TPG RE Finance Trust stock rating downgraded by Citizens JMP

Investing.com - TPG RE Finance Trust (NYSE:TRTX), a high-yield REIT offering a 10.36% dividend yield with a 9-year track record of consistent payments, was downgraded from Market Outperform to Market Perform by Citizens JMP analyst Steven C. DeLaney following the company’s second quarter results.

The commercial mortgage REIT reported its highest level of new loan originations since the third quarter of 2022, taking advantage of what Citizens JMP described as "an attractive lending market" in the second quarter.

TRTX shares have outperformed its peer group in 2025, rising 9.1% year-to-date compared to a 9.7% median loss for the 23-company commercial mortgage REIT peer group. The stock has gained 20.1% since June 30, substantially outpacing the peer group’s median gain of 3.2%.

Citizens JMP maintained its $10 price target on TPG RE Finance Trust despite the downgrade. The firm noted that TRTX shares were trading at 0.83 times book value, compared to the peer group median of 0.76 times.

The downgrade reflects Citizens JMP’s view that the shares are "fairly valued at current levels" following the recent outperformance relative to its commercial mortgage REIT peers.

In other recent news, TPG RE Finance Trust Inc . announced its second-quarter earnings for 2025, outperforming expectations. The company reported earnings per share (EPS) of $0.24, which was higher than the forecasted $0.22. Additionally, TPG RE Finance’s revenue surpassed predictions, reaching $36 million compared to the anticipated $35.57 million. These results mark a positive development for the company. Analysts at various firms have noted the importance of these figures for investors. The recent earnings report highlights TPG RE Finance’s financial performance, which may influence future analyst ratings. This development comes amidst a series of updates from the company.

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