Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023		Jun. 30, 2022
Cash flows from operating activities:
Net income	$ (61,798)		$ 18,347
Adjustment to reconcile net income to net cash flows from operating activities:
Amortization and accretion of premiums, discounts and loan origination fees, net	(7,705)		(3,627)
Amortization of deferred financing costs	7,437		7,400
Depreciation and amortization	964		0
Amortization of above and below-market leases	(131)		0
Decrease of accrued capitalized interest	542		613
(Gain) loss on sale of real estate owned, net	0		(13,291)
Stock compensation expense	3,617		2,594
Increase of allowance for credit losses, net (see Note 3)	96,853		47,174
Cash flows due to changes in operating assets and liabilities:
Accounts receivable	654		50
Accrued interest and fees receivable	8,061		(2,260)
Accrued expenses and other liabilities	(4,704)		757
Accrued interest payable	(612)		1,577
Payable to affiliates	(35)		5,430
Deferred revenue	88		(302)
Other assets	(12,445)		611
Net cash provided by operating activities	30,786		65,073
Cash flows from investing activities:
Origination and acquisition of loans held for investment	(109,922)		(535,053)
Advances on loans held for investment	(84,544)		(58,558)
Principal repayments of loans held for investment	688,537		414,118
Sale of real estate owned	0		73,913
Sales of loans held for investment	47,144		0
Net cash provided by (used in) investing activities	541,215		(105,580)
Cash flows from financing activities:
Payments on collateralized loan obligations	(318,231)		(811,100)
Proceeds from collateralized loan obligations	0		907,031
Proceeds from asset-specific financing arrangements	7,480		124,202
Payment of deferred financing costs	(1,071)		(10,242)
Net cash (used in) provided by financing activities	(518,629)		136,251
Net change in cash, cash equivalents, and restricted cash	53,372		95,744
Cash, cash equivalents and restricted cash at beginning of period	254,315		261,039
Cash, cash equivalents and restricted cash at end of period	307,687		356,783
Supplemental disclosure of cash flow information:
Interest paid	136,215		41,604
Taxes paid	217		125
Supplemental disclosure of non-cash investing and financing activities:
Collateralized loan obligation proceeds held at trustee	103,109		130,704
Dividends declared, not paid	18,969	[1]	18,726
Principal repayments of loans held for investment held by servicer/trustee, net	79,041		259,595
Conversion to real estate owned of loans held for investment	46,000		0
Accrued deferred financing costs	490		388
Secured credit agreements
Cash flows from financing activities:
Payments on secured financing agreements	(522,420)		(871,970)
Proceeds from secured debt	408,941		847,479
Asset-specific financing arrangements
Cash flows from financing activities:
Payments on secured financing agreements	(80,292)		0
Mortgage loan payable
Cash flows from financing activities:
Proceeds from secured debt	31,200		0
Common Stock, Undefined Class
Cash flows from financing activities:
Dividends paid	(37,940)		(42,853)
Preferred Stock, Undefined Class
Cash flows from financing activities:
Dividends paid	$ (6,296)		$ (6,296)

[1] The Company’s consolidated Total Assets and Total Liabilities as of June 30, 2023 include assets and liabilities of variable interest entities (“VIEs”) of $2.8 billion and $2.1 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of VIEs of $3.3 billion and $2.5 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.(2)Includes $28.0 million and $17.3 million of reserve for expected losses for unfunded loan commitments as of June 30, 2023 and December 31, 2022, respectively.