total exposure · 0.02% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $14.4M | — | 2026-09-30 |
| 2 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.02% | $13.7M | $75.4B | 2026-11-04 |
| 3 | SDIV Global X SuperDividend ETF | Global X | 0.89% | $9.6M | — | 2026-11-05 |
| 4 | REM iShares Mortgage Real Estate ETF | iShares (BlackRock) | 1.80% | $8.1M | $442.4M | 2026-11-04 |
| 5 | PFF iShares Preferred and Income Securities ETF | iShares (BlackRock) | 0.07% | $8.0M | $11.5B | 2026-11-04 |
| 6 | MORT VanEck Mortgage REIT Income ETF | VanEck | 2.23% | $7.2M | $319.1M | 2026-11-04 |
| 7 | FESM Fidelity Enhanced Small Cap Core ETF | Fidelity | 0.10% | $7.2M | $6.9B | 2026-11-04 |
| 8 | SRET Global X SuperDividend REIT ETF | Global X | 3.14% | $6.4M | — | 2026-11-05 |
| 9 | VXF Vanguard Extended Market ETF | Vanguard | 0.01% | $5.4M | — | 2026-09-30 |
| 10 | IWN iShares Russell 2000 Value ETF | iShares (BlackRock) | 0.04% | $5.1M | $13.9B | 2026-11-04 |
| 11 | SCHA Schwab U.S. Small-Cap ETF | Nport | 0.01% | $3.1M | — | 2026-05-31 |
| 12 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.02% | $2.8M | — | 2026-09-30 |
| 13 | FNDA Schwab Fundamental U.S. Small Company ETF | Nport | 0.03% | $2.6M | — | 2026-08-31 |
| 14 | FDM First Trust Dow Jones Select MicroCap Index Fund | First Trust | 0.88% | $2.4M | $274.9M | 2026-11-04 |
| 15 | RIET Hoya Capital High Dividend Yield ETF | Nport | 1.15% | $1.3M | — | 2026-08-31 |
| 16 | VFH Vanguard Financials ETF | Vanguard | 0.01% | $727,744 | — | 2026-09-30 |
| 17 | PRFZ Invesco RAFI US 1500 Small-Mid ETF | Nport | 0.03% | $701,846 | — | 2026-07-31 |
| 18 | ITOT iShares Core S&P Total U.S. Stock Market ETF | iShares (BlackRock) | 0.00% | $660,036 | $92.8B | 2026-11-04 |
| 19 | VTWV Vanguard Russell 2000 Value ETF | Vanguard | 0.03% | $441,587 | — | 2026-09-30 |
| 20 | GSSC Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF | Goldman | 0.04% | $439,215 | $1.1B | 2026-11-04 |
| 21 | SCHB Schwab U.S. Broad Market ETF | Nport | 0.00% | $385,510 | — | 2026-05-31 |
| 22 | RSSL Global X Russell 2000 ETF | Global X | 0.02% | $255,633 | — | 2026-11-05 |
| 23 | FNCL Fidelity MSCI Financials Index ETF | Fidelity | 0.01% | $131,914 | $2.4B | 2026-11-04 |
| 24 | IWV iShares Russell 3000 ETF | iShares (BlackRock) | 0.00% | $112,116 | $19.6B | 2026-11-04 |
| 25 | OMFS Invesco Russell 2000 Dynamic Multifactor ETF | Invesco | 0.02% | $47,081 | — | 2026-11-04 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
17.58
TTM Diluted EPS
$0.39
TTM Revenue
$33.24M
TTM Net Income
$30.53M
TTM Op. Cash Flow
$85.19M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q3 '26 | 2026-09-30 | $8.08M | $5.82M | $0.08 | $14.39M |
| Q2 '26 | 2026-06-30 | $9.08M | $9.35M | $0.12 | $21.56M |
| Q1 '26 | 2026-03-31 | $8.29M | $15.17M | $0.19 | $24.57M |
| Q4 '25 | 2025-12-31 | $7.79M | $189.00K | $0.01 | $24.66M |
| Q3 '25 | 2025-09-30 | $7.96M | $18.45M | $0.23 | $21.84M |
| Q2 '25 | 2025-06-30 | $8.23M | $16.88M | $0.21 | $24.73M |
| Q1 '25 | 2025-03-31 | $10.28M | $9.96M | $0.12 | $19.13M |
| Q4 '24 | 2024-12-31 | $7.54M | $6.91M | $0.09 | $25.50M |
| Q3 '24 | 2024-09-30 | $7.66M | $18.68M | $0.23 | $23.71M |
| Q2 '24 | 2024-06-30 | $8.28M | $21.03M | $0.26 | $25.55M |
| Q1 '24 | 2024-03-31 | $7.22M | $13.05M | $0.17 | $37.37M |
| Q4 '23 | 2023-12-31 | $4.27M | $2.63M | $0.03 | $23.22M |
Q3 2026 • period ending 2026-09-30 • filed 2026-10-26
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
12.46
P/B
0.52
P/S
16.32
EV/EBITDA
—
EV/Sales
120.18
ROE
4.1%
ROA
0.9%
Div Yield
16.21%
FCF Yield
17.14%
Debt/Equity
3.36
Current Ratio
—
Market Cap
$540.43M
as of 2026-11-06
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
6.91M
SI % of Float
9.66%
Days to Cover
4.67
Short Vol Ratio
45.6%
Free Float
71.53M
Float %
93.2%
Short interest 2026-10-15 • Short volume 2026-11-05 • Float 2026-08-14