v3.26.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Loans pledged as collateral [1] $ 4,243,788 $ 4,028,519
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) 76,985,190 78,318,722
Common stock, shares outstanding (in shares) 76,985,190 78,318,722
Total assets [1] $ 4,596,932 $ 4,406,230
Total liabilities [1] 3,552,438 3,338,207
Expected loss reserve for unfunded loan commitments 2,930 2,920
Variable Interest Entity, Primary Beneficiary    
Total assets 2,292,031 3,134,602
Total liabilities $ 1,914,627 $ 2,591,494
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 $ 1,840,255 $ 850,661
[1] The Company’s consolidated Total Assets and Total Liabilities as of June 30, 2026 include assets and liabilities of variable interest entities (“VIEs”) of $2.3 billion and $1.9 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2025 include assets and liabilities of VIEs of $3.1 billion and $2.6 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.