TRTX on NYSE
TPG RE Finance Trust, Inc.
In its 2026 annual report the company says: “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. We are organized as a holding company and conduct our operations primarily through TPG RE Finance Trust Holdco, LLC, a wholly owned Delaware limited liability company, and Holdco’s direct and indirect subsidiaries.”4 It is headquartered in San Francisco, California.1 Its shares trade on NYSE under the symbol TRTX.1
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Last updated Oct 21, 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…4 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.9
| 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.9
| 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.9
| 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.
Corporate structure
TPG RE Finance Trust, Inc. sits at the top of its group. 84 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of TPG RE Finance Trust, Inc.
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on TPG RE Finance Trust, Inc., latest Jul 31, 2026
- BlackRock Filed SCHEDULE 13G/A on TPG RE Finance Trust, Inc., latest Jul 30, 2026 (5 filings since Feb 3, 2022)
- GRATIA CAPITAL, LLC Filed SCHEDULE 13D/A on TPG RE Finance Trust, Inc., latest Apr 21, 2026 (2 filings since Jan 8, 2026)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on TPG RE Finance Trust, Inc., latest Mar 27, 2026 (6 filings since Feb 10, 2022)
- TPG GP A, LLC Filed SCHEDULE 13G/A on TPG RE Finance Trust, Inc., latest Nov 14, 2025 (2 filings since Feb 14, 2022)
- State of New Jersey Common Pension Fund E Filed SCHEDULE 13G/A on TPG RE Finance Trust, Inc., latest Oct 16, 2025 (2 filings since Oct 16, 2025)
- Long Pond Capital, LP Filed SCHEDULE 13G on TPG RE Finance Trust, Inc., latest Feb 13, 2025
- CAREIT US INVESTMENTS LP Filed SC 13G/A on TPG RE Finance Trust, Inc., latest Nov 14, 2024
- China Investment Corporation Filed SC 13G/A on TPG RE Finance Trust, Inc., latest Nov 8, 2024 (3 filings since Jan 25, 2022)
- STARWOOD CAPITAL GROUP GLOBAL II, L.P. Filed SC 13D/A on TPG RE Finance Trust, Inc., latest May 10, 2024
- Nan Shan Life Insurance Co., Ltd. Filed SC 13G/A on TPG RE Finance Trust, Inc., latest Feb 14, 2024
- STATE OF MICHIGAN RETIREMENT SYSTEM Filed SC 13G on TPG RE Finance Trust, Inc., latest Feb 8, 2022
- TPG RE Finance Trust, Inc. San Francisco, California
- 1825 Park Avenue Acquisition Co., LLC Subsidiary · Delaware, United States
- 1825 Park Avenue MRT Co., LLC Subsidiary · Delaware, United States
- City Boulevard West Acquisition Co, LLC Subsidiary · Delaware, United States
- City Boulevard West Acquisition HoldCo, LLC Subsidiary · Delaware, United States
- El Camino Real Acquisition Co., LLC Subsidiary · Delaware, United States
- El Camino Real Acquisition HoldCo, LLC Subsidiary · Delaware, United States
- Grove Acquisition Co. 2024, LLC Subsidiary · Delaware, United States
- Grove Acquisition HoldCo 2024, LLC Subsidiary · Delaware, United States
- Houston Office Acquisition 2022 Co., LLC Subsidiary · Delaware, United States
- Las Vegas Land Acquisition 2020 Co., LLC Subsidiary · Delaware, United States
- One Bay Gap Finance Co., LLC Subsidiary · Delaware, United States
- Payton Place Acquisition Co., LLC Subsidiary · Delaware, United States
- San Antonio Acquisition Co. 2024, LLC Subsidiary · Delaware, United States
- SB 3401 Payton Place, LLC Subsidiary · Delaware, United States
- Silicon Beach Acquisition Co., LLC Subsidiary · Delaware, United States
- TPG RE Finance 1, Ltd. Subsidiary · Cayman Islands
- TPG RE Finance 10, LLC Subsidiary · Delaware, United States
- TPG RE Finance 11, Ltd. Subsidiary · Cayman Islands
- TPG RE Finance 12, Ltd. Subsidiary · Cayman Islands
- TPG RE Finance 13, Ltd. Subsidiary · Cayman Islands
- TPG RE Finance 14, Ltd. Subsidiary · Cayman Islands
- TPG RE Finance 15, LLC Subsidiary · Delaware, United States
- TPG RE Finance 16, LLC Subsidiary · Delaware, United States
- TPG RE Finance 17, LLC Subsidiary · Delaware, United States
- TPG RE Finance 18, LLC Subsidiary · Delaware, United States
- and 58 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What TPG RE Finance Trust, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Real estate and locations
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $87.6M9 Dec 31, 2025 | $190.2M9 Dec 31, 2024 | −53.9% |
| Loans, net of allowance | $4.0B9 Dec 31, 2025 | $3.2B9 Dec 31, 2024 | +25.2% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finite-lived intangibles, gross | $31.0M9 Dec 31, 2025 | $35.5M9 Dec 31, 2024 | −12.6% |
| Accumulated amortization | $15.9M9 Dec 31, 2025 | $13.6M9 Dec 31, 2024 | +17.0% |
| Finite-lived intangibles, net | $15.1M9 Dec 31, 2025 | $21.9M9 Dec 31, 2024 | −30.9% |
Properties, in its own words
Our principal executive office is located in leased space at 888 Seventh Avenue, 35th Floor, New York, New York 10106. Our principal administrative office is located in leased space at 301 Commerce Street, 33rd Floor, Fort Worth, Texas 76102. We consider these facilities to be suitable and adequate for the management and operations of our business.
For an overview of our real estate investments, see Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investment Portfolio Overview.”
Item 2 of the 10-K filed Feb 17, 2026.4
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 now13
- Chief executive officerGreta Guggenheim Jul 19, 2017 to Dec 18, 202014
- PresidentMatthew Coleman Jul 21, 2021 to now15
- PresidentGreta Guggenheim Jul 19, 2017 to Dec 18, 202014
- Chief financial officerRobert Foley Jul 19, 2017 to now16
Board members and other officers (13)
- Chief Accounting OfficerBrandon C. Fox Feb 7, 2022 to now17
- Vice President & SecretaryDeborah J. Ginsberg Jul 19, 2017 to Dec 19, 202318
- Vice PresidentMatthew Coleman Jul 19, 2017 to Mar 6, 202019
- Board memberEdward J. Goldthorpe Oct 23, 2025 to now20
- Board memberDoug Bouquard Apr 25, 2022 to now13
- Board memberJulie Hong Clayton Jul 12, 2022 to now21
- Board memberTodd Schuster Jul 22, 2020 to now22
- Board memberAvi Banyasz Jul 19, 2017 to now23
- Board memberGregory White Jul 19, 2017 to Dec 30, 202424
- Board memberGreta Guggenheim Jul 19, 2017 to Dec 18, 202014
- Board memberKelvin L. Davis Jul 19, 2017 to Dec 21, 202125
- Board memberMichael Gillmore Jul 19, 2017 to now26
- Board memberWendy Silverstein Jul 19, 2017 to now27
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 1825 Park Avenue Acquisition Co., LLC Delaware3
- 1825 Park Avenue MRT Co., LLC Delaware3
- City Boulevard West Acquisition Co, LLC Delaware3
- City Boulevard West Acquisition HoldCo, LLC Delaware3
- El Camino Real Acquisition Co., LLC Delaware3
- El Camino Real Acquisition HoldCo, LLC Delaware3
- Grove Acquisition Co. 2024, LLC Delaware3
- Grove Acquisition HoldCo 2024, LLC Delaware3
- Houston Office Acquisition 2022 Co., LLC Delaware3
- Las Vegas Land Acquisition 2020 Co., LLC Delaware3
- One Bay Gap Finance Co., LLC Delaware3
- Payton Place Acquisition Co., LLC Delaware3
- SB 3401 Payton Place, LLC Delaware3
- San Antonio Acquisition Co. 2024, LLC Delaware3
- Silicon Beach Acquisition Co., LLC Delaware3
- TPG RE Finance 1, Ltd. Cayman Islands3
- TPG RE Finance 10, LLC Delaware3
- TPG RE Finance 11, Ltd. Cayman Islands3
- TPG RE Finance 12, Ltd. Cayman Islands3
- TPG RE Finance 13, Ltd. Cayman Islands3
- TPG RE Finance 14, Ltd. Cayman Islands3
- TPG RE Finance 15, LLC Delaware3
- TPG RE Finance 16, LLC Delaware3
- TPG RE Finance 17, LLC Delaware3
All 91 listed subsidiaries
- TPG RE Finance 18, LLC Delaware3
- TPG RE Finance 19, LLC Delaware3
- TPG RE Finance 2, Ltd. Cayman Islands3
- TPG RE Finance 20, Ltd. Cayman Islands3
- TPG RE Finance 2018 FL-1 Issuer, Ltd. Cayman Islands3
- TPG RE Finance 21, Ltd. Cayman Islands3
- TPG RE Finance 22, Ltd. Cayman Islands3
- TPG RE Finance 23, Ltd. Cayman Islands3
- TPG RE Finance 24, Ltd. Cayman Islands3
- TPG RE Finance 25, Ltd. Cayman Islands3
- TPG RE Finance 26, Ltd. Cayman Islands3
- TPG RE Finance 27, Ltd. Cayman Islands3
- TPG RE Finance 28, Ltd. Cayman Islands3
- TPG RE Finance 29, Ltd. Cayman Islands3
- TPG RE Finance 3, LLC Delaware3
- TPG RE Finance 30, Ltd. Cayman Islands3
- TPG RE Finance 4, LLC Delaware3
- TPG RE Finance 5, LLC Delaware3
- TPG RE Finance 6, LLC Delaware3
- TPG RE Finance 7, LLC Delaware3
- TPG RE Finance 8, LLC Delaware3
- TPG RE Finance 9, LLC Delaware3
- TPG RE Finance Pledgor 1, LLC Delaware3
- TPG RE Finance Pledgor 11, LLC Delaware3
- TPG RE Finance Pledgor 12, LLC Delaware3
- TPG RE Finance Pledgor 2, LLC Delaware3
- TPG RE Finance Pledgor 20, LLC Delaware3
- TPG RE Finance San Jose Mezzanine, LLC Delaware3
- TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC Delaware3
- TPG RE Finance Trust 2018-FL1 Retention Holder, LLC Delaware3
- TPG RE Finance Trust CLO Holdco TRS, LLC Delaware3
- TPG RE Finance Trust CLO Loan Seller, LLC Delaware3
- TPG RE Finance Trust CLO Sub-REIT Maryland3
- TPG RE Finance Trust CLO Sub-REIT Parent, LLC Delaware3
- TPG RE Finance Trust Equity, L.P. Delaware3
- TPG RE Finance Trust HoldCo, LLC Delaware3
- TPG RE Finance Trust Sub 1, LLC Delaware3
- TPG RE Finance Trust TRS Corp. Delaware3
- TPG RE Finance Trust, Inc. Maryland3
- TPG RE Finance, LLC Delaware3
- TPG RE Finance, Ltd. Cayman Islands3
- TRT Securities 1, LLC Delaware3
- TRT Securities 2, LLC Delaware3
- TRT Securities 3, LLC Delaware3
- TRT Securities 4, LLC Delaware3
- TRT Securities 5, LLC Delaware3
- TRTX 2018-FL2 Co-Issuer, LLC Delaware3
- TRTX 2018-FL2 Issuer, Ltd. Cayman Islands3
- TRTX 2018-FL2 Retention Holder, LLC Delaware3
- TRTX 2019-FL3 Co-Issuer, LLC Delaware3
- TRTX 2019-FL3 Issuer, Ltd. Cayman Islands3
- TRTX 2021-FL4 Co-Issuer, LLC Delaware3
- TRTX 2021-FL4 Issuer, Ltd. Cayman Islands3
- TRTX 2022-FL5 Co-Issuer, LLC Delaware3
- TRTX 2022-FL5 Issuer, Ltd. Cayman Islands3
- TRTX 2025-FL6 Co-Issuer, LLC Delaware3
- TRTX 2025-FL6 Issuer, Ltd. Cayman Islands3
- TRTX 2025-FL7 Co-Issuer, LLC Delaware3
- TRTX 2025-FL7 Issuer, Ltd. Cayman Islands3
- TRTX CLO Loan Seller 2, LLC Delaware3
- TRTX Master CLO Loan Seller, LLC Delaware3
- TRTX Master Retention Holder, LLC Delaware3
- Upshore Acquisition Co. 2024, LLC Delaware3
- Upshore Acquisition Co., LLC Delaware3
- Upshore Acquisition HoldCo 2024, LLC Delaware3
- Westlake Villas Acquisition Co. 2024, LLC Delaware3
- Westlake Villas Acquisition HoldCo 2024, LLC Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Oct 6, 20268-K Entered a material agreement; New debt or obligation28
- Jul 28, 20268-K Results of operations29
- Jun 1, 20268-K Regulation FD disclosure30
- May 21, 20268-K Shareholder vote31
- May 15, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure32
- Apr 28, 20268-K Results of operations33
- Mar 2, 20268-K Regulation FD disclosure34
- Feb 17, 20268-K Results of operations35
- Nov 21, 20258-K Entered a material agreement; New debt or obligation; Regulation FD disclosure36
- Nov 17, 20258-K Regulation FD disclosure37
- Oct 28, 20258-K Results of operations38
- Oct 23, 20258-K Executive or director change39
- Apr 25, 2022New chief executive Doug Bouquard becomes CEO13
- Jul 19, 2017New chief executive Greta Guggenheim becomes CEO14
Calendar
Coming up
- Nov 26, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.23 a share, on Oct 28, 2025.40
When it reported results
- Jul 28, 2026Reported quarterly or annual results29
- Apr 28, 2026Reported quarterly or annual results33
- Feb 17, 2026Reported quarterly or annual results35
- Oct 28, 2025Reported quarterly or annual results38
- Jul 29, 2025Reported quarterly or annual results41
- Apr 29, 2025Reported quarterly or annual results42
- Feb 18, 2025Reported quarterly or annual results43
- Oct 29, 2024Reported quarterly or annual results44
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
311 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 53 major events, 193 insider forms, 26 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 311 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, 202645
- BlackRockSCHEDULE 13G/A, 5 filings Feb 3, 2022 to Jul 30, 202646
- GRATIA CAPITAL, LLCSCHEDULE 13D/A, 2 filings Jan 8, 2026 to Apr 21, 202647
- VANGUARD GROUP INCSCHEDULE 13G/A, 6 filings Feb 10, 2022 to Mar 27, 202648
- TPG GP A, LLCSCHEDULE 13G/A, 2 filings Feb 14, 2022 to Nov 14, 202549
- State of New Jersey Common Pension Fund ESCHEDULE 13G/A, 2 filings Oct 16, 202550
- Long Pond Capital, LPSCHEDULE 13G, 1 filing Feb 13, 202551
- CAREIT US INVESTMENTS LPSC 13G/A, 1 filing Nov 14, 202452
- China Investment CorporationSC 13G/A, 3 filings Jan 25, 2022 to Nov 8, 202453
- STARWOOD CAPITAL GROUP GLOBAL II, L.P.SC 13D/A, 1 filing May 10, 202454
- Nan Shan Life Insurance Co., Ltd.SC 13G/A, 1 filing Feb 14, 202455
- Of Michigan Retirement System StateSC 13G, 1 filing Feb 8, 202256
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Doug BouquardChief Executive Officer | 45 | $3.9M57 | |
| 2025 | Robert FoleyFormer Chief Financial Officer | $84.4K | $1.3M57 | |
| 2025 | Matthew ColemanPresident | 49 | $515.6K57 | |
| 2025 | Brandon FoxInterim Chief Financial Officer and Chief Accounting Officer | 46 | $21.9K | $293.3K57 |
| 2024 | Doug BouquardChief Executive Officer | 45 | $3.5M57 | |
| 2024 | Robert FoleyFormer Chief Financial Officer | $112.5K | $1.4M57 | |
| 2024 | Matthew ColemanPresident | 49 | $376.3K57 | |
| 2024 | Brandon FoxInterim Chief Financial Officer and Chief Accounting Officer | 46 | $200.7K57 | |
| 2023 | Doug BouquardChief Executive Officer | 45 | $2.6M57 | |
| 2023 | Robert FoleyFormer Chief Financial Officer | $101.7K | $1.4M57 | |
| 2023 | Matthew ColemanPresident | 49 | $274.3K57 | |
| 2023 | Brandon FoxInterim Chief Financial Officer and Chief Accounting Officer | 46 | $137.1K57 |
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.
SEC filer profile
How TPG RE Finance Trust, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARTPG RE Finance Trust, Inc.1
- CIK0001630472
- Employer ID (EIN)36-47969674
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inMaryland4
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business addressC/O Tpg Capital, L.P., 345 California Street, Suite 3300, San Francisco, CA 941041
- Phone415-743-15001
- Shares outstanding77,308,209 as of Apr 24, 202611
- Public float$553.4M as of Jun 30, 20254
- AuditorDeloitte & Touche LLP, Dallas, Texas PCAOB ID 34; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceJan 30, 20151
- Filings582 in all: 4 (311), 8-K (96), 10-Q (28), 3 (23), SC 13G/A (19), SC 13G (15), CORRESP (10), 10-K (9)1
All 35 form types
DEF 14A (9), DEFA14A (9), 424B5 (7), SCHEDULE 13G/A (6), ARS (4), S-11/A (4), SCHEDULE 13G (4), UPLOAD (3), 10-K/A (2), 4/A (2), 8-A12B (2), EFFECT (2), S-3ASR (2), S-8 (2), 3/A (1), 424B4 (1), 424B7 (1), CERT (1), CERTNYS (1), D (1), FWP (1), S-11 (1), S-3 (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)
- Latest filingsAnnual report (10-K) Feb 17, 2026
Quarterly report (10-Q) Jul 28, 2026
Proxy statement (DEF 14A) Apr 8, 2026
Latest 8-K (8-K) Oct 6, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | TRTX | New York Stock Exchange |
| 6.25% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share | TRTX PRC | New York Stock Exchange |
From the cover page of the 10-K filed Feb 17, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks TPG RE Finance Trust, Inc. names in Item 1A of its 10-K filed Feb 17, 2026: 73 risks under these headings, as written.4
- Risks Related to Our Lending and Investment Activities
- Risks Related to Our Financing
- Risks Related to Our Relationship with Our Manager and its Affiliates
- Risks Related to Our Company
- Risks Related to our REIT Status and Certain Other Tax Items
- Risks Related to Our Common Stock
- General Risks
- Our success depends on the availability of attractive investment opportunities and our Manager’s ability to identify, structure, consummate, leverage, manage and realize returns on our investments.
- Our commercial mortgage loans and other commercial real estate-related debt instruments expose us to risks associated with real estate investments generally.
- Commercial real estate debt instruments that are secured or otherwise supported, directly or indirectly, by commercial property are subject to delinquency, foreclosure and loss, which could materially and adversely affect us.
- We originate and acquire transitional loans, which involves greater risk of loss than stabilized commercial mortgage loans.
- There can be no assurances that the U.S. or global financial systems will remain stable, and the occurrence of another significant credit market disruption may negatively impact our ability to execute our investment strategy, which would materially and adversely affect us.
The other 68 risks
- Difficulty in redeploying the proceeds from repayments of our existing loans and other investments could materially and adversely affect us.
- If we are unable to successfully integrate new assets and manage our growth, our results of operations and financial condition may suffer.
- We operate in a competitive market for the origination and acquisition of attractive investment opportunities and competition may limit our ability to originate or acquire attractive investments in our target assets, which could have a material adverse effect on us.
- The due diligence process undertaken by our Manager in regard to our investment opportunities may not reveal all facts relevant to an investment and, as a result, we may experience losses, which could materially and adversely affect us.
- Interest rate fluctuations have decreased and in the future could significantly decrease our ability to generate income on our investments, which could materially and adversely affect us.
- Prepayment and extension rates may adversely affect our financial performance and cash flows and the value of certain of our investments.
- Our investments may be concentrated and could be subject to risk of default.
- The illiquidity of certain of our loans and other investments may materially and adversely affect us.
- Most of the commercial mortgage loans that we originate or acquire are nonrecourse loans and the assets securing these loans may not be sufficient to protect us from a partial or complete loss if the borrower defaults on the loan, which could materially and adversely affect us.
- We may not have control over certain of our investments.
- Future joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on joint venture partners’ financial condition and liquidity and disputes between us and our joint venture partners.
- We are subject to additional risks associated with investments in the form of loan participation interests.
- Mezzanine loans, B-Notes and other investments that are subordinated or otherwise junior in an issuer’s capital structure, such as preferred equity, and that involve privately negotiated structures, will expose us to greater risk of loss.
- Our origination or acquisition of construction loans exposes us to an increased risk of loss.
- Risks of cost overruns and non-completion of the construction or renovation of the properties underlying loans we originate or acquire could materially and adversely affect us.
- Investments that we make in CRE debt securities and other similar structured finance investments, as well as those that we structure, sponsor or arrange, pose additional risks.
- Investments in non-investment grade, rated or unrated, investments involve an increased risk of default and loss.
- Any credit ratings assigned to our investments will be subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.
- The success of our investment strategy depends, in part, on our ability to successfully effectuate loan modifications, extensions and/or restructurings.
- We have in the past and may in the future acquire ownership of property securing our loans through foreclosure or deed-in-lieu of foreclosure. When we take title to the property securing one of our loans, and if we do not or cannot sell the property, we own and operate the property as “real estate owned” or "REO". Our real estate owned assets are subject to risks particular to real property. These risks have resulted and may in the future result in a reduction or elimination of return from a loan secured by a particular property.
- We have in the past and may in the future need to foreclose on certain of the loans we originate or acquire, which could result in losses that materially and adversely affect us.
- Real estate valuation is inherently subjective and uncertain, and is subject to change, especially during periods of volatility.
- Our allowance for loan losses may prove inadequate, which could have a material adverse effect on us.
- We may experience a decline in the fair value of investments we may make in CRE debt securities, which could materially and adversely affect us.
- Some of our investments may be recorded at fair value and, as a result, there will be uncertainty as to the value of these investments.
- In addition to other analytical tools, our Manager utilizes financial models to evaluate commercial mortgage loans and estimate expected losses. The accuracy and effectiveness of these analytical tools cannot be guaranteed.
- Insurance proceeds on a property may not cover all losses, which could result in the corresponding non-performance of or loss on our investment related to such property.
- Property insurance costs may continue to increase, and in some cases insurance may not be available.
- The impact of any future terrorist attacks and the availability of affordable terrorism insurance expose us to certain risks.
- Liability relating to environmental matters may impact the value of properties that we may acquire upon judicial or non-judicial foreclosure, or deed-in-lieu of foreclosure, of the properties securing our loans.
- Natural disasters such as earthquakes, wildfires and severe weather, including as a result of global climate changes, has the potential to impact the properties underlying our investments and our real estate owned.
- We may be subject to lender liability claims, and if we are held liable under such claims, we could be subject to losses.
- If the loans that we originate or acquire do not comply with applicable laws, we may be subject to penalties, which could materially and adversely affect us.
- If we originate or acquire commercial mortgage loans or commercial real estate-related debt instruments secured by liens on facilities that are subject to a ground lease and such ground lease is terminated unexpectedly, our interests in such loans could be materially and adversely affected.
- We have a significant amount of debt, which subjects us to increased risk of loss, and our charter and bylaws contain no limitation on the amount of debt we may incur or have outstanding.
- There can be no assurance that we will be able to obtain or utilize additional financing arrangements in the future on similar or more favorable terms, or at all.
- Certain of our current financing arrangements contain, and certain of our future financing arrangements may contain, various financial and operational covenants, and a default of any such covenants could materially and adversely affect us.
- Our financing arrangements may require us to provide additional collateral or repay debt.
- Interest rate fluctuations could increase our financing costs, which could materially and adversely affect us.
- We may enter into hedging transactions that could expose us to contingent liabilities in the future and adversely impact our financial condition.
- Our investments may be subject to fluctuations in interest rates that may not be adequately protected, or protected at all, by our hedging strategies.
- Our use of leverage may create a mismatch with the duration and index of the investments that we are financing.
- Warehouse facilities that we may obtain in the future may limit our ability to originate or acquire assets, and we may incur losses if the collateral is liquidated.
- We have utilized and may in the future utilize non-recourse securitizations to finance our investments, which may expose us to risks that could result in losses.
- We may be subject to losses arising from guarantees of debt and contingent obligations of our subsidiaries or joint venture or co-investment partners.
- We are subject to counterparty risk associated with our debt obligations.
- Certain of our current financing arrangements contain financial covenants that, if violated, could result in the diversion of cash flow from us to our lenders to pay interest due and reduce the principal amount outstanding of our borrowings until such time as the default is cured, which may reduce our cash available to pay interest and operating expenses, satisfy other obligations, and fund required distributions to common stockholders to maintain our qualification as a REIT.
- We depend on our Manager and the personnel of TPG provided to our Manager for our success. We may not find a suitable replacement for our Manager if our Management Agreement is terminated, or if key personnel cease to be employed by TPG or otherwise become unavailable to us, which would materially and adversely affect us.
- Other than any dedicated or partially dedicated chief financial officer that our Manager may elect to provide to us, the TPG personnel provided to our Manager, as our external manager, are not required to dedicate a specific portion of their time to the management of our business.
- Our Manager manages our portfolio pursuant to broad investment guidelines and is not required to seek the approval of our board of directors for each investment, financing, asset allocation or hedging decision made by it, which may result in our making riskier loans and other investments and which could materially and adversely affect us.
- Our Manager’s fee structure may not create proper incentives or may induce our Manager and its affiliates to cause us to make certain loans or other investments, including speculative investments, which increase the risk of our portfolio.
- We have in the past and in the future will likely compete with existing and future TPG Funds, including the TRECO Funds, which may present various conflicts of interest that restrict our ability to pursue certain investment opportunities or take other actions that are beneficial to our business and/or result in decisions that are not in the best interests of our stockholders.
- •Co-Investments with Other TPG Vehicles.
- Termination of our Management Agreement would be costly.
- Our Manager maintains a contractual as opposed to a fiduciary relationship with us. Our Manager’s liability is limited under our Management Agreement, and we have agreed to indemnify our Manager against certain liabilities.
- We do not own the TPG name, but we may use it as part of our corporate name pursuant to a trademark license agreement with an affiliate of TPG. Use of the name by other parties or the termination of our trademark license agreement may harm our business.
- Our business may be adversely affected if our reputation, the reputation of the Manager or TPG, or the reputation of counterparties with whom we associate is harmed.
- Our investment strategy and guidelines, asset allocation and financing strategy may be changed without stockholder consent.
- We may not be able to operate our business successfully or implement our operating policies and investment strategy.
- TPG and our Manager may not be able to hire and retain qualified investment professionals or grow and maintain our relationships with key borrowers and loan brokers, and if they are unable to do so, we could be materially and adversely affected.
- Maintenance of our exemptions from registration as an investment company under the Investment Company Act imposes significant limits on our operations. Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
- Rapid changes in the market value or income potential of our assets may make it more difficult for us to maintain our qualification as a REIT or our exclusion or exemption from regulation under the Investment Company Act.
- Failure to obtain, maintain or renew required licenses and authorizations necessary to operate our mortgage-related activities may materially and adversely affect us.
- Changes in laws or regulations governing our operations, including financial regulatory changes in the United States, may adversely affect our business or cause us to alter our business strategy.
- We depend on our Manager to develop appropriate systems and procedures to control operational risk.
- Operational risks, including the risks of cyberattacks affecting us, our Manager, TPG or third parties, may disrupt our businesses, result in losses or limit our growth.
- Artificial intelligence and other machine learning techniques could increase competitive, operational, legal and regulatory risks to our business in ways that we cannot predict.
- We depend on Situs Asset Management, LLC (“SitusAMC”) for asset management services and servicing of our loans. We may not find a suitable replacement for SitusAMC if either of our agreements with SitusAMC is terminated, or if key personnel cease to be employed by SitusAMC or otherwise become unavailable to us.
Legal proceedings
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2025, we were not involved in any material legal proceedings.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 15SEC EDGARMatthew Coleman, President
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- 19SEC EDGARMatthew Coleman, Vice President
- 20SEC EDGAREdward J. Goldthorpe, Board member
- 21SEC EDGARJulie Hong Clayton, Board member
- 22SEC EDGARTodd Schuster, Board member
- 23SEC EDGARAvi Banyasz, Board member
- 24SEC EDGARGregory White, Board member
- 25SEC EDGARKelvin L. Davis, Board member
- 26SEC EDGARMichael Gillmore, Board member
- 27SEC EDGARWendy Silverstein, Board member
- 28
- 29SEC EDGARResults of operations
- 30SEC EDGARRegulation FD disclosure
- 31SEC EDGARShareholder vote
- 32
- 33SEC EDGARResults of operations
- 34SEC EDGARRegulation FD disclosure
- 35SEC EDGARResults of operations
- 36
- 37SEC EDGARRegulation FD disclosure
- 38SEC EDGARResults of operations
- 39SEC EDGARExecutive or director change
- 40NasdaqNasdaq calendar
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