TPG RE Finance Trust, Inc.TRTX
TPG RE Finance Trust, Inc. Debt Disclosure
Investment Portfolio Financing
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The Company finances its portfolio of loans, or participation interests therein, and REO using secured financing agreements, including secured credit agreements, secured revolving credit facilities, asset-specific financing arrangements, collateralized loan obligations, and mortgages.
The following table summarizes the Company's investment portfolio financing (dollars in thousands):
| Outstanding principal balance | ||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||
Collateralized loan obligations(1) | $ | 2,595,316 | $ | 1,682,288 | ||||||||||
| Secured credit agreements | 591,245 | 585,042 | ||||||||||||
| Asset-specific financing arrangements | 60,235 | 186,500 | ||||||||||||
| Secured revolving credit facility | 31,466 | 86,625 | ||||||||||||
| Mortgage loan payable | 31,200 | 31,200 | ||||||||||||
| Total | $ | 3,309,462 | $ | 2,571,655 | ||||||||||
(1)See Note 5 for additional information regarding the Company's collateralized loan obligations.
Secured Credit Agreements
As of December 31, 2025 and December 31, 2024, the Company had secured credit agreements used to finance certain of the Company’s loan investments. These financing arrangements bear interest at rates equal to Term SOFR plus a credit spread negotiated between the Company and each lender, often a separate credit spread for each pledge of collateral, which is primarily based on property type and advance rate against the unpaid principal balance of the pledged loan. These borrowing arrangements contain defined mark-to-market provisions that permit our lenders to issue margin calls to the Company only in the event that the collateral properties underlying the Company’s loans pledged to the Company’s lenders experience a non-temporary decline in value (“credit marks”) due to reasons other than capital markets events that result in changing credit spreads for similar borrowing obligations.
The following table presents certain information regarding the Company’s secured credit agreements. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands):
| December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured credit agreements(1) | Initial maturity date | Extended maturity date | Wtd. avg. credit spread | Wtd. avg. interest rate | Commitment amount | Maximum current availability | Balance outstanding | Principal balance of collateral | Amortized cost of collateral | |||||||||||||||||||||||||||||||||||||||||||||||
Goldman Sachs(2) | 11/17/29 | 11/17/31 | 1.8 | % | 5.5 | % | $ | 500,000 | $ | 130,233 | $ | 369,767 | $ | 499,717 | $ | 498,501 | ||||||||||||||||||||||||||||||||||||||||
| Wells Fargo | 12/06/27 | 12/06/27 | 1.6 | % | 5.3 | % | 500,000 | 423,913 | 76,087 | 104,245 | 103,296 | |||||||||||||||||||||||||||||||||||||||||||||
Barclays(3) | 03/31/26 | 03/31/27 | — | % | — | % | 500,000 | 500,000 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Bank of America(4) | 06/06/26 | 06/06/26 | 1.4 | % | 5.1 | % | 200,000 | 54,609 | 145,391 | 181,739 | 180,806 | |||||||||||||||||||||||||||||||||||||||||||||
| Totals | $ | 1,700,000 | $ | 1,108,755 | $ | 591,245 | $ | 785,701 | $ | 782,603 | ||||||||||||||||||||||||||||||||||||||||||||||
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(1)Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks.
(2)On November 7, 2025, the Company extended the secured credit agreement through November 17, 2029. Until such date, new and revolving borrowings are permitted. After such date, the secured credit agreement automatically enters a two-year term-out period through November 17, 2031.
(3)On August 11, 2025, the Company executed an extension of the initial maturity date to November 12, 2025. On November 12, 2025, the Company executed a further extension of the maturity date to March 31, 2026.
(4)On January 2, 2026, the Company executed an extension of the initial and extended maturity date to June 6, 2029, effective June 6, 2026.
As a result of contributing collateral into TRTX 2025-FL7 upon its issuance during the year ended December 31, 2025, the Company repaid $430.4 million of borrowings under its secured credit agreements. Additionally, the Company accelerated $0.04 million of unamortized deferred financing costs related to these agreements within interest expense in its consolidated statements of income (loss) and comprehensive income (loss). See Note 5 for details regarding the Company's issuance of TRTX 2025-FL7.
As a result of contributing collateral into TRTX 2025-FL6 upon its issuance during the year ended December 31, 2025, the Company repaid $332.6 million of borrowings under its secured credit agreements. Additionally, the Company accelerated $0.1 million of unamortized deferred financing costs related to these agreements within interest expense in its consolidated statements of income (loss) and comprehensive income (loss). See Note 5 for details regarding the Company's issuance of TRTX 2025-FL6.
The following table presents certain information regarding the Company’s secured credit agreements. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands):
| December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured credit agreements(1) | Initial maturity date | Extended maturity date | Wtd. avg. credit spread | Wtd. avg. interest rate | Commitment amount | Maximum current availability | Balance outstanding | Principal balance of collateral | Amortized cost of collateral | |||||||||||||||||||||||||||||||||||||||||||||||
Goldman Sachs(2) | 08/19/26 | 08/19/28 | 2.2 | % | 6.6 | % | $ | 500,000 | $ | 238,879 | $ | 261,121 | $ | 485,557 | $ | 485,207 | ||||||||||||||||||||||||||||||||||||||||
Wells Fargo(3) | 12/06/27 | 12/06/27 | 1.7 | % | 6.0 | % | 500,000 | 274,470 | 225,530 | 295,833 | 294,810 | |||||||||||||||||||||||||||||||||||||||||||||
| Barclays | 08/13/25 | 08/13/26 | 1.7 | % | 6.0 | % | 500,000 | 437,474 | 62,526 | 84,827 | 84,754 | |||||||||||||||||||||||||||||||||||||||||||||
| Bank of America | 06/06/26 | 06/06/26 | 1.8 | % | 6.1 | % | 200,000 | 164,135 | 35,865 | 50,824 | 50,824 | |||||||||||||||||||||||||||||||||||||||||||||
| Totals | $ | 1,700,000 | $ | 1,114,958 | $ | 585,042 | $ | 917,041 | $ | 915,595 | ||||||||||||||||||||||||||||||||||||||||||||||
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(1)Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks.
(2)On January 31, 2024, the Company executed a two-year extension of the secured credit agreement through August 19, 2026. Until such date, new and revolving borrowings are permitted. After such date, the secured credit agreement automatically enters a two-year term-out period through August 19, 2028.
(3)On December 6, 2024, the Company executed a three-year extension of the secured credit agreement through December 6, 2027.
Secured Credit Agreement Terms
As of December 31, 2025 and December 31, 2024, the Company had four secured credit agreements to finance its loan investing activities. Credit spreads vary depending upon the collateral type, advance rate and other factors. Assets pledged as of December 31, 2025 and December 31, 2024 consisted of 24 and 21 mortgage loans, or participation interests therein, respectively. Under three of the four secured credit agreements, the Company transfers all of its rights, title and interest in the loans to the secured credit agreement counterparty in exchange for cash, and simultaneously agrees to reacquire the asset at a future date for an amount equal to the cash exchanged plus an interest factor. The secured credit agreement lender collects all principal and interest on related loans and remits to the Company the net amount after the lender collects its interest and other fees. For the fourth secured credit agreement, which until June 6, 2023 was a mortgage warehouse facility, the lender received a security interest (pledge) in the loans financed under the arrangement. Effective June 6, 2023, this credit facility was extended for three years and converted from a mortgage warehouse facility to a secured credit facility similar to the Company's other secured credit facilities. The secured credit agreements used to finance loan investments are 25% recourse to Holdco.
Under each of the Company’s secured credit agreements, the Company is required to post margin for changes in conditions to specific loans that serve as collateral for those secured credit agreements. The lender’s margin amount is limited to collateral-specific credit marks based on non-temporary declines in the value of the properties securing the underlying loan collateral. Market value determinations and redeterminations may be made by the repurchase lender in its sole discretion subject to certain specified parameters. These considerations only include credit-based factors unrelated to the capital markets.
The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands):
| December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| Secured credit agreements | Commitment amount | UPB of collateral | Amortized cost of collateral(1) | Amount payable(2) | Net counterparty exposure(3) | Percent of stockholders' equity | Days to extended maturity | |||||||||||||||||||||||||||||||||||||
| Goldman Sachs Bank | $ | 500,000 | $ | 499,717 | $ | 502,259 | $ | 370,474 | $ | 131,785 | 12.3 | % | 2147 | |||||||||||||||||||||||||||||||
| Wells Fargo | 500,000 | 104,245 | 103,857 | 76,246 | 27,611 | 2.6 | % | 705 | ||||||||||||||||||||||||||||||||||||
| Barclays | 500,000 | — | — | — | — | — | % | 225 | ||||||||||||||||||||||||||||||||||||
| Bank of America | 200,000 | 181,739 | 180,890 | 145,453 | 35,437 | 3.3 | % | 157 | ||||||||||||||||||||||||||||||||||||
| Total / weighted average | $ | 1,700,000 | $ | 785,701 | $ | 787,006 | $ | 592,173 | $ | 194,833 | 1473 | |||||||||||||||||||||||||||||||||
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(1)Loan amounts include interest receivable of $4.4 million and are net of premium, discount and origination fees of $3.1 million.
(2)Loan amounts include interest payable of $0.9 million and do not reflect unamortized deferred financing fees of $1.6 million.
(3)Loan amounts represent the net carrying value of the commercial real estate loans sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands):
| December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Secured credit agreements | Commitment amount | UPB of collateral | Amortized cost of collateral(1) | Amount payable(2) | Net counterparty exposure(3) | Percent of stockholders' equity | Days to extended maturity | |||||||||||||||||||||||||||||||||||||
| Goldman Sachs Bank | $ | 500,000 | $ | 485,557 | $ | 489,121 | $ | 261,705 | $ | 227,416 | 20.4 | % | 1327 | |||||||||||||||||||||||||||||||
| Wells Fargo | 500,000 | 295,833 | 295,815 | 226,028 | 69,787 | 6.3 | % | 1070 | ||||||||||||||||||||||||||||||||||||
| Barclays | 500,000 | 84,827 | 84,750 | 62,681 | 22,069 | 2.0 | % | 590 | ||||||||||||||||||||||||||||||||||||
| Bank of America | 200,000 | 50,824 | 51,089 | 35,899 | 15,190 | 1.4 | % | 522 | ||||||||||||||||||||||||||||||||||||
| Total / weighted average | $ | 1,700,000 | $ | 917,041 | $ | 920,775 | $ | 586,313 | $ | 334,462 | 1100 | |||||||||||||||||||||||||||||||||
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(1)Loan amounts include interest receivable of $5.2 million and are net of premium, discount and origination fees of $1.4 million.
(2)Loan amounts include interest payable of $1.3 million and do not reflect unamortized deferred financing fees of $0.8 million.
(3)Loan amounts represent the net carrying value of the commercial real estate loans sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
Secured Revolving Credit Facility
On February 22, 2022, the Company closed a $250.0 million secured revolving credit facility with a syndicate of five lenders. During the fourth quarter of 2022, an additional lender was added to the facility, increasing the borrowing capacity to $290.0 million. During the first quarter of 2025, the Company amended the facility to extend the maturity by three years and increased the borrowing capacity to $375.0 million with a syndicate of seven lenders. In connection with the amendment, the Company incurred $3.4 million of deferred financing costs, including issuance and legal related costs. This facility has a maturity of February 13, 2028, an interest rate of Term SOFR plus 2.00% that is payable monthly in arrears, and an unused fee of 15 or 20 basis points, depending upon whether utilization exceeds 50.0%. During the year ended December 31, 2025 and 2024, the weighted average unused fee was 19 and 20 basis points, respectively. The facility generally provides the Company with interim financing of eligible loans for up to 180 days at an initial advance rate of 75.0%, which declines to 65.0%, 45.0%, and 0.0% after 90, 135, and 180 days from initial borrowing, respectively, depending on the likely source of refinancing. This facility is 100% recourse to Holdco.
As of December 31, 2025, the Company pledged one loan investment with a collateral principal balance of $82.0 million and had outstanding Term SOFR-based borrowings of $31.5 million. As of December 31, 2024, the Company pledged one loan investment with a collateral principal balance of $115.5 million and had outstanding Term SOFR-based borrowings of $86.6 million.
Asset-Specific Financing Arrangements
On December 5, 2023, the Company closed a $90.6 million asset-specific financing facility with HSBC Bank USA, National Association ("HSBC Facility"). On September 26, 2024, the Company added an additional loan to the loan financing facility, increasing the total facility size by $72.0 million. On September 26, 2025, the Company closed a $76.1 million asset-specific financing arrangement on the HSBC Facility. On November 17, 2025, the Company repaid the $76.1 million arrangement as a result of contributing collateral into TRTX 2025-FL7 and closed a $31.1 million asset-specific financing arrangement on the HSBC Facility. The facility provides asset-specific financing on a non-mark-to-market, matched term basis. This facility is 20% recourse to Holdco. The advance rate and borrowing rate are determined separately for each loan financed under the facility.
On June 30, 2022, the Company closed a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility"). The facility provides asset-specific financing on a non-mark-to-market, matched term basis. This facility is 25% recourse to Holdco. The advance rate and borrowing rate are determined separately for each loan financed under the facility.
On November 17, 2022, the Company closed a $23.3 million asset-specific financing arrangement with Customers Bank. The arrangement is non-mark-to-market, matched term, and non-recourse.
The following table details the Company's asset-specific financing arrangements (dollars in thousands):
| December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing | Collateral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset-specific financing | Count | Commitment amount | Outstanding principal balance | Carrying value(1) | Wtd. avg. spread(2) | Wtd. avg. term(3) | Count | Outstanding principal balance | Amortized cost | Wtd. avg. term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| HSBC Facility | 1 | $ | 31,125 | $ | 31,125 | $ | 30,670 | 1.9 | % | 4.7 | 1 | $ | 41,500 | $ | 41,132 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||
| BMO Facility | 1 | 200,000 | 29,110 | 29,110 | 2.0 | % | 1.7 | 1 | 40,963 | 40,963 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total / weighted average | $ | 231,125 | $ | 60,235 | $ | 59,780 | 1.9 | % | 3.3 years | $ | 82,463 | $ | 82,095 | 3.3 years | ||||||||||||||||||||||||||||||||||||||||||||||||
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(1)Net of $0.5 million unamortized deferred financing costs.
(2)Collateral loan assets and related financings are indexed to Term SOFR.
(3)Borrowings are term-matched to the corresponding collateral loan asset. The weighted average term assumes all extension options of the collateral loan assets are exercised by the borrower.
As a result of contributing collateral into TRTX 2025-FL7 upon its issuance during the year ended December 31, 2025, the Company repaid $76.1 million of borrowings under the HSBC Facility asset-specific financing arrangement. Additionally, the Company accelerated $0.1 million of unamortized deferred financing costs related to this arrangement within interest expense in its consolidated statements of income (loss) and comprehensive income (loss). See Note 5 for details regarding the Company's issuance of TRTX 2025-FL7.
As a result of contributing collateral into TRTX 2025-FL6 upon its issuance during the year ended December 31, 2025, the Company repaid $157.4 million of borrowings under the HSBC Facility and Customers Bank asset-specific financing arrangements. Additionally, the Company accelerated $0.6 million of unamortized deferred financing costs related to these arrangements within interest expense in its consolidated statements of income (loss) and comprehensive income (loss). See Note 5 for details regarding the Company's issuance of TRTX 2025-FL6.
The following table details the Company's asset-specific financing arrangements (dollars in thousands):
| December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing | Collateral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset-specific financing | Count | Commitment amount | Outstanding principal balance | Carrying value(1) | Wtd. avg. spread(2) | Wtd. avg. term(3) | Count | Outstanding principal balance | Amortized cost | Wtd. avg. term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| HSBC Facility | 1 | $ | 144,114 | $ | 136,011 | $ | 135,451 | 2.0 | % | 3.6 | 3 | $ | 188,995 | $ | 187,958 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||
| BMO Facility | 1 | 200,000 | 29,110 | 29,046 | 2.0 | % | 2.7 | 1 | 38,468 | 38,365 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Customers Bank | 1 | 23,250 | 21,379 | 21,244 | 2.5 | % | 2.7 | 1 | 29,417 | 29,346 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Total / weighted average | $ | 367,364 | $ | 186,500 | $ | 185,741 | 2.1 | % | 3.4 years | $ | 256,880 | $ | 255,669 | 3.4 years | ||||||||||||||||||||||||||||||||||||||||||||||||
(1)Net of $0.8 million unamortized deferred financing costs.
(2)Collateral loan assets and related financings are indexed to Term SOFR.
(3)Borrowings are term-matched to the corresponding collateral loan asset. The weighted average term assumes all extension options of the collateral loan assets are exercised by the borrower.
Mortgage Loan Payable
The Company, through a wholly owned special purpose subsidiary, is the borrower under a $31.2 million, non-recourse mortgage loan secured by a deed of trust against an REO asset. The first mortgage loan was provided by an institutional lender, has an interest-only term of five years with a maturity of July 6, 2028 and bears interest at a rate of 7.7%. As of December 31, 2025 and December 31, 2024, the carrying value of the loan was $30.8 million and $30.7 million, respectively.
Financial Covenant Compliance
Our financial covenants and guarantees for outstanding borrowings related to our secured financing agreements require Holdco to maintain compliance with the following financial covenants (among others):
| Financial Covenant | Current | |||||||
| Cash Liquidity | Minimum cash liquidity of no less than the greater of: $15.0 million; and 5.0% of Holdco’s recourse indebtedness. | |||||||
| Tangible Net Worth | $1.0 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense), minus 75% of the redeemed or repurchased preferred or redeemable equity or stock. With respect to the Secured Revolving Credit Facility and HSBC Facility, $0.8 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense) after September 30, 2024, minus 75% of the redeemed or repurchased preferred or redeemable equity or stock after September 30, 2024. | |||||||
| Debt-to-Equity | Debt-to-Equity ratio not to exceed 4.25 to 1.0. | |||||||
| Interest Coverage | Minimum interest coverage ratio of no less than 1.4 to 1.0, effective June 30, 2023. Previously, 1.5 to 1.0. | |||||||
Investment Portfolio Financing Financial Covenant Compliance
The Company was in compliance with all financial covenants for its investment portfolio financing arrangements to the extent of outstanding balances as of December 31, 2025 and December 31, 2024, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 19, 2020 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.