v3.26.3
Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Thousands
Total
Preferred Stock
Series A Preferred Stock
Preferred Stock
Series C Preferred Stock
Common Stock
Additional paid-in-capital
Accumulated deficit
Beginning Balance (in shares) at Dec. 31, 2024   125 8,050,000 81,003,693    
Beginning Balance at Dec. 31, 2024 $ 1,114,041 $ 0 $ 8 $ 81 $ 1,731,174 $ (617,222)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net (in shares)       3,172    
Retired common stock (in shares)       (379,868)    
Retired common stock (3,185)       (8) (3,177)
Amortization of stock compensation expense 2,019       2,019  
Net income 13,719         13,719
Dividends on preferred stock (3,148)         (3,148)
Dividends on common stock (19,915)         (19,915)
Ending Balance (in shares) at Mar. 31, 2025   125 8,050,000 80,626,997    
Ending Balance at Mar. 31, 2025 1,103,531 $ 0 $ 8 $ 81 1,733,185 (629,743)
Beginning Balance (in shares) at Dec. 31, 2024   125 8,050,000 81,003,693    
Beginning Balance at Dec. 31, 2024 1,114,041 $ 0 $ 8 $ 81 1,731,174 (617,222)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 56,343          
Dividends on preferred stock (9,400)          
Dividends on common stock (58,500)          
Ending Balance (in shares) at Sep. 30, 2025   125 8,050,000 78,306,713    
Ending Balance at Sep. 30, 2025 1,082,530 $ 0 $ 8 $ 78 1,736,184 (653,740)
Beginning Balance (in shares) at Mar. 31, 2025   125 8,050,000 80,626,997    
Beginning Balance at Mar. 31, 2025 1,103,531 $ 0 $ 8 $ 81 1,733,185 (629,743)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net (in shares)       451,926    
Issuance of common stock, net (190)       (190)  
Retired common stock (in shares)       (1,658,317)    
Retired common stock (12,500)     $ (2) (31) (12,467)
Amortization of stock compensation expense 1,997       1,997  
Net income 20,631         20,631
Dividends on preferred stock (3,148)         (3,148)
Dividends on common stock (19,484)         (19,484)
Ending Balance (in shares) at Jun. 30, 2025   125 8,050,000 79,420,606    
Ending Balance at Jun. 30, 2025 1,090,837 $ 0 $ 8 $ 79 1,734,961 (644,211)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net (in shares)       3,131    
Issuance of common stock, net (145)       (145)  
Retired common stock (in shares)       (1,117,024)    
Retired common stock (9,277)     $ (1) (21) (9,255)
Amortization of stock compensation expense 1,389       1,389  
Net income 21,993         21,993
Dividends on preferred stock (3,148)         (3,148)
Dividends on common stock (19,119)         (19,119)
Ending Balance (in shares) at Sep. 30, 2025   125 8,050,000 78,306,713    
Ending Balance at Sep. 30, 2025 1,082,530 $ 0 $ 8 $ 78 1,736,184 (653,740)
Beginning Balance (in shares) at Dec. 31, 2025   125 8,050,000 78,318,722    
Beginning Balance at Dec. 31, 2025 1,068,023 [1] $ 0 $ 8 $ 78 1,740,585 (672,648)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net (in shares)       39,079    
Retired common stock (in shares)       (556,592)    
Retired common stock (4,497)       (10) (4,487)
Amortization of stock compensation expense 2,056       2,056  
Net income 18,939         18,939
Dividends on preferred stock (3,148)         (3,148)
Dividends on common stock (19,239)         (19,239)
Ending Balance (in shares) at Mar. 31, 2026   125 8,050,000 77,801,209    
Ending Balance at Mar. 31, 2026 1,062,134 $ 0 $ 8 $ 78 1,742,631 (680,583)
Beginning Balance (in shares) at Dec. 31, 2025   125 8,050,000 78,318,722    
Beginning Balance at Dec. 31, 2025 $ 1,068,023 [1] $ 0 $ 8 $ 78 1,740,585 (672,648)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Retired common stock (in shares) (3,021,254)          
Net income $ 41,437          
Dividends on preferred stock (9,400)          
Dividends on common stock (56,700)          
Ending Balance (in shares) at Sep. 30, 2026   125 8,050,000 75,826,954    
Ending Balance at Sep. 30, 2026 1,024,126 [1] $ 0 $ 8 $ 76 1,745,918 (721,876)
Beginning Balance (in shares) at Mar. 31, 2026   125 8,050,000 77,801,209    
Beginning Balance at Mar. 31, 2026 1,062,134 $ 0 $ 8 $ 78 1,742,631 (680,583)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net (in shares)       485,625    
Retired common stock (in shares)       (1,301,644)    
Retired common stock (10,784)     $ (1) (25) (10,758)
Amortization of stock compensation expense 2,080       2,080  
Net income 13,132         13,132
Dividends on preferred stock (3,148)         (3,148)
Dividends on common stock (18,920)         (18,920)
Ending Balance (in shares) at Jun. 30, 2026   125 8,050,000 76,985,190    
Ending Balance at Jun. 30, 2026 1,044,494 $ 0 $ 8 $ 77 1,744,686 (700,277)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, net (in shares)       4,782    
Retired common stock (in shares)       (1,163,018)    
Retired common stock (9,332)     $ (1) (22) (9,309)
Amortization of stock compensation expense 1,254       1,254  
Net income 9,366         9,366
Dividends on preferred stock (3,148)         (3,148)
Dividends on common stock (18,508)         (18,508)
Ending Balance (in shares) at Sep. 30, 2026   125 8,050,000 75,826,954    
Ending Balance at Sep. 30, 2026 $ 1,024,126 [1] $ 0 $ 8 $ 76 $ 1,745,918 $ (721,876)
[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.