TRTX on NYSE
TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG.3 From its latest annual report
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Last updated Oct 19, 2026.
Overview
- TickerTRTX on NYSE1
- IndustryReal Estate Investment Trusts1
- HeadquartersSan Francisco, California1
- Incorporated inMD2
- Business addressC/O Tpg Capital, L.P., 345 California Street, Suite 3300, San Francisco, Ca 941042
- Filer categoryAccelerated filer2
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TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG. Our principal executive offices are located at 888 Seventh Avenue, 35 th Floor, New York, New York 10106. We are organized as a holding company and conduct our operations primarily through TPG RE Finance Trust Holdco, LLC (“Holdco”), a wholly owned Delaware limited liability company, and Holdco’s direct and indirect subsidiaries. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion or exemption from registration under th…3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $290.2M | $307.1M | $362.6M |
| Interest expense | -$186.5M | -$198.9M | -$273.9M |
| Net interest income | $103.8M | $108.3M | $88.7M |
| Other income, net | $8.1M | $14.1M | $19.9M |
| Revenue from real estate owned operations | $34.3M | $30.7M | $7.8M |
| Total other revenue | $42.3M | $44.8M | $27.7M |
| Professional fees | $5.8M | $5.8M | $6.7M |
| General and administrative | $4.3M | $4.3M | $3.8M |
| Stock compensation expense | $9.8M | $6.4M | $8.0M |
| Servicing and asset management fees | $1.8M | $1.9M | $1.4M |
| Management fee | $20.9M | $20.2M | $22.4M |
| Expenses from real estate owned operations | $35.9M | $35.6M | $7.5M |
| Total other expenses | $78.5M | $74.2M | $49.9M |
| Gain on sale of real estate owned, net | $7.0M | $0 | $7.0M |
| Credit loss expense, net | -$13.9M | -$4.1M | -$189.9M |
| Income (loss) before income taxes | $60.7M | $74.7M | -$116.4M |
| Income tax expense, net | -$378.0K | -$399.0K | -$259.0K |
| Net income (loss) | $60.3M | $74.3M | -$116.6M |
| Preferred stock dividends and participating securities' share in earnings | -$14.8M | -$14.7M | -$14.3M |
| Net income (loss) attributable to common stockholders | $45.5M | $59.7M | -$130.9M |
| Earnings per common share, basic (in USD per share) | $0.57 | $0.75 | -$1.69 |
| Earnings per common share, diluted (in USD per share) | $0.57 | $0.75 | -$1.69 |
| Basic (in shares) | 79.3M shares | 79.8M shares | 77.6M shares |
| Diluted (in shares) | 79.4M shares | 79.9M shares | 77.6M shares |
| Comprehensive net income (loss) | $60.3M | $74.3M | -$116.6M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $87.6M | $190.2M | ||
| Restricted cash | $654.0K | $323.0K | ||
| Accounts receivable | $0 | $10.0K | ||
| Collateralized loan obligation proceeds held at trustee | $4.0M | $0 | ||
| Accounts receivable from servicer/trustee | $717.0K | $369.0K | ||
| Accrued interest and fees receivable | $28.4M | $27.3M | ||
| Loans held for investment | $4.1B | $3.3B | ||
| Allowance for credit losses | -$74.5M | -$61.6M | ||
| Loans held for investment, net | $4.0B | $3.2B | ||
| Real estate owned, net | $224.4M | $256.4M | ||
| Other assets | $31.9M | $39.9M | ||
| Accrued interest payable | $6.8M | $6.7M | ||
| Accrued expenses and other liabilities | $15.9M | $15.1M | ||
| Secured financing agreements, net | $618.5M | $670.7M | ||
| Payable to affiliates | $5.3M | $5.1M | ||
| Deferred revenue | $1.9M | $1.7M | ||
| Dividends payable | $19.4M | $20.0M | $19.2M | |
| 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) | $78.0K | $81.0K | ||
| Additional paid-in-capital | $1.7B | $1.7B | ||
| Accumulated deficit | -$672.6M | -$617.2M | ||
| Total stockholders' equity | $1.1B | $1.1B | $1.1B | $1.3B |
| Total liabilities and stockholders' equity | $4.4B | $3.7B | ||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 302.5M shares | 302.5M shares | ||
| Common stock, issued (in shares) | 78.3M shares | 81.0M shares | ||
| Common stock, shares outstanding (in shares) | 78.3M shares | 81.0M shares | ||
| Total assets | $4.4B | $3.7B | ||
| Total liabilities | $3.3B | $2.6B | ||
| Expected loss reserve for unfunded loan commitments | $2.9M | $2.4M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $87.6M | $190.2M | ||
| Restricted cash | $654.0K | $323.0K | ||
| Accounts receivable | $0 | $10.0K | ||
| Collateralized loan obligation proceeds held at trustee | $4.0M | $0 | ||
| Accounts receivable from servicer/trustee | $717.0K | $369.0K | ||
| Accrued interest and fees receivable | $28.4M | $27.3M | ||
| Loans held for investment | $4.1B | $3.3B | ||
| Allowance for credit losses | -$74.5M | -$61.6M | ||
| Loans held for investment, net | $4.0B | $3.2B | ||
| Real estate owned, net | $224.4M | $256.4M | ||
| Other assets | $31.9M | $39.9M | ||
| Accrued interest payable | $6.8M | $6.7M | ||
| Accrued expenses and other liabilities | $15.9M | $15.1M | ||
| Secured financing agreements, net | $618.5M | $670.7M | ||
| Payable to affiliates | $5.3M | $5.1M | ||
| Deferred revenue | $1.9M | $1.7M | ||
| Dividends payable | $19.4M | $20.0M | $19.2M | |
| 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) | $78.0K | $81.0K | ||
| Additional paid-in-capital | $1.7B | $1.7B | ||
| Accumulated deficit | -$672.6M | -$617.2M | ||
| Total stockholders' equity | $1.1B | $1.1B | $1.1B | $1.3B |
| Total liabilities and stockholders' equity | $4.4B | $3.7B | ||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Common stock, authorized (in shares) | 302.5M shares | 302.5M shares | ||
| Common stock, issued (in shares) | 78.3M shares | 81.0M shares | ||
| Common stock, shares outstanding (in shares) | 78.3M shares | 81.0M shares | ||
| Total assets | $4.4B | $3.7B | ||
| Total liabilities | $3.3B | $2.6B | ||
| Expected loss reserve for unfunded loan commitments | $2.9M | $2.4M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $60.3M | $74.3M | -$116.6M |
| Amortization and accretion of premiums, discounts and loan origination fees, net | -$4.7M | -$6.1M | -$12.0M |
| Amortization of deferred financing costs and debt issuance discount | $6.5M | $8.0M | $13.4M |
| Depreciation and amortization | $12.7M | $16.0M | $3.6M |
| Amortization of above and below-market leases | -$94.0K | -$255.0K | -$524.0K |
| Accrued PIK interest | -$682.0K | -$360.0K | $0 |
| Collection of accrued PIK interest | $0 | $1.2M | $542.0K |
| Gain on sale of real estate owned, net | -$7.0M | $0 | -$7.0M |
| Stock compensation expense | $9.8M | $6.4M | $8.0M |
| Increase of allowance for credit losses, net (see Note 3) | $13.9M | $4.1M | $189.9M |
| Accounts receivable | -$338.0K | $71.0K | $626.0K |
| Accrued interest and fees receivable | -$1.6M | $4.7M | $10.8M |
| Accrued expenses and other liabilities | $114.0K | -$3.2M | $4.0M |
| Accrued interest payable | $96.0K | -$3.6M | -$855.0K |
| Payable to affiliates | $163.0K | $198.0K | -$1.1M |
| Deferred revenue | $196.0K | $463.0K | -$178.0K |
| Other assets | $947.0K | $10.1M | -$12.5M |
| Net cash provided by operating activities | $90.4M | $112.1M | $80.1M |
| Origination and acquisition of loans held for investment | -$1.8B | -$495.0M | -$194.7M |
| Advances on loans held for investment | -$41.9M | -$40.7M | -$140.5M |
| Principal repayments of loans held for investment | $983.9M | $887.1M | $1.1B |
| Capital expenditures related to real estate owned | -$6.1M | -$5.3M | -$5.4M |
| Cash assumed from conversion of loans held for investment to real estate owned | $0 | $1.6M | $0 |
| Sale of real estate owned | $39.4M | $0 | $75.4M |
| Sales of loans held for investment | $0 | $92.8M | $247.6M |
| Net cash (used in) provided by investing activities | -$789.7M | $440.5M | $1.1B |
| Payments on collateralized loan obligations | -$1.0B | -$237.5M | -$541.4M |
| Proceeds from collateralized loan obligations | $1.9B | $0 | $0 |
| Proceeds from asset-specific financing arrangements | $107.2M | $71.7M | $94.9M |
| Payment of deferred financing costs | -$21.5M | -$1.7M | -$3.6M |
| Payment of costs from warrant exercise and issuance of common stock | $0 | -$177.0K | $0 |
| Payments to retire common stock | -$25.3M | -$37.0K | $0 |
| Payments of costs from issuance of common stock | -$335.0K | $0 | $0 |
| Net cash provided by (used in) financing activities | $597.1M | -$569.2M | -$1.2B |
| Net change in cash, cash equivalents, and restricted cash | -$102.2M | -$16.5M | -$47.3M |
| Interest paid | $179.7M | $194.4M | $263.7M |
| Taxes paid | $290.0K | $260.0K | $371.0K |
| Collateralized loan obligation proceeds held at trustee | $4.0M | $0 | $247.2M |
| Principal repayments of loans held for investment held by servicer/trustee, net | $0 | $0 | $66.1M |
| Loan sale hold back | $0 | $0 | $30.0M |
| Conversion to real estate owned of loans held for investment - REO | $0 | $89.5M | $241.9M |
| Conversion to real estate owned of loans held for investment - Other assets | $0 | $1.9M | $31.6M |
| Conversion to real estate owned of loans held for investment - Other liabilities | $0 | $2.1M | $4.3M |
| Accrued deferred financing costs | $227.0K | $0 | $122.0K |
| Accrued capital expenditures related to real estate owned | $990.0K | $298.0K | $315.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led TPG RE Finance Trust, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
20202025
- Chief executive officerDoug Bouquard Apr 25, 2022 to now12
- Chief executive officerGreta Guggenheim Jul 19, 2017 to Dec 18, 202013
- PresidentMatthew Coleman Jul 21, 2021 to now14
- PresidentGreta Guggenheim Jul 19, 2017 to Dec 18, 202013
- Chief financial officerRobert Foley Jul 19, 2017 to now15
Board members and other officers (13)
- Chief Accounting OfficerBrandon C. Fox Feb 7, 2022 to now16
- Vice President & SecretaryDeborah J. Ginsberg Jul 19, 2017 to Dec 19, 202317
- Vice PresidentMatthew Coleman Jul 19, 2017 to Mar 6, 202018
- Board memberEdward J. Goldthorpe Oct 23, 2025 to now19
- Board memberDoug Bouquard Apr 25, 2022 to now12
- Board memberJulie Hong Clayton Jul 12, 2022 to now20
- Board memberTodd Schuster Jul 22, 2020 to now21
- Board memberAvi Banyasz Jul 19, 2017 to now22
- Board memberGregory White Jul 19, 2017 to Dec 30, 202423
- Board memberGreta Guggenheim Jul 19, 2017 to Dec 18, 202013
- Board memberKelvin L. Davis Jul 19, 2017 to Dec 21, 202124
- Board memberMichael Gillmore Jul 19, 2017 to now25
- Board memberWendy Silverstein Jul 19, 2017 to now26
Timeline
Filings
310 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 53 major events, 193 insider forms, 25 large holders, 19 other. The latest 20:
- Oct 6, 20268-K EDGAR
- Jul 31, 2026SCHEDULE 13G EDGAR
- Jul 30, 2026SCHEDULE 13G/A EDGAR
- Jul 28, 20268-K EDGAR
- Jul 28, 202610-Q EDGAR
- Jul 28, 20264 EDGAR
- Jul 28, 20264 EDGAR
- Jul 28, 20264 EDGAR
- Jul 28, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jul 2, 20264 EDGAR
- Jun 1, 20268-K EDGAR
- May 21, 20268-K EDGAR
- May 15, 20268-K EDGAR
- Apr 28, 20268-K EDGAR
- Apr 28, 202610-Q EDGAR
- Apr 28, 20264 EDGAR
The 310 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
5 open-market trades by officers, directors and large owners since October 2021: 2 buys and 3 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 8, 2024 | STARWOOD CAPITAL GROUP GLOBAL II, L.P.10% owner | Sale | 9,352,941 | $8.84 | $82.7M | Form 4 |
| May 8, 2024 | Starwood XI Management, L.P.10% owner | Sale | 9,352,941 | $8.84 | $82.7M | Form 4 |
| Nov 21, 2022 | Foley RobertChief Financial Officer | Buy | 10,000 | $7.05 | $70.5K | Form 4 |
| Nov 16, 2022 | Ginsberg Deborah J.See Remarks (3) | Buy | 13,800 | $7.19 | $99.2K | Form 4 |
| Jan 20, 2022 | Flourish Investment Corp10% owner | Sale | 1,000,000 | $12.34 | $12.3M | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Jul 31, 202627
- BlackRockSCHEDULE 13G/A, 1 filing Jul 30, 202628
- GRATIA CAPITAL, LLCSCHEDULE 13D/A, 2 filings Jan 8, 2026 to Apr 21, 202629
- VANGUARD GROUP INCSCHEDULE 13G/A, 6 filings Feb 10, 2022 to Mar 27, 202630
- TPG GP A, LLCSCHEDULE 13G/A, 2 filings Feb 14, 2022 to Nov 14, 202531
- State of New Jersey Common Pension Fund ESCHEDULE 13G/A, 2 filings Oct 16, 202532
- Long Pond Capital, LPSCHEDULE 13G, 1 filing Feb 13, 202533
- CAREIT US INVESTMENTS LPSC 13G/A, 1 filing Nov 14, 202434
- CHINA INVESTMENT CORPSC 13G/A, 3 filings Jan 25, 2022 to Nov 8, 202435
- STARWOOD CAPITAL GROUP GLOBAL II, L.P.SC 13D/A, 1 filing May 10, 202436
- Nan Shan Life Insurance Co., Ltd.SC 13G/A, 1 filing Feb 14, 202437
- Of Michigan Retirement System StateSC 13G, 1 filing Feb 8, 202238
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Long Pond Capital, LP | 7,029,102 | $58.8M | 6.2% | No change |
| BlackRock, Inc. | 6,497,688 | $54.4M | 0.0% | +226,588 |
| Vanguard Capital Management LLC | 3,352,835 | $28.1M | 0.0% | +129,803 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 3,286,960 | $27.5M | 0.0% | +105,664 |
| State of New Jersey Common Pension Fund A | 3,149,148 | $26.4M | 11.8% | No change |
| Tpg Gp A, LLC | 2,392,863 | $20.0M | 0.4% | No change |
| Gratia Capital, LLC | 2,067,333 | $17.3M | 19.9% | −634,416 |
| Geode Capital Management, LLC | 1,955,268 | $16.4M | 0.0% | +111,965 |
| State Street Corp | 1,836,490 | $15.8M | 0.0% | −60,949 |
| Goldman Sachs Group Inc | 1,516,270 | $12.7M | 0.0% | +315,085 |
| Two Sigma Investments, LP | 1,458,255 | $12.2M | 0.0% | −416,874 |
| Qube Research & Technologies Ltd | 1,284,388 | $10.8M | 0.0% | −329,099 |
| Arrowstreet Capital, Limited Partnership | 1,268,465 | $10.6M | 0.0% | +338,899 |
| Citigroup Inc | 1,194,111 | $10.0M | 0.0% | +3,326 |
| Morgan Stanley | 1,186,018 | $9.9M | 0.0% | +219,163 |
| One William Street Capital Management, L.P. | 1,070,000 | $9.0M | 21.2% | No change |
| Charles Schwab Investment Management Inc | 1,062,115 | $8.9M | 0.0% | −72,737 |
| Fmr LLC | 861,520 | $7.2M | 0.0% | +141,690 |
| Van Eck Associates Corp | 816,098 | $6.8M | 0.0% | +69,463 |
| Northern Trust Corp | 746,004 | $6.2M | 0.0% | +73,976 |
| Dimension Capital Management LLC | 724,317 | $6.1M | 0.7% | +3,720 |
| Wellington Management Group Llp | 712,440 | $6.0M | 0.0% | −1,180 |
| Jpmorgan Chase & Co | 680,786 | $5.8M | 0.0% | +224,716 |
| UBS Group AG | 684,218 | $5.7M | 0.0% | +88,582 |
| Balyasny Asset Management L.P. | 632,035 | $5.3M | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARMatthew Coleman, President
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- 18SEC EDGARMatthew Coleman, Vice President
- 19SEC EDGAREdward J. Goldthorpe, Board member
- 20SEC EDGARJulie Hong Clayton, Board member
- 21SEC EDGARTodd Schuster, Board member
- 22SEC EDGARAvi Banyasz, Board member
- 23SEC EDGARGregory White, Board member
- 24SEC EDGARKelvin L. Davis, Board member
- 25SEC EDGARMichael Gillmore, Board member
- 26SEC EDGARWendy Silverstein, Board member
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