TPG RE Finance Trust (TRTX) Company Report

TPG RE Finance Trust, Inc. (TRTX) closed a $957,000,000 collateralized loan obligation (TRTX 2025-FL7) on November 17, 2025.
The CLO issued $616,000,000 in Class A Senior Secured Floating Rate Notes Due 2043, which received "AAAsf" ratings from Fitch and "Aaa(sf)" from Moody's, bearing interest at the Benchmark plus 1.45000%.
The collateral interests backing the CLO have a weighted average life of less than or equal to 5.5 years from the closing date and a weighted average spread of not less than 2.45%.
Property types securing the collateral interests are subject to concentration limits, including Industrial Properties not exceeding 60.0% and Office Properties not exceeding 10.0% of the Aggregate Outstanding Portfolio Balance.

Nov 21, 2025, 2:00 PM

8-K

TRTX Reports Q3 2025 Earnings and Dividend, Details Loan Portfolio Performance

TRTX

Earnings

Dividends

New Projects/Investments

TPG RE Finance Trust, Inc. reported Q3 2025 GAAP Income per Diluted Share of $0.23 and Distributable Earnings per Diluted Share of $0.25.
The company declared a Q3 2025 Common Stock Dividend of $0.24, leading to an annualized dividend yield of 10.7% based on the November 14, 2025 closing share price.
As of September 30, 2025, the loan investment portfolio totaled $3.7 billion, was 100% performing, and featured a weighted average all-in yield of 7.75% and a weighted average LTV of 66.2%.
TRTX maintained $216.4 million in liquidity and reported a Book Value per Share of $11.25 as of September 30, 2025.
During Q3 2025, the company recorded total loan originations of $279.2 million and total loan repayments of $415.8 million.

Nov 17, 2025, 9:33 PM

8-K

TRTX Reports Strong Q3 2025 Financial Results and Investment Momentum

TRTX

Earnings

Debt Issuance

New Projects/Investments

For Q3 2025, TRTX reported GAAP net income of $18.4 million, or $0.23 per common share, and distributable earnings of $19.9 million, or $0.25 per common share, covering its quarterly dividend of $0.24 per common share. Book value per common share increased quarter over quarter to $11.25.
The company demonstrated significant investment momentum, closing $279 million of new investments in Q3 2025, with an additional $197 million subsequent to quarter end, and expects to close over $670 million in Q4 2025. Year-to-date, closed and in-process investments total over $1.8 billion.
TRTX enhanced its liability structure by pricing its latest CRE/CLO, FL7, a $1.1 billion transaction with a 30-month reinvestment period, which, along with FL6, provides approximately $1.9 billion of financing capacity at a blended cost of funds of SOFR plus 175 basis points.
The loan portfolio remains 100% performing with no negative credit migration, and the company ended the quarter with near-term liquidity of $216.4 million.
Bob Foley will retire as CFO at year-end 2025, transitioning to a Senior Advisor role, with Brandon Fox assuming the role of Interim CFO and Ryan Roberto taking on capital markets and asset management duties.

Oct 29, 2025, 1:00 PM

Transcript

TPG RE Finance Trust Reports Q3 2025 Earnings, Announces CFO Transition, and Details Investment Growth

TRTX

Earnings

CFO Change

New Projects/Investments

For Q3 2025, TPG RE Finance Trust (TRTX) reported GAAP net income of $18.4 million, or $0.23 per common share, and distributable earnings of $19.9 million, or $0.25 per common share, covering its quarterly dividend. Book value per common share increased quarter over quarter to $11.25.
The company closed $279.2 million in new investments during Q3 2025 and anticipates closing an additional $670 million in Q4, bringing total new investments for 2024 to over $1.8 billion. These investments are primarily focused on multifamily and industrial assets, which constitute approximately 91% of closed and in-process investments.
TRTX priced a new $1.1 billion managed CRE/CLO, FL7, which includes a 30-month reinvestment period and an 87% advance rate, designed to enhance financing capacity and lower the cost of capital. The loan portfolio remained 100% performing with a weighted average risk rating of 3.0.
In Q3 2025, the company repurchased 1.1 million common shares for $9.3 million, generating $0.04 per common share of book value accretion. Management plans to increase the debt-to-equity ratio from the current 2.6 times to 3-3.5 times over time to drive balance sheet growth.
Bob Foley will retire as CFO at year-end to become a Senior Advisor, with Brandon Fox assuming the role of Interim CFO and Ryan Roberto taking on duties for capital markets and asset management.

Oct 29, 2025, 1:00 PM

Transcript

TRTX reports Q3 2025 financial results, announces CFO transition, and details investment activity

TRTX

Earnings

CFO Change

New Projects/Investments

For Q3 2025, TRTX reported GAAP net income of $18.4 million or $0.23 per common share, and distributable earnings of $19.9 million or $0.25 per common share, covering its quarterly dividend. Book value per common share increased to $11.25, partly due to the repurchase of 1.1 million common shares for $9.3 million at $8.29 per share.
The company closed $279 million of new investments in Q3 2025, with an additional $197 million subsequent to quarter end and over $670 million expected to close in Q4, projecting over $1.8 billion in new investments for 2024. The loan portfolio grew by $1.2 billion or 12% net year-over-year, and remains 100% performing with a weighted average risk rating of 3.0.
Bob Foley will retire as CFO at year-end to become a Senior Advisor to TPG Real Estate, with Brandon Fox assuming the role of Interim CFO and Ryan Roberto becoming Head of Capital Markets and Asset Management.
TRTX priced TRTX 2025 FL7, a $1.1 billion managed CRE/CLO, which will provide non-mark-to-market, non-recourse term financing with a 30-month reinvestment period. This is expected to generate approximately $100 million of liquidity for new loan investments. The company's liability structure is 87% non-mark-to-market, and total leverage was flat at 2.6x.

Oct 29, 2025, 1:00 PM

Transcript

TPG RE Finance Trust Reports Q3 2025 Operating Results

TRTX

Earnings

Dividends

Share Buyback

For the quarter ended September 30, 2025, TPG RE Finance Trust, Inc. reported GAAP net income attributable to common stockholders of $18.4 million, or $0.23 per common share, and Distributable Earnings of $19.9 million, or $0.25 per common share.
The company's book value per common share increased to $11.25 as of September 30, 2025, up from $11.20 at June 30, 2025.
TRTX declared a cash dividend of $0.24 per share of common stock and repurchased $9.3 million of common stock during the quarter, fully utilizing its previous program. A new share repurchase program of up to $25.0 million was subsequently approved.
The company originated $279.2 million of total loan commitments and received loan repayments of $415.8 million during the third quarter of 2025.
Subsequent to quarter-end, TRTX closed three first mortgage loans totaling $196.5 million and announced the pricing of TRTX 2025-FL7, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation.

Oct 28, 2025, 8:35 PM

Press Release

TPG RE Finance Trust, Inc. Reports Q3 2025 Operating Results

TRTX

Earnings

Dividends

Share Buyback

TPG RE Finance Trust, Inc. reported GAAP net income attributable to common stockholders of $0.23 per common share and Distributable Earnings of $0.25 per common share for the quarter ended September 30, 2025.
The company declared a cash dividend of $0.24 per share of common stock and increased its book value per common share to $11.25 as of September 30, 2025, partly due to repurchasing $9.3 million of common stock.
TRTX originated $279.2 million of total loan commitments and maintained a 100% performing loan portfolio with a weighted average risk rating of 3.0 as of September 30, 2025.
A new share repurchase program was approved, authorizing the repurchase of up to $25.0 million of the company's common stock.

Oct 28, 2025, 8:13 PM

8-K

TRTX Announces CFO Retirement and Interim CFO Appointment

TRTX

CFO Change

Management Change

Hiring

Robert R. Foley, Chief Financial Officer of TPG RE Finance Trust, Inc. (TRTX), will retire from TPG Inc. at the end of the year.
Mr. Foley will transition to a role as a senior advisor to TPG’s real estate credit business.
Brandon Fox, currently TRTX's chief accounting officer, will assume the role of interim chief financial officer for TRTX, effective October 1, 2025.
Mr. Fox has served as TRTX's chief accounting officer since January 2022 and also as chief financial officer of TPG Real Estate Partners since July 2022.