Citizens JMP Downgrades TPG RE Finance Trust (TRTX) to Market Perform

Citizens JMP analyst Steven C. DeLaney downgraded TPG RE Finance Trust (NYSE: TRTX) from Market Outperform to Market Perform.

The analyst comments: "We lower our rating on TPG RE Finance Trust, Inc. (TRTX) to Market Perform from Market Outperform following the release of second quarter results, our review of the filed Form 10-Q, and our working model update. TPG RE Finance Trust took advantage of an attractive lending market in the second quarter, with the highest level of new loan originations since 3Q22. Shares of TRTX have solidly outperformed the CMREIT peer group recently, with shares up 9.1% thus far in 2025 compared to a 9.7% median loss for the 23-company peer group, and shares are also up 20.1% since June 30 compared to a 3.2% median gain for the peer group. With that context, we adjust our investment rating on shares of TRTX to Market Perform from a prior Market Outperform rating with a $10 price target. With TRTX shares trading at 0.83x book value last night compared to a median P/BV of 0.76x for the 23-company commercial mortgage REIT peer group, we view the shares as fairly valued at current levels."

For an analyst ratings summary and ratings history on TPG RE Finance Trust click here. For more ratings news on TPG RE Finance Trust click here.

Shares of TPG RE Finance Trust closed at $9.27 yesterday.

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