v3.25.2
Variable Interest Entities and Collateralized Loan Obligations - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 28, 2025
Dec. 31, 2024
Assets      
Cash and cash equivalents [1] $ 165,850   $ 190,160
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
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
Payable to affiliates [1] 5,194   5,111
Deferred revenue [1] 2,622   1,744
Total liabilities [1] 3,071,229   2,617,388
Unamortized deferred financing costs 7,300   600
TRTX 2025-FL6 | TRTX 2025-FL6 | Secured Debt      
Liabilities      
Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net   $ 962,500  
Debt issuance discount 2,200 $ 2,400  
Variable Interest Entity, Primary Beneficiary      
Assets      
Cash and cash equivalents 9,086   71,541
Collateralized loan obligation proceeds held at trustee 1,778   0
Accounts receivable from servicer/trustee 449   299
Accrued interest and fees receivable 22,975   10,866
Loans held for investment, net 2,800,033   1,917,210
Real estate owned, net 82,079   117,090
Other assets 1,019   3,947
Total assets 2,917,419   2,120,953
Liabilities      
Accrued interest payable 5,730   4,436
Accrued expenses 3,029   4,738
Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net 2,442,868   1,681,660
Total liabilities 2,457,099   1,696,469
Variable Interest Entity, Primary Beneficiary | TRTX 2025-FL6      
Assets      
Collateralized loan obligation proceeds held at trustee 1,800    
Variable Interest Entity, Primary Beneficiary | Affiliated Entity      
Liabilities      
Payable to affiliates 3,909   3,052
Deferred revenue $ 1,563   $ 2,583
[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.