v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents [1] $ 165,850 $ 190,160
Restricted cash [1] 572 323
Accounts receivable [1] 10 10
Collateralized loan obligation proceeds held at trustee [1] 1,778 0
Accounts receivable from servicer/trustee [1] 523 369
Accrued interest and fees receivable [1] 30,181 27,267
Loans held for investment [1] 3,774,686 3,278,588
Allowance for credit losses [1] (66,957) (61,558)
Loans held for investment, net [1] 3,707,729 3,217,030
Real estate owned, net [1] 223,235 256,404
Other assets [1] 32,188 39,866
Total assets [1] 4,162,066 3,731,429
Liabilities    
Accrued interest payable [1] 6,416 6,655
Accrued expenses and other liabilities [1],[2] 13,795 15,077
Secured financing agreements, net [1] 520,987 670,727
Payable to affiliates [1] 5,194 5,111
Deferred revenue [1] 2,622 1,744
Dividends payable [1] 19,484 19,978
Total liabilities [1] 3,071,229 2,617,388
Commitments and contingencies - see Note 14 [1]
Stockholders' equity    
Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 79,420,606 and 81,003,693 shares issued and outstanding, respectively) [1] 79 81
Additional paid-in-capital [1] 1,734,961 1,731,174
Accumulated deficit [1] (644,211) (617,222)
Total stockholders' equity [1] 1,090,837 1,114,041
Total liabilities and stockholders' equity [1] 4,162,066 3,731,429
Series A Preferred Stock    
Stockholders' equity    
Preferred stock [1] 0 0
Series C Preferred Stock    
Stockholders' equity    
Preferred stock [1] 8 8
Collateralized loan obligations    
Liabilities    
Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net [1] 2,442,868 1,681,660
Asset-specific financing arrangements    
Liabilities    
Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net [1] 29,097 185,741
Mortgage loan payable    
Liabilities    
Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net [1] $ 30,766 $ 30,695
[1] The Company’s consolidated Total Assets and Total Liabilities as of June 30, 2025 include assets and liabilities of variable interest entities (“VIEs”) of $2.9 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2024 include assets and liabilities of VIEs of $2.1 billion and $1.7 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details.
[2] Includes $1.8 million and $2.4 million of reserve for expected losses for unfunded loan commitments as of June 30, 2025 and December 31, 2024, respectively.