TPG RE Finance Trust: We Continue To Find The Series C Preferred Shares Attractive

TPG Real Estate Finance Trust (TRTX) Series C Preferred (TRTX.PR.C) remains a Buy, supported by robust Q2 2026 financials and prudent portfolio management. TRTX has reduced office exposure to 4.3% and shifted toward multifamily and industrial assets, mitigating sector risk. Leverage increased to 3.3x, balanced by conservative underwriting and a capital structure reset with long-term, non-mark-to-market debt. TRTX.PR.C offers an 8.4% yield with strong coverage and a healthy balance sheet, making it an attractive fixed income option in a higher-rate environment.

We last covered the Series C (TRTX.PR.C) from TPG Real Estate Finance Trust (TRTX) in the beginning of the year, when we assigned the securities a 'Buy' rating due to