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TPG RE Finance Trust, Inc. logo

TPG RE Finance Trust, Inc. Balance Sheet Statement

Assets, liabilities, and shareholders' equity

TPG RE Finance Trust, Inc. holds $4.5B in total assets. Shareholders' equity is $1.1B against $3.8B in total debt. Cash and equivalents total $15.0M. Based on the Q1 2026 filing.

Total Assets$4.5BTotal Stockholders Equity$1.1BLong Term Debt$3.4BCash And Equivalents$15.0M
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$663.3M
P/E Ratio10.12
ROE6.05%

Current Assets

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accounts receivable, net-$19K$221K—$698K—-$180K
Cash and cash equivalents$15M$363.4M$165.9M$16.4M$15M$15M
Accrued investment income$16M——$19.2M$17.2M$18.1M
Interest Receivable - Loans$16M——$19.2M$17.2M$18.1M
Operating Lease Income - 2022 (Lessor)———$10.3M—$9.6M
Operating Lease Income - 2025 (Lessor)———$5.5M—$8.7M
Operating Lease Receivables (Current)———$102.6M—$102.2M
Restricted cash$323K$417K$572K$868K$654K$472K

Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accrued interest$6.7M$5.5M$6.4M$6M$6.8M$7.1M
Federal funds purchased and securities sold under repurchase agreements$670.7M$248.8M$521M$577.2M$618.5M$738.6M
Current portion of long-term debt———$748.5M—$439.8M
Deferred revenue$1.7M$1.2M$2.6M$1.8M$1.9M$1.3M
Dividends payable$20M$19.9M$19.5M$19.1M$19.4M$19.2M
Lease Liability Payments - 2021———$10.3M—$9.6M
Repurchase Agreements - Gross$670.7M$248.8M$521M$577.2M$618.5M$738.6M

Equity

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Additional paid-in capital$1.7B$1.7B$1.7B$1.7B$1.7B$1.7B
Common stock81K81K79K302.5M302.5M302.5M
Common Stock Par Value Per Share$0.00——$0.00$0.00$0.00
Common Stock Shares Issued81M——78.3M78.3M77.8M
Common stock; $0.001 par value; 6,000 shares authorized; 3,755 and 3,751 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively$81K$81K$79K$78K$78K$78K
Retained earnings-$617.2M-$629.7M-$644.2M-$653.7M-$672.6M-$680.6M
Share-Based Payment - Unrecognized Cost of Nonvested Awards———$9.7M—$12.5M
Share Repurchase Authorization Limit—————$20.1M
Share Repurchase Program - Amount Remaining—————$20.1M
Total liabilities and stockholders' equity$3.7B$4B$4.2B$4.1B$4.4B$4.5B
Total stockholders' equity$1.1B$1.1B$1.1B$1.1B$1.1B$1.1B

Non-Current Assets

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Allowance for credit losses$61.6M$64.7M$67M$64.5M$74.5M$74M
Gross loans$3.3B$3.3B$3.8B$3.6B$4.1B$4.1B
Loans 90+ Days Past Due————$41M$42M
Finite Lived Intangible Assets - Gross$35.5M——$30M$31M$31M
Intangible assets, net$21.9M——$15M$15.1M$14.3M
Net Investment in Lease———$102.6M—$102.2M
Accounts receivable from servicer/trustee$369K$516K$523K$73.2M$717K$43.7M
Accrued interest and fees receivable$27.3M$29M$30.2M$31.4M$28.4M$29.6M
Collateralized loan obligation proceeds held at trustee$0$69.2M$1.8M$44.2M$4M$0
Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4$3.2B$3.2B$3.7B$3.6B$4B$4.1B
Intangible assets — net$21.9M——$15M$15.1M$14.3M
Other Assets$39.9M$38.5M$32.2M$31.5M$31.9M$26.9M
Real estate owned, net$256.4M$254.4M$223.2M$223.3M$224.4M$223.7M
Operating Lease Income - 2026 (Lessor)———$8.6M—$8.9M
Operating Lease Income - 2027 (Lessor)———$8M—$5.6M
Operating Lease Income - 2028 (Lessor)———$5.5M—$8.7M
Operating Lease Income - 2029 (Lessor)———$8.6M—$8.9M
Operating Lease Income - Thereafter (Lessor)———$57.9M—$53.8M
Other non-current assets$39.9M$38.5M$32.2M$102.6M$31.9M$102.2M
Accumulated depreciation$13.6M——$15M$15.9M$16.7M
Tax Credit Carryforward Valuation Allowance$0——$0$0$0
Total assets$3.7B$4B$4.2B$4.1B$4.4B$4.5B

Non-Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Debt Instrument Face Amount$86.6M———$31.5M—
Debt Maturity - 2024———$86.5M—$452.3M
Debt Maturity - 2027———$588.2M—$371.3M
Debt - Unamortized Discount (Premium) and Issuance Costs, Net$600K——$7.2M$13.7M$12.9M
Long-term debt———$2.9B—$3.4B
Accrued expenses and other liabilities$15.1M$14.5M$13.8M$16.8M$15.9M$13.9M
Other non-current liabilities$5.1M$5.2M$5.2M$5.2M$5.3M$5.3M
Lease intangible liabilities, net$2.5M——$1.9M$1.8M$1.6M
Total Carrying Value of Debt$2.6B——$2.9B$3.3B$3.4B
Total liabilities$2.6B$2.9B$3.1B$3B$3.3B$3.4B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating Lease Income - 2023 (Lessor)———$8M—$5.6M
Operating Lease Income - 2024 (Lessor)———$8M—$5.6M
Allowance for credit losses on loan commitments$2.4M——$1.6M$2.9M$3.1M
Below Market Lease Accumulated Amortization$1.8M——$2.4M$2.5M$2.7M
Below Market Lease Gross$4.3M——$4.3M$4.3M$4.3M
Common stock, par value (in dollars per share)$0——$0$0$0
Common stock, shares authorized (in shares)$302.5M——$302.5M$302.5M$302.5M
Common stock, shares issued (in shares)$81M——$78.3M$78.3M$77.8M
Common Stock, Shares, Outstanding$81M——$78.3M$78.3M$77.8M
Long-term debt, gross$2.6B——$2.9B$3.3B$3.4B
Deferred Tax Assets, Valuation Allowance$0——$0$0$0
Unrecognized compensation cost related to non-vested awards———$9.7M—$12.5M
Excise tax percentage———100.0%—100.0%
Allowance for credit losses excluded$200K$400K—$700K$600K$600K
Total allowance for credit losses$64M$67.2M—$66.1M$77.4M$77.1M
Principal Balance$3.3B——$3.6B$4.1B$4.1B
Loans past due, trigger percentage———90.0%—90.0%
Individual assessment, number of loans0.00——0.000.000.00
Number of loans, nonaccrual0.00——0.001.001.00
Lease financings-$5.9M——-$10.2M-$15M-$14.7M
Weighted average credit spread3.7%——3.4%3.2%3.2%
Finite-Lived Intangible Assets, Accumulated Amortization$13.6M——$15M$15.9M$16.7M
Gross Carrying Amount$35.5M——$30M$31M$31M
Remainder of fiscal 2026———$2.5M—$7.5M
Amount outstanding under the credit facility$86.6M———$31.5M—
Loan commitment capitalized interest$400K——$900K$1M$1.2M
Total loan commitment$3.4B——$3.7B$4.3B$4.3B
Loans accrued interest income$0——$0$0$0
Loans Held For Investment Fair Value Disclosure Nonrecurring$3.3B——$3.6B$4.1B$4.1B
Loans Held For Investment Weighted Average Gross Credit Spread3.7%——3.4%3.2%3.2%
2028———$463M—$180.5M
2029———$588.2M—$371.3M
2030———$376.1M—$1.3B
2027———$748.5M—$439.8M
Remainder of 2026———$86.5M—$452.3M
Thereafter———$684.6M—$662.1M
Money Market Funds At Carrying Value$124.7M——$38.9M$54.8M$58.7M
Number of loans45.00——47.0050.0050.00
Number of loans accrued paid in kind interest outstanding———1.00—2.00
Number Of Real Estate Properties———6.00—6.00
Off-Balance-Sheet, Credit Loss, Liability$2.4M——$1.6M$2.9M$3.1M
Accrued paid in kind interest outstanding$360K$523K$692K$865K$1M$1.2M
Percentage Of Loan Commitment Principal Amount100.0%——100.0%100.0%100.0%
Floating rate loans99.7%——99.7%99.7%99.6%
Percentage Of Loans And Leases Receivable Unpaid Principal Balance100.0%——100.0%100.0%100.0%
Percentage of loans open to repayment by borrower without penalty———55.9%—41.9%
Percentage of loans subject to yield maintenance or other prepayment restrictions———44.1%—58.1%
Other real estate owned investments held by sub real estate investment trust————$84.7M$84.9M
Share Repurchase Program, Authorized, Amount———$25M——
Share Repurchase Program, Remaining Authorized, Amount—————$20.1M
Unamortized Debt Issuance Expense$600K——$7.2M$13.7M$12.9M
Unfunded commitments related to loans held for investment$127.9M——$106.8M$173.6M$173.5M
Unfunded loan commitments$127.9M——$106.8M$173.6M$173.5M
Weighted average risk rating———300.0%300.0%300.0%
Remainder of Fiscal Year 2024———$86.5M—$452.3M
Sublease Income - Thereafter———$57.9M—$53.8M