Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022		Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 18,347		$ 64,347
Adjustment to reconcile net income to net cash flows from operating activities:
Amortization and accretion of premiums, discounts and loan origination fees, net	(3,627)		(3,775)
Amortization of deferred financing costs	7,400		7,644
Decrease of accrued capitalized interest	613		548
Gain on sale of real estate owned, net	(13,291)		0
Loss on sales of loans held for investment, net	0		1,626
Stock compensation expense	2,594		2,849
Increase (decrease) of allowance for credit losses, net (see Note 3)	47,174		(7,515)
Cash flows due to changes in operating assets and liabilities:
Accounts receivable	50		30
Accrued interest receivable	(2,260)		(2,051)
Accrued expenses and other liabilities	757		(4,716)
Accrued interest payable	1,577		146
Payable to affiliates	5,430		167
Deferred fee income	(302)		(97)
Other assets	611		1,857
Net cash provided by operating activities	65,073		61,060
Cash flows from investing activities:
Origination of loans held for investment	(535,053)		(631,408)
Advances on loans held for investment	(58,558)		(73,136)
Principal repayments of loans held for investment	414,118		282,583
Sale of real estate owned	73,913		0
Sales of loans held for investment	0		58,374
Net cash (used in) investing activities	(105,580)		(363,587)
Cash flows from financing activities:
Payments on collateralized loan obligations	(811,100)		(36,373)
Proceeds from collateralized loan obligations	907,031		1,037,500
Payments on secured financing agreements	(871,970)		(868,083)
Proceeds from secured financing agreements	847,479		208,435
Proceeds from asset-specific financing arrangements	124,202		0
Payment of deferred financing costs	(10,242)		(8,119)
Proceeds from issuance of Series C Cumulative Redeemable Preferred Stock	0		201,250
Series B Preferred Stock redemption make-whole payment	0		(22,485)
Payment of Equity Issuance and Equity Distribution Agreement transaction costs	0		(6,360)
Net cash provided by financing activities	136,251		223,429
Net change in cash, cash equivalents, and restricted cash	95,744		(79,098)
Cash, cash equivalents and restricted cash at beginning of period	261,039		319,669
Cash, cash equivalents and restricted cash at end of period	356,783		240,571
Supplemental disclosure of cash flow information:
Interest paid	41,604		34,526
Taxes paid	125		973
Supplemental disclosure of non-cash investing and financing activities:
Collateralized loan obligation proceeds held at trustee	130,704		0
Dividends payable	18,726	[1]	15,500
Principal repayments of loans held for investment held by servicer/trustee, net	259,595		55,872
Accrued Equity Issuance and Transaction Costs	0		506
Accrued deferred financing costs	388		587
Common Stock, Undefined Class
Cash flows from financing activities:
Dividends paid	(42,853)		(44,998)
Preferred Stock, Undefined Class
Cash flows from financing activities:
Dividends paid	(6,296)		(12,338)
Series B Preferred Stock
Cash flows from financing activities:
Series B Preferred Stock redemption at par value	$ 0		$ (225,000)

[1] The Company’s consolidated Total Assets and Total Liabilities as of June 30, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.2 billion and $2.6 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details.