v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 34,350 $ 41,459
Adjustment to reconcile net income to net cash flows from operating activities:    
Amortization and accretion of premiums, discounts and loan origination fees, net (1,735) (3,706)
Amortization of deferred financing costs and debt issuance discount 3,344 4,820
Depreciation and amortization 7,415 8,403
Amortization of above and below-market leases 72 (160)
Accrued PIK interest (332) (34)
Collection of accrued PIK interest 0 1,172
Gain on sale of real estate owned, net (6,970) 0
Stock compensation expense 4,016 3,360
Increase (decrease) of allowance for credit losses, net (see Note 3) 5,202 (181)
Cash flows due to changes in operating assets and liabilities:    
Accounts receivable (154) 56
Accrued interest and fees receivable (3,313) 4,380
Accrued expenses and other liabilities (384) (1,882)
Accrued interest payable (239) (3,090)
Payable to affiliates 83 131
Deferred revenue 878 52
Other assets 1,626 8,144
Net cash provided by operating activities 43,859 62,924
Cash flows from investing activities:    
Origination and acquisition of loans held for investment (665,743) (73,523)
Advances on loans held for investment (22,056) (28,787)
Principal repayments of loans held for investment 191,990 567,460
Capital expenditures related to real estate owned (1,364) (2,964)
Sale of real estate owned 39,443 0
Sales of loans held for investment 0 92,798
Net cash (used in) provided by investing activities (457,730) 554,984
Cash flows from financing activities:    
Payments on collateralized loan obligations (192,411) (86,357)
Proceeds from collateralized loan obligations 960,094 0
Payment of deferred financing costs (11,464) (463)
Payment of costs from warrant exercise and issuance of common stock 0 3
Payments to retire common stock (15,685) 0
Payments of costs from issuance of common stock (30) 0
Net cash provided by (used in) financing activities 389,810 (565,190)
Net change in cash, cash equivalents, and restricted cash (24,061) 52,718
Cash, cash equivalents and restricted cash at beginning of period 190,483 207,018
Cash, cash equivalents and restricted cash at end of period 166,422 259,736
Supplemental disclosure of cash flow information:    
Interest paid 85,562 104,241
Taxes paid 271 106
Supplemental disclosure of non-cash investing and financing activities:    
Collateralized loan obligation proceeds held at trustee 1,778 0
Dividends declared, not paid 19,484 [1] 19,798
Principal repayments of loans held for investment held by servicer/trustee, net 0 60,221
Accrued deferred financing costs 162 84
Accrued capital expenditures related to real estate owned 28 240
Accrued costs from issuance of common stock 160 0
Accrued costs from warrant exercise and issuance of common stock 0 174
Common Stock, Undefined Class    
Cash flows from financing activities:    
Dividends paid (39,893) (38,324)
Preferred Stock, Undefined Class    
Cash flows from financing activities:    
Dividends paid (6,296) (6,296)
Secured credit agreements    
Cash flows from financing activities:    
Payments on secured financing agreements/Payments on asset-specific financing arrangements (567,456) (292,221)
Proceeds from secured financing agreements 420,341 0
Asset-specific financing arrangements    
Cash flows from financing activities:    
Payments on secured financing agreements/Payments on asset-specific financing arrangements $ (157,390) $ (141,526)
[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.