v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 32,071 $ 34,350
Adjustment to reconcile net income to net cash flows from operating activities:    
Amortization and accretion of premiums, discounts and loan origination fees, net (3,697) (1,735)
Amortization of deferred financing costs and debt issuance discount 4,118 3,344
Depreciation and amortization 5,199 7,415
Amortization of above and below-market leases (109) 72
Accrued PIK interest (360) (332)
Gain on sale of real estate owned, net 0 (6,970)
Stock compensation expense 4,136 4,016
Increase of allowance for credit losses, net (see Note 3) 3,277 5,202
Cash flows due to changes in operating assets and liabilities:    
Accounts receivable 253 (154)
Accrued interest and fees receivable (229) (3,313)
Accrued expenses and other liabilities 32 (384)
Accrued interest payable (1,507) (239)
Payable to affiliates 68 83
Deferred revenue (577) 878
Other assets 3,460 1,626
Net cash provided by operating activities 46,135 43,859
Cash flows from investing activities:    
Origination and acquisition of loans held for investment (583,391) (665,743)
Advances on loans held for investment (29,123) (22,056)
Principal repayments of loans held for investment 396,824 191,990
Capital expenditures related to real estate owned (4,968) (1,364)
Sale of real estate owned 0 39,443
Net cash used in investing activities (220,658) (457,730)
Cash flows from financing activities:    
Payments on collateralized loan obligations (675,816) (192,411)
Proceeds from collateralized loan obligations 0 960,094
Payment of deferred financing costs (8,921) (11,464)
Payments to retire common stock (15,082) (15,685)
Payments of costs from issuance of common stock 0 (30)
Net cash provided by financing activities 152,466 389,810
Net change in cash, cash equivalents, and restricted cash (22,057) (24,061)
Cash, cash equivalents and restricted cash at beginning of period 88,267 190,483
Cash, cash equivalents and restricted cash at end of period 66,210 166,422
Supplemental disclosure of cash flow information:    
Interest paid 96,092 85,562
Taxes paid 366 271
Supplemental disclosure of non-cash investing and financing activities:    
Collateralized loan obligation proceeds held at trustee 5,207 1,778
Dividends declared, not paid 18,920 [1] 19,484
Accrued deferred financing costs 1,444 162
Accrued capital expenditures related to real estate owned 191 28
Accrued costs from retired common stock 199 0
Accrued costs from issuance of common stock 0 160
Common Stock, Undefined Class    
Cash flows from financing activities:    
Dividends paid (38,589) (39,893)
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 (341,406) (567,456)
Proceeds from secured financing agreements 839,576 420,341
Asset-specific financing arrangements    
Cash flows from financing activities:    
Payments on secured financing agreements/Payments on asset-specific financing arrangements 0 (157,390)
Term Loan B    
Cash flows from financing activities:    
Proceeds from secured financing agreements $ 399,000 $ 0
[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.