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Side-by-side financial comparison of TPG RE Finance Trust, Inc. (TRTX) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
TPG RE Finance Trust, Inc. is the larger business by last-quarter revenue ($35.0M vs $18.6M, roughly 1.9× Zeo Energy Corp.). TPG RE Finance Trust, Inc. runs the higher net margin — 15.6% vs -10.8%, a 26.4% gap on every dollar of revenue. On growth, TPG RE Finance Trust, Inc. posted the faster year-over-year revenue change (0.9% vs -0.4%). Over the past eight quarters, Zeo Energy Corp.'s revenue compounded faster (-4.0% CAGR vs -5.1%).
TPG RE Finance Trust, Inc. is a commercial real estate finance firm primarily operating in the United States. It originates, underwrites and manages a portfolio of senior commercial mortgage loans and other real estate-linked debt instruments, serving commercial property owners and investors across multifamily, industrial, office and retail property segments.
TRTX vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $35.0M | $18.6M |
| Net Profit | $4.0M | $-2.0M |
| Gross Margin | — | — |
| Operating Margin | 11.6% | -11.8% |
| Net Margin | 15.6% | -10.8% |
| Revenue YoY | 0.9% | -0.4% |
| Net Profit YoY | -62.8% | -360.9% |
| EPS (diluted) | $0.01 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $35.0M | $18.6M | ||
| Q3 25 | $37.8M | $23.9M | ||
| Q2 25 | $36.2M | $18.1M | ||
| Q1 25 | $37.0M | $8.8M | ||
| Q4 24 | $34.7M | $18.6M | ||
| Q3 24 | $40.1M | $19.7M | ||
| Q2 24 | $39.3M | $14.8M | ||
| Q1 24 | $38.9M | $20.1M |
| Q4 25 | $4.0M | $-2.0M | ||
| Q3 25 | $22.0M | $-3.2M | ||
| Q2 25 | $20.6M | $-2.4M | ||
| Q1 25 | $13.7M | $-6.4M | ||
| Q4 24 | $10.7M | $-435.3K | ||
| Q3 24 | $22.2M | $-424.3K | ||
| Q2 24 | $24.7M | $-277.8K | ||
| Q1 24 | $16.7M | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | — |
| Q4 25 | 11.6% | -11.8% | ||
| Q3 25 | 58.4% | -8.3% | ||
| Q2 25 | 57.3% | -15.8% | ||
| Q1 25 | 37.2% | -153.8% | ||
| Q4 24 | 30.3% | -6.0% | ||
| Q3 24 | 55.4% | -15.2% | ||
| Q2 24 | 63.1% | -18.0% | ||
| Q1 24 | 44.0% | -20.1% |
| Q4 25 | 15.6% | -10.8% | ||
| Q3 25 | 58.1% | -13.5% | ||
| Q2 25 | 57.0% | -13.3% | ||
| Q1 25 | 37.0% | -72.4% | ||
| Q4 24 | 43.3% | -2.3% | ||
| Q3 24 | 55.3% | -2.2% | ||
| Q2 24 | 62.9% | -1.9% | ||
| Q1 24 | 43.0% | -7.6% |
| Q4 25 | $0.01 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.21 | — | ||
| Q1 25 | $0.12 | $-0.48 | ||
| Q4 24 | $0.09 | $1.11 | ||
| Q3 24 | $0.23 | $-0.08 | ||
| Q2 24 | $0.26 | $0.03 | ||
| Q1 24 | $0.17 | $-1.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $87.6M | $6.1M |
| Total DebtLower is stronger | $3.3B | $79.1K |
| Stockholders' EquityBook value | $1.1B | $5.3M |
| Total Assets | $4.4B | $56.9M |
| Debt / EquityLower = less leverage | 3.10× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6M | $6.1M | ||
| Q3 25 | $93.6M | $3.9M | ||
| Q2 25 | $165.8M | $68.7K | ||
| Q1 25 | $363.0M | $2.9M | ||
| Q4 24 | $190.2M | $5.6M | ||
| Q3 24 | $226.3M | $4.3M | ||
| Q2 24 | $259.2M | $5.3M | ||
| Q1 24 | $203.1M | — |
| Q4 25 | $3.3B | $79.1K | ||
| Q3 25 | $2.9B | $84.6K | ||
| Q2 25 | $3.0B | $642.8K | ||
| Q1 25 | $2.8B | $715.4K | ||
| Q4 24 | $2.6B | $787.7K | ||
| Q3 24 | $2.5B | $858.6K | ||
| Q2 24 | $2.5B | $1.6M | ||
| Q1 24 | $2.7B | $748.8K |
| Q4 25 | $1.1B | $5.3M | ||
| Q3 25 | $1.1B | $-1.7M | ||
| Q2 25 | $1.1B | $-59.4M | ||
| Q1 25 | $1.1B | $-23.1M | ||
| Q4 24 | $1.1B | $-88.9M | ||
| Q3 24 | $1.1B | $-39.3M | ||
| Q2 24 | $1.1B | $-53.0M | ||
| Q1 24 | $1.1B | $-173.0M |
| Q4 25 | $4.4B | $56.9M | ||
| Q3 25 | $4.1B | $58.5M | ||
| Q2 25 | $4.2B | $46.2M | ||
| Q1 25 | $4.0B | $47.4M | ||
| Q4 24 | $3.7B | $61.0M | ||
| Q3 24 | $3.7B | $47.1M | ||
| Q2 24 | $3.7B | $49.1M | ||
| Q1 24 | $3.8B | $50.1M |
| Q4 25 | 3.10× | 0.01× | ||
| Q3 25 | 2.72× | — | ||
| Q2 25 | 2.78× | — | ||
| Q1 25 | 2.56× | — | ||
| Q4 24 | 2.31× | — | ||
| Q3 24 | 2.22× | — | ||
| Q2 24 | 2.25× | — | ||
| Q1 24 | 2.38× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $90.4M | $2.4M |
| Free Cash FlowOCF − Capex | — | $2.3M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | 22.73× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $90.4M | $2.4M | ||
| Q3 25 | $21.8M | $-6.6M | ||
| Q2 25 | $24.7M | $-2.3M | ||
| Q1 25 | $19.1M | $-2.3M | ||
| Q4 24 | $112.1M | $3.5M | ||
| Q3 24 | $23.7M | $162.2K | ||
| Q2 24 | $25.6M | $-2.2M | ||
| Q1 24 | $37.4M | $-10.2M |
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | — | $-2.3M | ||
| Q1 24 | — | $-10.4M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -15.0% | ||
| Q1 25 | — | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | -15.6% | ||
| Q1 24 | — | -51.5% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | 22.73× | — | ||
| Q3 25 | 0.99× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 1.39× | — | ||
| Q4 24 | 10.50× | — | ||
| Q3 24 | 1.07× | — | ||
| Q2 24 | 1.03× | — | ||
| Q1 24 | 2.23× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TRTX
Segment breakdown not available.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
