v3.26.3
Variable Interest Entities and Collateralized Loan Obligations - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Mar. 28, 2025
Assets      
Cash and cash equivalents [1] $ 70,826 $ 87,613  
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  
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 [1],[2] 13,692 15,884  
Payable to affiliates [1] 5,326 5,274  
Deferred revenue [1] 1,255 1,940  
Total liabilities [1] 4,218,735 3,338,207  
Unamortized deferred financing costs 11,400 13,700  
TRTX 2025-FL6 | TRTX 2025-FL6 | Secured Debt      
Liabilities      
Debt issuance discount 1,000 1,700 $ 2,400
Variable Interest Entity, Primary Beneficiary      
Assets      
Cash and cash equivalents 5,252 33,544  
Collateralized loan obligation proceeds held at trustee 11,491 3,976  
Accounts receivable from servicer/trustee 1,155 670  
Accrued interest and fees receivable 12,556 18,087  
Loans held for investment 2,164,904 2,992,329  
Real estate owned, net 86,694 84,651  
Other assets 565 1,345  
Total assets 2,282,617 3,134,602  
Liabilities      
Accrued interest payable 3,652 5,427  
Accrued expenses 2,782 3,494  
Collateralized loan obligations, net 1,907,145 2,579,920  
Total liabilities 1,916,048 2,591,494  
Variable Interest Entity, Primary Beneficiary | TRTX 2025-FL7      
Assets      
Collateralized loan obligation proceeds held at trustee 11,500    
Variable Interest Entity, Primary Beneficiary | TRTX 2025-FL6      
Assets      
Collateralized loan obligation proceeds held at trustee   4,000  
Variable Interest Entity, Primary Beneficiary | Affiliated Entity      
Liabilities      
Payable to affiliates 2,362 1,316  
Deferred revenue $ 107 $ 1,337  
[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.