TPG RE Finance Trust, Inc.

Listed Company

TRTXCIK 0001630472NYSEAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$60.32M

Total Assets

$4.41B

Equity

$1.07B

Shares Out

77.31M

Op. Cash Flow

$90.36M

Business

TPG RE Finance Trust, Inc. is a commercial real estate finance company that directly originates and acquires commercial real estate-related credit assets and manages those investments as a REIT. It primarily offers floating-rate first mortgage loans and senior participation interests, and may invest in other real estate-related debt instruments such as subordinate mortgage interests, mezzanine loans, preferred equity, CMBS and CRE CLOs. The company operates as a single segment under an external manager (an affiliate of TPG) that handles investment selection, origination, financing and portfolio management. Its activities focus on institutional-quality properties in primary and select secondary markets across the United States, deploying capital through direct origination, acquisitions and secured financing arrangements including CLOs and credit facilities.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	290	307	363	303	240
Interest expense	−186	−199	−274	−161	—
Net interest income	104	108	89	142	155
Other income, net	8	14	20	3	560,000
Revenue from real estate owned operations	34	31	8	0	0
Total other revenue	42	45	28	3	560,000
Professional fees	6	6	7	5	5
General and administrative	4	4	4	4	4
Stock compensation expense	10	6	8	5	6
Servicing and asset management fees	2	2	1	2	2
Management fee	21	20	22	23	22
Expenses from real estate owned operations	36	36	8	0	0
Total other expenses	79	74	50	45	38
Gain on sale of real estate owned, net	7	0	7	13	16
Credit loss expense, net	−14	−4	−190	−173	−6
Income (loss) before income taxes	61	75	−116	−60	140
Income tax expense, net	−378,000	−399,000	−259,000	−530,000	−1
Net income (loss)	60	74	−117	−60	139
Preferred stock dividends and participating securities' share in earnings	−15	−15	−14	−14	−20
Net income (loss) attributable to common stockholders	45	60	−131	−74	71
Earnings per common share, basic (in USD per share)	0.57	0.75	−1.69	−0.95	0.92
Earnings per common share, diluted (in USD per share)	0.57	0.75	−1.69	−0.95	0.87
Basic (in shares)	79	80	78	77	77
Diluted (in shares)	79	80	78	77	82
Comprehensive net income (loss)	60	74	−117	−60	139

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	88	190	206	254	261
Restricted cash	700,000	300,000	600,000	300,000	400,000
Accounts receivable	0	10,000	40,000	666,000	12,000
Collateralized loan obligation proceeds held at trustee	4	0	247	297	204,000
Accounts receivable from servicer/trustee	717,000	369,000	66	164	176,000
Accrued interest and fees receivable	28	27	32	42	27
Loans held for investment	4,103	3,279	3,477	4,979	—
Allowance for credit losses	−75	−62	−67	−197	—
Loans held for investment, net	4,029	3,217	3,410	4,781	—
Real estate owned, net	224	256	174	0	61
Other assets	32	40	78	6	2
Total assets	4,406	3,731	4,214	5,545	5,218
Accrued interest payable	7	7	10	11	3
Accrued expenses and other liabilities	16	15	15	25	12
Secured financing agreements, net	618	671	821	1,147	1,162
Payable to affiliates	5	5	5	6	—
Deferred revenue	2	2	1	1	1
Dividends payable	19	20	19	19	24
Total liabilities	3,338	2,617	3,090	4,223	3,753
Commitments and contingencies - see Note 14	—	—	—	—	—
Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 78,318,722 and 81,003,693 shares issued and outstanding, respectively)	78,000	81,000	77,000	77,000	77,000
Additional paid-in-capital	1,741	1,731	1,725	1,717	1,712
Accumulated deficit	−673	−617	−600	−395	−247
Total stockholders' equity	1,068	1,114	1,125	1,322	1,465
Total liabilities and stockholders' equity	4,406	3,731	4,214	5,545	5,218

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	60	74	−117	−60	139
Amortization and accretion of premiums, discounts and loan origination fees, net	−5	−6	−12	−11	−7
Amortization of deferred financing costs and debt issuance discount	7	8	13	—	—
Depreciation and amortization	13	16	4	0	0
Amortization of above and below-market leases	−94,000	−255,000	−524,000	0	0
Accrued PIK interest	−682,000	−360,000	0	0	—
Collection of accrued PIK interest	0	1	542,000	1	—
Increase of allowance for credit losses, net (see Note 3)	14	4	190	173	−17
Accounts receivable	−338,000	71,000	626,000	−504,000	773,000
Accrued interest and fees receivable	−2	5	11	−17	1
Accrued expenses and other liabilities	114,000	−3	4	−143,000	−4
Accrued interest payable	96,000	−4	−855,000	8	93,000
Payable to affiliates	163,000	198,000	−1	375,000	39,000
Deferred revenue	196,000	463,000	−178,000	93,000	−52,000
Other assets	947,000	10	−12	−1	3
Net cash provided by operating activities	90	112	80	100	132
Origination and acquisition of loans held for investment	−1,765	−495	−195	−1,519	−1,624
Advances on loans held for investment	−42	−41	−141	−145	−145
Principal repayments of loans held for investment	984	887	1,113	1,062	1,225
Capital expenditures related to real estate owned	−6	−5	−5	−5	0
Cash assumed from conversion of loans held for investment to real estate owned	0	2	0	0	—
Sale of real estate owned	39	0	75	155	54
Sales of loans held for investment	0	93	248	0	146
Net cash (used in) provided by investing activities	−790	441	1,095	−453	−343
Payments on collateralized loan obligations	−1,006	−238	−541	−1,002	−316
Proceeds from collateralized loan obligations	1,917	0	0	907	1,038
Proceeds from asset-specific financing arrangements	107	72	95	585	0
Payment of deferred financing costs	−21	−2	−4	−19	−11
Payment of costs from warrant exercise and issuance of common stock	0	−177,000	0	—	—
Payments to retire common stock	−25	−37,000	0	0	—
Payments of costs from issuance of common stock	−335,000	0	0	0	—
Net cash provided by (used in) financing activities	597	−569	−1,223	345	152
Net change in cash, cash equivalents, and restricted cash	−102	−17	−47	−7	−59
Interest paid	180	194	264	138	69
Taxes paid	290,000	260,000	371,000	784,000	1
Collateralized loan obligation proceeds held at trustee	4	0	247	297	0
Principal repayments of loans held for investment held by servicer/trustee, net	0	0	66	162	204,000
Loan sale hold back	0	0	30	0	0
Conversion to real estate owned of loans held for investment - REO	0	89	242	77	0
Conversion to real estate owned of loans held for investment - Other assets	0	2	32	0	0
Conversion to real estate owned of loans held for investment - Other liabilities	0	2	4	0	0
Accrued deferred financing costs	227,000	0	122,000	608,000	221,000
Accrued capital expenditures related to real estate owned	1	300,000	300,000	0	0

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