TPG RE Finance Trust Inc
NYSE:TRTX
TPG RE Finance Trust Inc
TPG RE Finance Trust, Inc. is a holding company, which engages in the provision of commercial real estate finance services. The company is headquartered in San Francisco, California. The company went IPO on 2017-07-20. The firm is a holding company and conduct its operations primarily through its subsidiary, TPG RE Finance Trust Holdco, LLC (Holdco). The Company’s principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate related assets, consisting primarily of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States. Its loans held for investment consist of bridge, light transitional, moderate transitional and construction floating rate loans. These loan categories are utilized by it to classify, define, and assess its loan investments. Its portfolio consists approximately 69 loans, which are held for investment. The company owns approximately 10 acres parcel of undeveloped land near the north end of the Las Vegas Strip (the REO Property).
TPG RE Finance Trust, Inc. is a holding company, which engages in the provision of commercial real estate finance services. The company is headquartered in San Francisco, California. The company went IPO on 2017-07-20. The firm is a holding company and conduct its operations primarily through its subsidiary, TPG RE Finance Trust Holdco, LLC (Holdco). The Company’s principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate related assets, consisting primarily of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States. Its loans held for investment consist of bridge, light transitional, moderate transitional and construction floating rate loans. These loan categories are utilized by it to classify, define, and assess its loan investments. Its portfolio consists approximately 69 loans, which are held for investment. The company owns approximately 10 acres parcel of undeveloped land near the north end of the Las Vegas Strip (the REO Property).
Strong Origination Activity: TRTX closed $1.9 billion of new loans in 2025, with Q4 representing one of its most active quarters since inception.
Asset Growth: Net assets grew 25% year-over-year, from $3.3 billion to $4.1 billion.
Dividend Coverage: Distributable earnings of $0.97 per share exceeded the annual dividend of $0.96 per share for the second year in a row.
Portfolio Quality: The loan portfolio remained 100% performing at year-end, with stable risk ratings.
Book Value Decline: Book value per share fell slightly to $11.07 from $11.25 quarter-over-quarter.
Liability Structure Improvement: 82% of liabilities are now non-mark-to-market, up from 77%, and cost of funds declined to 1.82%.
Positive Outlook: Management expects robust origination activity in 2026, targeting higher leverage and continued focus on multifamily and industrial sectors.
