v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Loans pledged as collateral [1] $ 3,707,729 $ 3,217,030
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 302,500,000 302,500,000
Common stock, issued (in shares) 79,420,606 81,003,693
Common stock, shares outstanding (in shares) 79,420,606 81,003,693
Total assets [1] $ 4,162,066 $ 3,731,429
Total liabilities [1] 3,071,229 2,617,388
Expected loss reserve for unfunded loan commitments 1,819 2,415
Variable Interest Entity, Primary Beneficiary    
Total assets 2,917,419 2,120,953
Total liabilities $ 2,457,099 $ 1,696,469
Series A Preferred Stock    
Preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Preferred stock, authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 125 125
Preferred stock, outstanding (in shares) 125 125
Preferred stock, aggregate liquidation preference $ 125 $ 125
Series C Preferred Stock    
Preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Preferred stock, authorized (in shares) 8,050,000 8,050,000
Preferred stock, shares issued (in shares) 8,050,000 8,050,000
Preferred stock, outstanding (in shares) 8,050,000 8,050,000
Preferred stock, aggregate liquidation preference $ 201,250 $ 201,250
Asset pledged as collateral    
Loans pledged as collateral $ 756,546 $ 1,014,852
[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.