v3.26.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents [1] $ 70,826 $ 87,613
Restricted cash [1] 265 654
Collateralized loan obligation proceeds held at trustee [1] 11,491 3,976
Accounts receivable from servicer/trustee [1] 2,275 717
Accrued interest and fees receivable [1] 31,149 28,430
Loans held for investment [1] 4,916,375 4,103,022
Allowance for credit losses [1] (73,955) (74,503)
Loans held for investment, net [1] 4,842,420 4,028,519
Real estate owned, net [1] 255,213 224,386
Other assets [1] 29,222 31,935
Total assets [1] 5,242,861 4,406,230
Liabilities    
Accrued interest payable [1] 6,441 6,751
Accrued expenses and other liabilities [1],[2] 13,692 15,884
Payable to affiliates [1] 5,326 5,274
Deferred revenue [1] 1,255 1,940
Dividends payable [1] 18,512 19,350
Total liabilities [1] 4,218,735 3,338,207
Commitments and contingencies - see Note 15 [1]
Stockholders' equity    
Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 75,826,954 and 78,318,722 shares issued and outstanding, respectively) [1] 76 78
Additional paid-in-capital [1] 1,745,918 1,740,585
Accumulated deficit [1] (721,876) (672,648)
Total stockholders' equity [1] 1,024,126 1,068,023
Total liabilities and stockholders' equity [1] 5,242,861 4,406,230
Series A Preferred Stock    
Stockholders' equity    
Preferred stock [1] 0 0
Series C Preferred Stock    
Stockholders' equity    
Preferred stock [1] 8 8
Collateralized loan obligations | Investment Portfolio Financing Arrangements    
Liabilities    
Collateralized loan obligations, net [1] 1,907,145 2,579,920
Asset-specific financing arrangements | Investment Portfolio Financing Arrangements    
Liabilities    
Collateralized loan obligations, net [1] 30,743 59,780
Mortgage loans payable | Investment Portfolio Financing Arrangements    
Liabilities    
Collateralized loan obligations, net [1] 59,950 30,838
Secured Debt | Secured financing agreements, net    
Liabilities    
Collateralized loan obligations, net [1] 1,782,403 618,470
Secured Debt | Term Loan B    
Liabilities    
Collateralized loan obligations, net [1] $ 393,268 $ 0
[1] The Company’s consolidated Total Assets and Total Liabilities as of September 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.
[2] Includes $2.2 million and $2.9 million of reserve for expected losses for unfunded loan commitments as of September 30, 2026 and December 31, 2025, respectively.