Income StatementBalance SheetCash FlowSegments
TPG RE Finance Trust, Inc. logo

TPG RE Finance Trust, Inc. Business Segments

Business, geographic, and product segment breakdowns

TPG RE Finance Trust, Inc. generates $296.4M in annual revenue across 4 key segments: Arlington Heights, IL (4), Chicago, IL (4), Houston, TX (4), and Manhattan, NY (4). Based on the Q1 2026 filing.

Arlington Heights, IL (TTM)4.00Chicago, IL (TTM)4.00Houston, TX (TTM)4.00Manhattan, NY (TTM)4.00San Antonio, TX (TTM)8.00
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$652.5M
P/E Ratio9.96
ROE6.05%

Geographic

Number of properties owned

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
San Antonio, TX2.002.002.002.002.002.00
Arlington Heights, IL——1.001.001.001.00
Chicago, IL——1.001.001.001.00
Houston, TX——1.001.001.001.00
Manhattan, NY——1.001.001.001.00

Basis spread on variable rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Daly City1.0%0.8%0.8%0.8%0.8%—
San Jose0.9%0.7%0.7%0.7%0.7%—
Towson0.9%0.7%0.7%0.7%0.7%—
Various0.9%0.9%0.9%0.9%0.9%—

Carrying Amount of Loans

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Daly City$205.5M———$227.1M—
San Jose$253.1M———$266.9M—
Towson$113.0M———$162.1M—
Various$114.2M———$194.5M—

Prior Liens

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Daly City$0.0———$0.0—
San Jose$0.0———$0.0—
Towson$0.0———$0.0—
Various$0.0———$0.0—

Unpaid Principal Balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Daly City$205.6M———$227.1M—
San Jose$253.1M———$268.3M—
Towson$113.0M———$162.1M—
Various$115.5M———$194.5M—

Percentage Of Loan Commitment Principal Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
West36.7%37.0%36.0%37.1%36.1%36.5%
East28.3%27.9%24.6%23.7%25.1%23.7%
South24.0%24.0%22.8%20.3%20.0%21.8%
Various9.1%9.1%13.1%15.3%13.3%12.5%
Midwest1.9%2.0%3.5%3.6%5.5%5.5%

Percentage Of Loans And Leases Receivable Unpaid Principal Balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
West36.8%37.0%36.1%37.4%36.1%36.3%
East29.0%28.5%25.1%23.8%24.9%23.7%
South23.4%23.6%22.4%20.0%20.1%21.9%
Various8.9%8.9%12.9%15.1%13.3%12.5%
Midwest1.9%2.0%3.5%3.7%5.6%5.6%

Total loan commitment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
West$1.3B$1.3B$1.4B$1.4B$1.5B$1.6B
East$965.2M$945.2M$958.7M$887.4M$1.1B$1.0B
South$817.8M$813.2M$890.7M$760.6M$860.6M$941.6M
Various$309.0M$309.0M$509.0M$573.0M$573.0M$542.1M
Midwest$65.6M$65.6M$135.6M$135.6M$235.6M$235.6M

Total unpaid principal balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
West$1.2B$1.2B$1.4B$1.4B$1.5B$1.5B
East$952.6M$934.1M$948.3M$866.9M$1.0B$981.7M
South$768.8M$772.3M$846.9M$729.4M$824.0M$906.3M
Various$292.2M$292.2M$487.0M$549.5M$549.5M$518.6M
Midwest$63.5M$64.5M$133.6M$134.2M$229.8M$231.3M

Unfunded loan commitments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
West$47.3M$39.7M$38.2M$30.1M$58.7M$68.8M
East$12.7M$11.2M$10.4M$20.5M$49.0M$41.6M
South$49.0M$40.9M$43.8M$31.2M$36.6M$35.3M
Various$16.8M$16.8M$22.0M$23.5M$23.5M$23.5M
Midwest$2.1M$1.2M$2.0M$1.4M$5.8M$4.3M