v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 41,437 $ 56,343
Adjustment to reconcile net income to net cash flows from operating activities:    
Amortization and accretion of premiums, discounts and loan origination fees, net (5,841) (3,246)
Amortization of deferred financing costs and debt issuance discount 6,598 4,605
Depreciation and amortization 7,676 10,127
Amortization of above and below-market leases (101) (26)
Accrued PIK interest (1,243) (505)
Gain on sale of real estate owned, net 0 (6,970)
Stock compensation expense 5,390 5,405
Increase of allowance for credit losses, net (see Note 3) 11,850 2,594
Cash flows due to changes in operating assets and liabilities:    
Accounts receivable (1,558) (852)
Accrued interest and fees receivable (2,842) (4,573)
Accrued expenses and other liabilities (1,262) 2,015
Accrued interest payable (310) (618)
Payable to affiliates 52 126
Deferred revenue (685) 58
Other assets 1,367 1,221
Net cash provided by operating activities 60,528 65,704
Cash flows from investing activities:    
Origination and acquisition of loans held for investment (1,266,682) (928,227)
Advances on loans held for investment (100,068) (30,191)
Principal repayments of loans held for investment 510,134 493,308
Capital expenditures related to real estate owned (7,138) (2,592)
Cash assumed from conversion of loans held for investment to real estate owned 234 0
Sale of real estate owned 0 39,443
Net cash used in investing activities (863,520) (428,259)
Cash flows from financing activities:    
Payments on collateralized loan obligations (675,816) (415,306)
Proceeds from collateralized loan obligations 0 960,094
Proceeds from asset-specific financing arrangements 0 76,125
Payment of deferred financing costs (10,214) (12,379)
Payments to retire common stock (24,613) (24,962)
Payments of costs from issuance of common stock 0 (54)
Net cash provided by financing activities 785,816 266,531
Net change in cash, cash equivalents, and restricted cash (17,176) (96,024)
Cash, cash equivalents and restricted cash at beginning of period 88,267 190,483
Cash, cash equivalents and restricted cash at end of period 71,091 94,459
Supplemental disclosure of cash flow information:    
Interest paid 148,023 133,499
Taxes paid 369 271
Supplemental disclosure of non-cash investing and financing activities:    
Collateralized loan obligation proceeds held at trustee 11,491 44,233
Dividends declared, not paid 18,512 [1] 19,123
Principal repayments of loans held for investment held by servicer/trustee, net 0 72,000
Loan extinguishment upon conversion to REO 29,826 0
Conversion to real estate owned of loans held for investment - REO 30,136 0
Conversion to real estate owned of loans held for investment - Other liabilities 544 0
Accrued deferred financing costs 429 505
Accrued capital expenditures related to real estate owned 238 631
Accrued costs from issuance of common stock 0 281
Common Stock, Undefined Class    
Cash flows from financing activities:    
Dividends paid (57,509) (59,377)
Preferred Stock, Undefined Class    
Cash flows from financing activities:    
Dividends paid (9,440) (9,440)
Secured credit agreements    
Cash flows from financing activities:    
Payments on secured financing agreements/Payments on asset-specific financing arrangements (588,850) (901,191)
Proceeds from secured financing agreements 1,753,258 810,411
Asset-specific financing arrangements    
Cash flows from financing activities:    
Payments on secured financing agreements/Payments on asset-specific financing arrangements (29,110) (157,390)
Mortgage loans payable    
Cash flows from financing activities:    
Proceeds from secured financing agreements 29,110 0
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 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.