Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
TPG RE Finance Trust's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-45.01.
The industry rank for TPG RE Finance Trust's Net-Net Working Capital or its related term are showing as below:
TRTX's Price-to-Net-Net-Working-Capital is not ranked *
in the REITs industry.
Industry Median: 18.91 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
TPG RE Finance Trust (NYSE:TRTX) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
TPG RE Finance Trust Net-Net Working Capital Related Terms
TPG RE Finance Trust Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for TPG RE Finance Trust's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TPG RE Finance Trust Net-Net Working Capital Chart
TRTX vs BRSP, RWT, FBRT: Net-Net Working Capital Comparison
For the REIT - Mortgage subindustry, TPG RE Finance Trust's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
TPG RE Finance Trust Price-to-Net-Net-Working-Capital vs REITs Industry
For the REITs industry and Real Estate sector, TPG RE Finance Trust's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where TPG RE Finance Trust's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-45.01 mean?
TPG RE Finance Trust (TRTX) has a Net-Net Working Capital of $-45.01 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on TPG RE Finance Trust According to the industry distribution chart, TPG RE Finance Trust ranks #999999 out of 113 companies in the REITs industry.
Is TPG RE Finance Trust's Net-Net Working Capital too high?
TPG RE Finance Trust's current Net-Net Working Capital is $-45.01. Based on the distribution chart, TPG RE Finance Trust ranks #999999 out of 113 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, TPG RE Finance Trust has a GF Score™ of 52/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does TPG RE Finance Trust's Net-Net Working Capital compare to BRSP and RWT?
According to the REITs industry distribution chart, TPG RE Finance Trust ranks #999999 out of 113 companies for Net-Net Working Capital. This places TPG RE Finance Trust in the lower half of its industry. The industry median Net-Net Working Capital is 18.91. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a REITs company?
The median Net-Net Working Capital among REITs companies is 18.91, based on 113 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on TPG RE Finance Trust For the REITs industry, the median Net-Net Working Capital is 18.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TPG RE Finance Trust's current Net-Net Working Capital is $-45.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TPG RE Finance Trust stock overvalued right now?
Based on GuruFocus' analysis, TPG RE Finance Trust (TRTX) is currently considered Fairly Valued. The stock's GF Value™ is $7.79, compared to a current price of $7.94 — trading 1.9% above its estimated fair value. The current Net-Net Working Capital is $-45.01. TPG RE Finance Trust's overall GF Score™ is 52/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For TPG RE Finance Trust (TRTX), the current Net-Net Working Capital is $-45.01 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is TPG RE Finance Trust (TRTX) Overvalued in 2026?
Based on GuruFocus' analysis, TPG RE Finance Trust stock appears to be overvalued.
The current stock price of $7.94 is trading 1.9% above its estimated GF Value™ of $7.79.
GuruFocus considers TPG RE Finance Trust to be Fairly Valued.
Key valuation signals for TRTX:
Net-Net Working Capital: $-45.01
GF Value™: $7.79 vs. price of $7.94 (1.9% above fair value)
No single metric tells the full story. See the TRTX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TPG RE Finance Trust Inc is a commercial real estate finance company. It originates, acquires, and manages commercial mortgage loans and other commercial real estate-related debt instruments consisting of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States. The company's objective is to provide attractive risk-adjusted returns to its stockholders over time through cash distributions and capital appreciation. It focuses on directly originating and selectively acquiring floating-rate first mortgage loans that are secured by high-quality commercial real estate properties undergoing some form of transition and value creation.
52GF Score
Get the complete analysis for TRTX
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TRTX has been successfully added to your 
