TPG RE Finance Trust Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	60.32	74.34	-116.63	-60.07	138.55
Depreciation & Amortization	12.63	15.73	3.05	-	-
Other Amortization	6.51	7.99	13.35	15.01	15.89
Gain on Sale of Loans & Receivables	-	-	-	-	2.11
Loss (Gain) From Sale of Investments	-4.72	-6.08	-11.96	-11.09	-7.2
Provision for Credit Losses	13.87	4.15	189.91	172.98	-8.42
Stock-Based Compensation	9.81	6.39	8.03	5.05	5.76
Change in Accounts Payable	0.1	-3.57	-0.86	8.36	0.09
Change in Unearned Revenue	0.2	0.46	-0.18	0.09	-0.05
Change in Other Net Operating Assets	0.89	7.2	-8.89	-1.33	-1.12
Other Operating Activities	-0.68	0.81	0.54	1.31	1.33
Operating Cash Flow	90.36	112.13	80.13	100.5	132.17
Operating Cash Flow Growth	-19.41%	39.94%	-20.27%	-23.96%	0.06%
Net Decrease (Increase) in Loans Originated / Sold - Investing	-823.01	445.83	1,025	-602.22	-397.27
Investing Cash Flow	-789.71	440.51	1,095	-452.56	-342.9
Long-Term Debt Issued	4,018	514.45	610.98	2,825	2,043
Long-Term Debt Repaid	-3,283	-991.24	-1,742	-2,368	-1,728
Net Debt Issued (Repaid)	735.4	-476.79	-1,131	457.01	314.58
Issuance of Preferred Stock	-	-	-	-	201.25
Preferred Share Repurchases	-	-	-	-	-247.49
Repurchase of Common Stock	-25.35	-0.04	-	-	-
Common Dividends Paid	-78.5	-77.85	-75.83	-80.29	-79.09
Preferred Dividends Paid	-12.59	-12.59	-12.59	-12.59	-19.19
Total Dividends Paid	-91.09	-90.44	-88.42	-92.88	-98.28
Other Financing Activities	-21.83	-1.91	-3.63	-18.79	-17.96
Financing Cash Flow	597.13	-569.18	-1,223	345.34	152.1
Net Cash Flow	-102.22	-16.54	-47.3	-6.72	-58.63
Free Cash Flow	90.36	112.13	80.13	100.5	132.17
Free Cash Flow Growth	-19.41%	39.94%	-20.27%	-23.96%	0.06%
Free Cash Flow Margin	68.33%	75.27%	-	-	81.61%
Free Cash Flow Per Share	1.14	1.40	1.03	1.30	1.62
Cash Interest Paid	179.72	194.44	263.71	137.51	69.24
Cash Income Tax Paid	0.29	0.26	0.37	0.78	1.22

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Financial Services template. Financial Sources.

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