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Dec 31, 2025
TRTX Q4 2025 Earnings Report
TRTX reported fourth quarter 2025 revenue of 35.04 million and breakeven GAAP earnings while generating solid distributable earnings.
Key Takeaways
TRTX generated revenue of 35040000 for Q4 2025 and GAAP net income attributable to common stockholders of 189000, or 0.00 per share. Distributable earnings were 18463000, or 0.24 per share, and the loan portfolio remained 100% performing.
Revenue totaled 35040000 in Q4 2025.
GAAP net income attributable to common stockholders was 189000.
Distributable earnings were 18463000, or 0.24 per share.
Book value per common share was 11.07 at quarter end.
Forward Guidance
Management emphasized continued loan origination activity, strong liquidity, and maintaining a fully performing portfolio amid evolving market conditions.
Positive Outlook
- 100% performing loan portfolio.
- Q4 loan originations of 927000000.
- Near-term liquidity of 143000000.
- Non-mark-to-market borrowings at 82.0% of total.
- Distributable earnings covered the quarterly dividend.
Challenges Ahead
- Minimal GAAP earnings in the quarter.
- Allowance for credit losses increased to 77400000.
- Credit loss expense of 11277000 recorded in Q4.
- Book value per share declined sequentially.
- Exposure to commercial real estate market volatility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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