Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	[1]	$ 87,613	$ 190,160
Restricted cash	[1]	654	323
Accounts receivable	[1]	0	10
Collateralized loan obligation proceeds held at trustee	[1]	3,976	0
Accounts receivable from servicer/trustee	[1]	717	369
Accrued interest and fees receivable	[1]	28,430	27,267
Loans held for investment	[1]	4,103,022	3,278,588
Allowance for credit losses	[1]	(74,503)	(61,558)
Loans held for investment, net	[1]	4,028,519	3,217,030
Real estate owned, net	[1]	224,386	256,404
Other assets	[1]	31,935	39,866
Total assets	[1]	4,406,230	3,731,429
Liabilities
Accrued interest payable	[1]	6,751	6,655
Accrued expenses and other liabilities	[1],[2]	15,884	15,077
Secured financing agreements, net	[1]	618,470	670,727
Payable to affiliates	[1]	5,274	5,111
Deferred revenue	[1]	1,940	1,744
Dividends payable	[1]	19,350	19,978
Total liabilities	[1]	3,338,207	2,617,388
Commitments and contingencies - see Note 14	[1]
Stockholders' equity
Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 78,318,722 and 81,003,693 shares issued and outstanding, respectively)	[1]	78	81
Additional paid-in-capital	[1]	1,740,585	1,731,174
Accumulated deficit	[1]	(672,648)	(617,222)
Total stockholders' equity	[1]	1,068,023	1,114,041
Total liabilities and stockholders' equity	[1]	4,406,230	3,731,429
Series A Preferred Stock
Stockholders' equity
Preferred stock	[1]	0	0
Series C Preferred Stock
Stockholders' equity
Preferred stock	[1]	8	8
Collateralized loan obligations
Liabilities
Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net	[1]	2,579,920	1,681,660
Asset-specific financing arrangements
Liabilities
Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net	[1]	59,780	185,741
Mortgage loan payable
Liabilities
Collateralized loan obligations, net, Asset-specific financings, net, Mortgage loan payable, net	[1]	$ 30,838	$ 30,695

[1] The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2025 include assets and liabilities of variable interest entities (“VIEs”) of $3.1 billion and $2.6 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2024 include assets and liabilities of VIEs of $2.1 billion and $1.7 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 $2.9 million and $2.4 million of reserve for expected losses for unfunded loan commitments as of December 31, 2025 and December 31, 2024, respectively.