Variable Interest Entities and Collateralized Loan Obligations (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities Assets and Liabilities

The following table outlines the total assets and liabilities within the Sub-REIT (dollars in thousands):


	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	15,867	$	33,544
Collateralized loan obligation proceeds held at trustee(1)	5,207		3,976
Accounts receivable from servicer/trustee	299		670
Accrued interest and fees receivable	11,653		18,087
Loans held for investment, net	2,172,025		2,992,329
Real estate owned, net	86,013		84,651
Other assets	967		1,345
Total assets	$	2,292,031	$	3,134,602
Liabilities
Accrued interest payable	$	3,503	$	5,427
Accrued expenses	2,407		3,494
Collateralized loan obligations, net(2)	1,905,790		2,579,920
Payable to affiliates	2,704		1,316
Deferred revenue	223		1,337
Total liabilities	$	1,914,627	$	2,591,494

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(1)Includes $5.2 million of cash available to acquire eligible assets related to TRTX 2025-FL7 as of June 30, 2026. Includes $4.0 million of cash available to acquire eligible assets related to TRTX 2025-FL6 as of December 31, 2025.

(2)Net of $1.2 million and $1.7 million of unamortized discount related to TRTX 2025-FL6 as of June 30, 2026 and December 31, 2025, respectively and $12.5 million and $13.7 million of unamortized deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.

Schedule of Borrowings and Corresponding Collateral

The following tables detail the loan collateral and borrowings under the Company's CRE CLOs (dollars in thousands):


	June 30, 2026
CRE CLOs	Count	Benchmark interest rate	Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. maturity(3)
TRTX 2025-FL6
Collateral loan investments	19	Term SOFR	1,100,000		1,088,272		3.07	%	3.3
Financing provided	1	Term SOFR	962,500		955,110		1.83	%	16.2
TRTX 2025-FL7
Collateral loan investments	21	Term SOFR	1,100,000		1,088,960		3.14	%	3.4
Financing provided	1	Term SOFR	957,000		950,680		1.67	%	16.9
Total
Collateral loan investments(4)	40	Term SOFR	$	2,200,000	$	2,177,232	3.10	%	3.4 years
Financing provided(5)	2	Term SOFR	$	1,919,500	$	1,905,790	1.75	%	16.6 years

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(1)Includes loan amounts held in the Company's CRE CLOs and excludes other REO investments of $85.4 million held within the Sub-REIT.

(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 FL6 and FL7 represent 25.4% and 25.3%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of June 30, 2026.

(5)During the three months ended June 30, 2026, the Company recognized interest expense of $31.6 million, which includes $1.2 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, 2026, the Company recognized interest expense of $68.4 million, which includes $2.3 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.


	December 31, 2025
CRE CLOs	Count	Benchmark interest rate	Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. maturity(3)
TRTX 2022-FL5
Collateral loan investments	19	Term SOFR	$	843,784	$	822,488	3.52	%	1.5
Financing provided	1	Term SOFR	675,816		675,816		2.14	%	13.1
TRTX 2025-FL6
Collateral loan investments	19	Term SOFR	1,100,000		1,086,326		3.15	%	3.3
Financing provided	1	Term SOFR	962,500		954,133		1.83	%	16.7
TRTX 2025-FL7
Collateral loan investments	21	Term SOFR	1,100,000		1,087,491		3.14	%	3.9
Financing provided	1	Term SOFR	957,000		949,971		1.67	%	17.4
Total
Collateral loan investments(4)	59	Term SOFR	$	3,043,784	$	2,996,305	3.25	%	3.0 years
Financing provided(5)	3	Term SOFR	$	2,595,316	$	2,579,920	1.85	%	16.0 years

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(1)Includes loan amounts held in the Company's CRE CLOs and excludes other REO investments of $84.7 million held within the Sub-REIT.

(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 related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date.

(4)Collateral loan investment assets of FL5, FL6, and FL7 represent 20.5%, 26.6% and 26.7%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 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 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.

The following table summarizes the Company's investment portfolio financing arrangements (dollars in thousands):


	Outstanding principal balance
	June 30, 2026		December 31, 2025
Collateralized loan obligations(1)	$	1,919,500	$	2,595,316
Secured credit agreements	991,978		591,245
Asset-specific financing arrangements	60,235		60,235
Secured revolving credit facility	128,903		31,466
Mortgage loan payable	31,200		31,200
Total	$	3,131,816	$	3,309,462

________________________________

(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, 2026
	Financing										Collateral
Asset-specific financing	Count	Commitment amount		Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. term(3)	Count	Outstanding principal balance		Amortized cost		Wtd. avg. term
HSBC Facility	1	$	31,125	$	31,125	$	30,693	1.9	%	4.2	1	$	41,500	$	41,200	4.2
BMO Facility	1	200,000		29,110		29,088		2.0	%	1.2	1	42,522		42,522		1.2
Total / weighted average		$	231,125	$	60,235	$	59,781	1.9	%	2.8 years		$	84,022	$	83,722	2.8 years

_______________________

(1)Net of $0.5 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, 2025
	Financing										Collateral
Asset-specific financing	Count	Commitment amount		Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. term(3)	Count	Outstanding principal balance		Amortized cost		Wtd. avg. term
HSBC Facility	1	$	31,125	$	31,125	$	30,670	1.9	%	4.7	1	$	41,500	$	41,132	4.7
BMO Facility	1	200,000		29,110		29,110		2.0	%	1.7	1	40,963		40,963		1.7

Total / weighted average		$	231,125	$	60,235	$	59,780	1.9	%	3.3 years		$	82,463	$	82,095	3.3 years

_______________________

(1)Net of $0.5 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.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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