v3.25.2
Investment Portfolio Financing (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables detail the loan collateral and borrowings under the Company's CRE CLOs (dollars in thousands):
June 30, 2025
CRE CLOsCountBenchmark interest rateOutstanding principal balance
Carrying value(1)
Wtd. avg. spread(2)
Wtd. avg. maturity(3)
TRTX 2021-FL4
Collateral loan and REO investments20Term SOFR$861,275$811,7383.81 %1.8
Financing provided1Term SOFR648,775648,7211.96 %12.7
TRTX 2022-FL5
Collateral loan investments25Term SOFR1,009,071986,6113.67 %1.8
Financing provided1Term SOFR841,102841,1022.04 %13.6
TRTX 2025-FL6
Collateral loan investments20Term SOFR1,100,0001,085,5413.34 %3.3
Financing provided1Term SOFR962,500953,0451.83 %17.2
Total
Collateral loan and REO investments(4)
65Term SOFR$2,970,346$2,883,8903.58 %2.4 years
Financing provided(5)
3Term SOFR$2,452,377$2,442,8681.94 %14.8 years
________________________________
(1)Includes REO investments held in the Company's CRE CLOs.
(2)Weighted average spread excludes the amortization of loan fees, deferred financing costs, and debt issuance discounts.
(3)Loan term represents weighted average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of underlying loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date.
(4)Collateral loan investment assets of FL4, FL5 and FL6 represent 19.6%, 26.7% and 29.0%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of June 30, 2025.
(5)During the three months ended June 30, 2025, the Company recognized interest expense of $39.9 million, which includes $0.7 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the six months ended June 30, 2025, the Company recognized interest expense of $67.5 million, which includes $1.3 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.
December 31, 2024
CRE CLOsCountBenchmark interest rateOutstanding principal balanceCarrying value
Wtd. avg. spread(1)
Wtd. avg. maturity(2)
TRTX 2019-FL3
Collateral loan and REO investments5Term SOFR$311,381$203,4273.68 %1.0
Financing provided1Term SOFR119,526119,5262.46 %9.8
TRTX 2021-FL4
Collateral loan and REO investments19Term SOFR886,409796,5523.84 %2.0
Financing provided1Term SOFR673,909673,9091.93 %13.2
TRTX 2022-FL5
Collateral loan investments26Term SOFR1,056,8221,033,7753.70 %2.1
Financing provided1Term SOFR888,853888,2252.02 %14.1
Total
Collateral loan and REO investments(3)
50Term SOFR$2,254,612$2,033,7543.75 %2.0 years
Financing provided(4)
3Term SOFR$1,682,288$1,681,6602.02 %13.4 years
________________________________
(1)Weighted average spread excludes the amortization of loan fees and deferred financing costs.
(2)Loan term represents weighted average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date.
(3)Collateral loan investment assets of FL3, FL4, and FL5 represent 9.5%, 27.0%, and 32.2%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2024.
(4)During the three months ended June 30, 2024, the Company recognized interest expense of $35.7 million, which includes $1.5 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the six months ended June 30, 2024, the Company recognized interest expense of $71.9 million, which includes $2.9 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.
The following table summarizes the Company's investment portfolio financing (dollars in thousands):
Outstanding principal balance
June 30, 2025December 31, 2024
Collateralized loan obligations(1)
$2,452,377 $1,682,288 
Secured credit agreements156,711 585,042 
Asset-specific financing arrangements29,110 186,500 
Secured revolving credit facility367,841 86,625 
Mortgage loan payable31,200 31,200 
Total$3,037,239 $2,571,655 
________________________________
(1)See Note 5 for additional information regarding the Company's collateralized loan obligations.
The following table details the Company's asset-specific financing arrangements (dollars in thousands):
June 30, 2025
FinancingCollateral
Asset-specific financingCountCommitment amountOutstanding principal balance
Carrying
value(1)
Wtd. avg.
spread(2)
Wtd. avg.
term(3)
CountOutstanding principal balanceAmortized costWtd. avg.
term
BMO Facility1$200,000 $29,110 $29,097 2.0 %2.21$39,768 $39,739 2.2
Total / weighted average$200,000 $29,110 $29,097 2.0 %2.2 years$39,768 $39,739 2.2 years
_______________________
(1)Net of $0.01 million unamortized deferred financing costs.
(2)Collateral loan assets and related financings are indexed to Term SOFR.
(3)Borrowings are term-matched to the corresponding collateral loan asset. The weighted average term assumes all extension options of the collateral loan assets are exercised by the borrower.
The following table details the Company's asset-specific financing arrangements (dollars in thousands):
December 31, 2024
FinancingCollateral
Asset-specific financingCountCommitment amountOutstanding principal balance
Carrying
value(1)
Wtd. avg.
spread(2)
Wtd. avg.
term(3)
CountOutstanding principal balanceAmortized costWtd. avg.
term
HSBC Facility1$144,114 $136,011 $135,451 2.0 %3.63$188,995 $187,958 3.6
BMO Facility1200,000 29,110 29,046 2.0 %2.7138,468 38,365 2.7
Customers Bank123,250 21,379 21,244 2.5 %2.7129,417 29,346 2.7
Total / weighted average$367,364 $186,500 $185,741 2.1 %3.4 years$256,880 $255,669 3.4 years
_______________________
(1)Net of $0.8 million unamortized deferred financing costs.
(2)Collateral loan assets and related financings are indexed to Term SOFR.
(3)Borrowings are term-matched to the corresponding collateral loan asset. The weighted average term assumes all extension options of the collateral loan assets are exercised by the borrower.
Schedule of Information Related to Secured Credit Agreements
The following table presents certain information regarding the Company’s secured credit agreements. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands):
June 30, 2025
Secured credit agreements(1)
Initial
maturity date		Extended
maturity date		Wtd. avg.
credit spread 		Wtd. avg. interest rate Commitment
amount		Maximum
current availability		Balance
outstanding		Principal balance
of collateral		Amortized cost
of collateral
Goldman Sachs08/19/2608/19/282.1 %6.4 %$500,000 $414,029 $85,971 $186,156 $186,156 
Wells Fargo12/06/2712/06/271.6 %6.0 %500,000 479,660 20,340 33,251 33,195 
Barclays08/13/2508/13/261.7 %6.0 %500,000 449,600 50,400 63,000 63,000 
Bank of America06/06/2606/06/26— %— %200,000 200,000 — — — 
Totals$1,700,000 $1,543,289 $156,711 $282,407 $282,351 
________________________________
(1)Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks.
As a result of contributing collateral into TRTX 2025-FL6 upon its issuance during the three months ended March 31, 2025, the Company repaid $332.6 million of borrowings under its secured credit agreements. Additionally, the Company accelerated $0.1 million of unamortized deferred financing costs related to these agreements within interest expense in its consolidated statements of income and comprehensive income. See Note 5 for details regarding the Company's issuance of TRTX 2025-FL6.
The following table presents certain information regarding the Company’s secured credit agreements. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands):
December 31, 2024
Secured credit agreements(1)
Initial
maturity date		Extended
maturity date		Wtd. avg.
credit spread 		Wtd. avg.
interest rate 		Commitment
amount		Maximum
current availability		Balance
outstanding		Principal balance
of collateral		Amortized cost
of collateral
Goldman Sachs(2)
08/19/2608/19/282.2 %6.6 %$500,000 $238,879 $261,121 $485,557 $485,207 
Wells Fargo(3)
12/06/2712/06/271.7 %6.0 %500,000 274,470 225,530 295,833 294,810 
Barclays08/13/2508/13/261.7 %6.0 %500,000 437,474 62,526 84,827 84,754 
Bank of America06/06/2606/06/261.8 %6.1 %200,000 164,135 35,865 50,824 50,824 
Totals$1,700,000 $1,114,958 $585,042 $917,041 $915,595 
________________________________
(1)Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks.
(2)On January 31, 2024, the Company executed a two-year extension of the secured credit agreement through August 19, 2026. Until such date, new and revolving borrowings are permitted. After such date, the secured credit agreement automatically enters a two-year term-out period through August 19, 2028.
(3)On December 6, 2024, the Company executed a three-year extension of the secured credit agreement through December 6, 2027.
Schedule of Secured Credit Agreements Secured by Mortgage Loan Investments, CRE Debt Securities and Counterparty Concentration Risks
The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands):
June 30, 2025
Secured credit agreementsCommitment
amount		UPB of
collateral
Amortized cost
of collateral(1)
Amount
payable(2)
Net counterparty exposure(3)
Percent of
stockholders' equity 		Days to
extended maturity
Goldman Sachs Bank$500,000 $186,156 $187,553 $86,106 $101,447 9.3 %1146
Wells Fargo500,000 33,251 33,315 20,384 12,931 1.2 %889
Barclays500,000 63,000 63,318 50,525 12,793 1.2 %409
Bank of America200,000 — — — — — %341
Total / weighted average$1,700,000 $282,407 $284,186 $157,015 $127,171 875
_______________________
(1)Loan amounts include interest receivable of $1.8 million and are net of premium, discount and origination fees of $0.1 million.
(2)Loan amounts include interest payable of $0.3 million and do not reflect unamortized deferred financing fees of $0.4 million.
(3)Loan amounts represent the net carrying value of the commercial real estate loans sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands):
 December 31, 2024
Secured credit agreementsCommitment
amount		UPB of
collateral
Amortized cost
of collateral(1)
Amount
payable(2)
Net counterparty exposure(3)
Percent of
stockholders' equity		Days to
extended maturity
Goldman Sachs Bank$500,000 $485,557 $489,121 $261,705 $227,416 20.4 %1327
Wells Fargo500,000 295,833 295,815 226,028 69,787 6.3 %1070
Barclays500,000 84,827 84,750 62,681 22,069 2.0 %590
Bank of America200,000 50,824 51,089 35,899 15,190 1.4 %522
Total / weighted average$1,700,000 $917,041 $920,775 $586,313 $334,462  1100
_______________________
(1)Loan amounts include interest receivable of $5.2 million and are net of premium, discount and origination fees of $1.4 million.
(2)Loan amounts include interest payable of $1.3 million and do not reflect unamortized deferred financing fees of $0.8 million.
(3)Loan amounts represent the net carrying value of the commercial real estate loans sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
Schedule of Financial Covenant Compliance
Our financial covenants and guarantees for outstanding borrowings related to our secured financing agreements require Holdco to maintain compliance with the following financial covenants (among others):
Financial CovenantCurrent
Cash Liquidity
Minimum cash liquidity of no less than the greater of: $15.0 million; and 5.0% of Holdco’s recourse indebtedness.
Tangible Net Worth
$1.0 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense), minus 75% of the redeemed or repurchased preferred or redeemable equity or stock. With respect to the Secured Revolving Credit Facility, $0.8 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense) after September 30, 2024, minus 75% of the redeemed or repurchased preferred or redeemable equity or stock after September 30, 2024.
Debt-to-Equity
Debt-to-Equity ratio not to exceed 4.25 to 1.0.
Interest Coverage
Minimum interest coverage ratio of no less than 1.4 to 1.0, effective June 30, 2023. Previously, 1.5 to 1.0.