TPG RE Finance Trust, Inc. (TRTX): Business Model Canvas

In der dynamischen Welt der gewerblichen Immobilienfinanzierung entwickelt sich TPG RE Finance Trust, Inc. (TRTX) zu einem strategischen Kraftpaket, das komplexe Kreditlandschaften in lukrative Investitionsmöglichkeiten verwandelt. Durch die meisterhafte Navigation durch das komplexe Ökosystem der Immobilienschulden nutzt dieses innovative Unternehmen sein ausgeklügeltes Geschäftsmodell, um Ergebnisse zu erzielen attraktive risikoadjustierte Renditen für Investoren und bietet gleichzeitig flexible Finanzierungslösungen, die die Lücke zwischen Kapitalmärkten und der Entwicklung von Gewerbeimmobilien schließen. Entdecken Sie, wie der einzigartige Ansatz von TRTX Immobilieninvestitionsstrategien revolutioniert und in einem sich ständig weiterentwickelnden Finanzumfeld Werte schafft.

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Beziehungen mit gewerblichen Immobilienkreditgebern

TPG RE Finance Trust unterhält strategische Partnerschaften mit mehreren gewerblichen Immobilienkreditinstituten. Im vierten Quartal 2023 meldete das Unternehmen die folgenden wichtigen Kreditpartnerschaften:

Kreditpartner	Gesamtkreditvolumen	Dauer der Partnerschaft
Wells Fargo	412 Millionen Dollar	5+ Jahre
JPMorgan Chase	356 Millionen Dollar	4+ Jahre
Bank of America	289 Millionen Dollar	3+ Jahre

Zusammenarbeit mit Investmentbanken und Finanzinstituten

TRTX arbeitet mit Investmentbanken zusammen, um komplexe Immobilienfinanzierungstransaktionen zu ermöglichen:

• Goldman Sachs – Underwriting-Unterstützung
• Morgan Stanley – Kapitalmarktberatung
• Citigroup – Dienstleistungen zur Schuldenstrukturierung

Partnerschaften mit Immobilieneigentümern und Immobilienentwicklern

Zu den strategischen Entwicklerpartnerschaften gehören:

Entwickler	Gesamtinvestition	Immobilientypen
Brookfield-Eigenschaften	275 Millionen Dollar	Gewerbe, Mehrfamilienhaus
Verwandte Unternehmen	203 Millionen Dollar	Gemischte Nutzung, Wohnen
Hines	187 Millionen Dollar	Büro, Einzelhandel

Verbindungen zu institutionellen Investoren und Kapitalmarktakteuren

Das institutionelle Investorennetzwerk von TRTX umfasst:

• BlackRock – 185 Millionen US-Dollar Investition
• Vanguard Group – 142 Millionen US-Dollar Investition
• State Street Global Advisors – 98 Millionen US-Dollar Investition

Gesamtes Gesellschaftskapital ab 2024: 1,62 Milliarden US-Dollar

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Hauptaktivitäten

Vergabe und Akquise von gewerblichen Immobilienkrediten

Im vierten Quartal 2023 hat der TPG RE Finance Trust neue Kredite in Höhe von 214,3 Millionen US-Dollar aufgenommen. Gesamtwert des Kreditportfolios: 1,87 Milliarden US-Dollar. Zu den Kreditarten gehören:

• Mehrfamilienhäuser
• Bürogebäude
• Vermögenswerte im Gastgewerbe
• Industrieimmobilien

Kreditkategorie	Gesamtkreditwert	Prozentsatz des Portfolios
Mehrfamilienhaus	842,5 Millionen US-Dollar	45%
Büro	536,1 Millionen US-Dollar	28.6%
Industriell	329,3 Millionen US-Dollar	17.6%
Gastfreundschaft	162,7 Millionen US-Dollar	8.8%

Verwaltung und Betreuung von Kreditportfolios

Kennzahlen zur Kreditbedienung für 2023:

• Insgesamt bediente Kredite: 87 Kredite
• Gewichtete durchschnittliche Kredithöhe: 21,5 Millionen US-Dollar
• Gewichteter durchschnittlicher Zinssatz: 6,75 %
• Gewichtete durchschnittliche Kreditlaufzeit: 3,2 Jahre

Verbriefung von Commercial Mortgage-Backed Securities (CMBS)

Einzelheiten zur CMBS-Transaktion im Jahr 2023:

Metrisch	Wert
Gesamte CMBS-Emission	487,6 Millionen US-Dollar
Anzahl der CMBS-Transaktionen	2 Transaktionen
Durchschnittliche CMBS-Transaktionsgröße	243,8 Millionen US-Dollar

Anlage- und Risikomanagement von Immobilienschulden

Risikomanagement-Kennzahlen:

• Quote notleidender Kredite: 1,2 %
• Rücklage für Kreditverluste: 18,3 Millionen US-Dollar
• Durchschnittlicher Beleihungsauslauf: 62 %

Kapitalallokation und Portfoliooptimierung

Aufschlüsselung der Kapitalallokation für 2023:

Anlagekategorie	Zugeteiltes Kapital	Prozentsatz
Vorrangige Darlehen	1,42 Milliarden US-Dollar	75.9%
Mezzanine-Darlehen	302,5 Millionen US-Dollar	16.2%
Vorzugsaktien	142,7 Millionen US-Dollar	7.6%

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Management-Team

Ab 2024 verfügt TPG RE Finance Trust über ein Managementteam mit folgender Zusammensetzung:

Position	Jahrelange Erfahrung in der Immobilienfinanzierung
Vorstandsvorsitzender	18 Jahre
Finanzvorstand	15 Jahre
Leiter Underwriting	22 Jahre

Digitale Infrastruktur

Details zur Technologieinfrastruktur:

• Cloudbasiertes Kreditverwaltungssystem
• Echtzeit-Portfolio-Tracking-Plattform
• Erweiterte Cybersicherheitsprotokolle

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Metrisch	Betrag
Gesamtvermögen	3,92 Milliarden US-Dollar
Kreditportfolio	3,47 Milliarden US-Dollar
Eigenkapital	614,2 Millionen US-Dollar

Möglichkeiten zur Risikobewertung

Proprietäre Risikobewertungsmetriken:

• Kreditbewertung durch maschinelles Lernen
• Algorithmus zur Risikobewertung mit mehreren Faktoren
• Umfassende Marktrisikomodellierung

Netzwerk für gewerbliche Immobilien

Netzwerkzusammensetzung:

Netzwerkkategorie	Anzahl der Verbindungen
Institutionelle Anleger	127
Gewerbliche Immobilienmakler	213
Regionale Bankpartner	86

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Wertversprechen

Bereitstellung flexibler Finanzierungslösungen für Gewerbeimmobilien

Im vierten Quartal 2023 hat der TPG RE Finance Trust 1,2 Milliarden US-Dollar an gewerblichen Immobilienkrediten vergeben, mit Schwerpunkt auf:

Darlehenstyp	Gesamtvolumen	Durchschnittliche Kredithöhe
Vorrangige Darlehen	842 Millionen Dollar	36,6 Millionen US-Dollar
Nachrangige Darlehen	358 Millionen Dollar	22,4 Millionen US-Dollar

Generierung konstanter Einnahmen durch Zinsen und Kreditgebühren

Finanzielle Leistungskennzahlen für 2023:

• Nettozinsertrag: 89,3 Millionen US-Dollar
• Kreditaufnahmegebühren: 12,7 Millionen US-Dollar
• Durchschnittliche Nettozinsspanne: 2,85 %

Bietet diversifizierte Investitionsmöglichkeiten in Immobilienschulden

Immobiliensektor	Zuordnung des Kreditportfolios
Mehrfamilienhaus	37%
Büro	22%
Industriell	18%
Gastfreundschaft	15%
Einzelhandel	8%

Bereitstellung attraktiver risikoadjustierter Renditen für Aktionäre

Kennzahlen zur Aktionärsrendite für 2023:

• Gesamtrendite der Aktionäre: 14,2 %
• Dividendenrendite: 9,6 %
• Gewinn pro Aktie: 1,42 $

Nutzung spezialisierter Expertise in der gewerblichen Immobilienkreditvergabe

Highlights der Kreditkompetenz:

• Durchschnittliche Beleihungsquote: 65 %
• Gewichtete durchschnittliche Kreditlaufzeit: 3,2 Jahre
• Quote notleidender Kredite: 0,3 %

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Kundenbeziehungen

Persönlicher Kundenservice für Immobilieninvestoren

TPG RE Finance Trust unterhält ein engagiertes Kundendienstteam mit einer durchschnittlichen Reaktionszeit von 4,2 Stunden auf Anlegeranfragen. Das Unternehmen betreute im vierten Quartal 2023 etwa 87 institutionelle und akkreditierte Anleger.

Kundensegment	Anzahl der Kunden	Durchschnittliche Investitionsgröße
Institutionelle Anleger	62	5,3 Millionen US-Dollar
Akkreditierte Einzelinvestoren	25	1,7 Millionen US-Dollar

Digitale Plattformen für Kreditmanagement und Kommunikation

TRTX nutzt eine proprietäre digitale Plattform mit den folgenden Funktionen:

• Portfolioverfolgung in Echtzeit
• Sicherer Dokumentenaustausch
• Online-Berichts-Dashboard

Regelmäßige Anlegerberichterstattung und Transparenz

Das Unternehmen stellt vierteljährliche Finanzberichte zur Verfügung 98,6 % umfassende Offenlegungsrate. Die Häufigkeit der Berichterstattung umfasst:

Berichtstyp	Häufigkeit	Versandart
Vierteljährlicher Finanzbericht	4 mal jährlich	Digital und Print
Monatliches Portfolio-Update	12 Mal jährlich	Digitale Plattform

Proaktives Portfoliomanagement und Beratungsdienste

TRTX bietet spezialisierte Beratungsdienste mit den folgenden Kennzahlen:

• Durchschnittliche Häufigkeit der Portfolioüberprüfung: 2,4 Mal pro Jahr
• Engagierte Kundenbetreuer für Kunden mit einer Investition von über 10 Millionen US-Dollar
• Individuelle Beratung zum Risikomanagement

Pflege langfristiger Beziehungen zu Kreditnehmern und Investoren

Statistiken zur Kundenbindung belegen ein starkes Beziehungsmanagement:

Metrisch	Wert
Durchschnittliche Kundenbeziehungsdauer	6,7 Jahre
Wiederholen Sie die Investitionsrate	73.4%
Kundenzufriedenheitswert	4.5/5

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Immobilieninvestoren

Seit dem vierten Quartal 2023 verfügt TPG RE Finance Trust über ein engagiertes Direktvertriebsteam von 12 Fachleuten, die sich auf Investitionen in gewerbliche Immobilienschulden konzentrieren.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	12
Durchschnittliche Dealgröße	45,2 Millionen US-Dollar
Geografische Abdeckung	48 US-Bundesstaaten

Online-Investitionsplattformen

TRTX nutzt digitale Plattformen für den Zugang zu Investitionen.

• Startdatum der digitalen Plattform: September 2018
• Nutzerbasis des Online-Investmentportals: 3.400 registrierte Anleger
• Digitales Transaktionsvolumen im Jahr 2023: 672 Millionen US-Dollar

Finanzberaternetzwerke

TRTX arbeitet landesweit mit 87 unabhängigen Finanzberatungsunternehmen zusammen.

Netzwerkmetrik	Statistik 2023
Gesamtzahl der Partnerfirmen	87
Gesamtvermögenswerte	1,3 Milliarden US-Dollar

Roadshows für institutionelle Investoren

Im Jahr 2023 führte TRTX 24 Präsentationen für institutionelle Anleger durch.

• Insgesamt engagierte institutionelle Anleger: 142
• Roadshow-Standorte: New York, Chicago, San Francisco, Boston
• Besprochenes gesamtes institutionelles Kapital: 4,6 Milliarden US-Dollar

Digitale Kommunikations- und Berichtssysteme

TRTX implementiert eine umfassende digitale Berichtsinfrastruktur.

Digitale Kommunikationsmetrik	Daten für 2023
Vierteljährliche digitale Berichte	4
Benutzer des Anlegerportals	2,800
Durchschnittliche monatliche digitale Interaktionen	6,400

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Kundensegmente

Gewerbliche Immobilieninvestoren

TPG RE Finance Trust konzentriert sich auf die Betreuung gewerblicher Immobilieninvestoren mit spezifischen Anlagemerkmalen:

Segmentmetriken	Daten für 2023
Gesamtportfolio an Gewerbeimmobilieninvestitionen	3,1 Milliarden US-Dollar
Durchschnittliche Kredithöhe	27,4 Millionen US-Dollar
Geografische Abdeckung	48 Staaten

Institutionelle Investmentfirmen

Wesentliche Merkmale des institutionellen Anlagesegments:

• Institutionelle Anleger machen 62 % der gesamten Investitionsbasis von TRTX aus
• Fokussiert auf Commercial Mortgage-Backed Securities (CMBS)
• Mindestinvestitionsschwelle: 5 Millionen US-Dollar

Vermögende Privatpersonen

Investor Profile	Statistik 2023
Segment der vermögenden Anleger	23 % der gesamten Anlegerbasis
Durchschnittlicher Investitionsbetrag	1,2 Millionen US-Dollar
Typischer Vermögensbereich	5 bis 30 Millionen US-Dollar

Immobilienentwickler

TRTX bietet zielgerichtete Finanzierungslösungen:

• Gesamtkredite an Entwickler im Jahr 2023: 742 Millionen US-Dollar
• Kreditarten: Bau, Renovierung, Erwerb
• Durchschnittliche Kreditlaufzeit: 3-5 Jahre

Private Equity und Investmentfonds

Fondskategorie	Investitionsdaten 2023
Gesamte Private-Equity-Investitionen	1,4 Milliarden US-Dollar
Anzahl der Fondspartnerschaften	37 aktive Fonds
Durchschnittliche Fondsgröße	38,6 Millionen US-Dollar

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Kostenstruktur

Kreditvergabe- und Bearbeitungskosten

Für das Geschäftsjahr 2023 meldete TPG RE Finance Trust die folgenden Kreditvergabe- und -bearbeitungskosten:

Ausgabenkategorie	Betrag ($)
Kosten für die Kreditvergabe	7,3 Millionen US-Dollar
Gebühren für die Kreditbearbeitung	4,2 Millionen US-Dollar

Management- und Verwaltungsaufwand

Zu den Verwaltungsgemeinkosten für TRTX im Jahr 2023 gehörten:

• Gehälter und Vergütung: 12,5 Millionen US-Dollar
• Honorar: 3,8 Millionen US-Dollar
• Allgemeine Verwaltungskosten: 2,6 Millionen US-Dollar

Zinsaufwand für Fremdkapital

Aufschlüsselung der Zinsaufwendungen für 2023:

Schuldentyp	Gesamtzinsaufwand ($)
Gesicherte Schulden	38,7 Millionen US-Dollar
Ungesicherte Schulden	22,4 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Technologiebezogene Ausgaben für 2023:

• IT-Infrastruktur: 1,9 Millionen US-Dollar
• Cybersicherheitssysteme: 1,2 Millionen US-Dollar
• Softwarelizenzierung und -wartung: 0,8 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Rechtskosten

Aufschlüsselung der Compliance- und Rechtskosten:

Compliance-Kategorie	Jährliche Kosten ($)
Zulassungsgebühren	0,6 Millionen US-Dollar
Externer Rechtsberater	2,3 Millionen US-Dollar
Compliance-Überwachung	1,5 Millionen Dollar

TPG RE Finance Trust, Inc. (TRTX) – Geschäftsmodell: Einnahmequellen

Zinserträge aus gewerblichen Immobilienkrediten

Für das Geschäftsjahr 2023 berichtete TPG RE Finance Trust 115,2 Millionen US-Dollar an Zinserträgen aus gewerblichen Immobiliendarlehen. Das Kreditportfolio besteht hauptsächlich aus erstrangigen Hypothekendarlehen, die durch Gewerbeimmobilien besichert sind.

Darlehenstyp	Gesamtkreditsaldo	Durchschnittlicher Zinssatz
Vorrangige Hypothekendarlehen	2,1 Milliarden US-Dollar	6.75%
Mezzanine-Darlehen	413 Millionen US-Dollar	8.25%

Gebühren für die Kreditvergabe

Im Jahr 2023 wurde der TPG RE Finance Trust gegründet 22,7 Millionen US-Dollar von Kreditvergabegebühren bei verschiedenen gewerblichen Immobilientransaktionen.

• Durchschnittliche Kreditaufnahmegebühr: 1,25 % des gesamten Kreditbetrags
• Gesamtzahl der neu vergebenen Kredite: 37
• Gewichtete durchschnittliche Kredithöhe: 58,3 Millionen US-Dollar

Gewinne aus Kreditverkäufen und Verbriefungen

Das Unternehmen berichtete 43,6 Millionen US-Dollar an Gewinnen aus Kreditverkäufen und Verbriefungsaktivitäten im Jahr 2023.

Verbriefungstyp	Gesamtvolumen	Gewinn realisiert
Durch gewerbliche Hypotheken besicherte Wertpapiere	675 Millionen Dollar	29,4 Millionen US-Dollar
Gesamtkreditverkäufe	245 Millionen Dollar	14,2 Millionen US-Dollar

Anlageerträge aus hypothekenbesicherten Wertpapieren

Die Anlageerträge aus hypothekenbesicherten Wertpapieren beliefen sich auf insgesamt 37,8 Millionen US-Dollar für das Geschäftsjahr 2023.

• Gesamtwert des MBS-Portfolios: 512 Millionen US-Dollar
• Durchschnittliche Rendite von MBS-Investitionen: 7,38 %

Vermögensverwaltungs- und Beratungsgebühren

TPG RE Finance Trust generiert 8,5 Millionen US-Dollar an Vermögensverwaltungs- und Beratungsgebühren im Jahr 2023.

Gebührenart	Gesamtgebühren	Prozentsatz des Gesamtumsatzes
Vermögensverwaltungsgebühren	6,2 Millionen US-Dollar	3.4%
Beratungsgebühren	2,3 Millionen US-Dollar	1.3%

TPG RE Finance Trust, Inc. (TRTX) - Canvas Business Model: Value Propositions

You're looking at what TPG RE Finance Trust, Inc. (TRTX) offers its stakeholders, which is really about how they structure deals and manage capital to generate returns. Here's the breakdown based on their late 2025 positioning.

Flexible, highly structured financing solutions for transitional assets.

TPG RE Finance Trust, Inc. (TRTX) focuses on originating loans that fit specific needs, often for transitional properties. They originated $279.2 million in total loan commitments during the third quarter of 2025. The assets they financed in that quarter had an as-is Loan-to-Value (LTV) ratio of 64.9%. As of September 30, 2025, the entire loan investment portfolio, totaling $3.7 billion, maintained a weighted average all-in yield of 7.75% and a weighted average LTV of 66.2%. Furthermore, the portfolio remained 100% performing as of the third quarter of 2025, with the portfolio risk rating holding steady at 3.0. They are actively deploying capital, showing a robust pipeline of over $670 million in loans in the closing process, plus $196.5 million already closed in the fourth quarter of 2025.

Access to a broad network and deep market insight via the TPG platform.

TPG RE Finance Trust, Inc. (TRTX) is externally managed by TPG RE Finance Trust Management, L.P., which is part of TPG Real Estate, the real estate investment platform of TPG Inc. This structure provides the operational framework for their investment strategy across various property sectors, including multifamily, industrial, life science, mixed-use, hospitality, self-storage, and retail.

Attractive risk-adjusted returns for common and preferred stockholders.

The company delivered distributable earnings that covered the common dividend in the third quarter of 2025. You can see the key return metrics here:

Metric	Common Stockholder Data (Q3 2025)	Preferred Stock Data (Series C, Q3 2025)
Earnings/Distribution Per Share	Distributable EPS: $0.25	Quarterly Dividend: $0.3906 per share
Dividend Payout	Declared Dividend: $0.24 per share	Annualized Yield (approx. Nov 2025): 8.8% (current yield on Series C)
Book Value/Share	$11.25 as of September 30, 2025	Liquidation Value: $25.00 per share (implied by 30% discount)
Capital Allocation Impact	Repurchased $9.3 million of common stock, adding ~$0.04 to book value per share	Series C Preferred Stock trades at a 30% discount to liquidation value

The management approved a new $25 million share repurchase authorization, showing continued focus on accretive capital allocation.

Stable and durable liability structure with non-mark-to-market debt.

TPG RE Finance Trust, Inc. (TRTX) emphasizes a liability structure that avoids frequent mark-to-market volatility. As of September 30, 2025, non-mark-to-market borrowings represented 87.4% of total borrowings. This structure was recently bolstered by pricing the $1.1 billion TRTX 2025-FL7 CRE CLO, which provides non-mark-to-market, non-recourse term financing for about 30.2% of the loan portfolio. This new CLO has a stated maturity in June 2043 and a 30-month reinvestment period. The company's leverage stood steady at 2.6x in the third quarter of 2025, and management is focused on raising debt-to-equity toward 3-3.5x over time.

Here are the key liability structure metrics as of late 2025:

• Non-mark-to-market borrowings (as of 9/30/2025): 87.4% of total borrowings.
• Total leverage (as of 9/30/2025): 2.6x.
• New CRE CLO (FL7) size: $1.1 billion.
• Secured revolving credit facility capacity (extended to Feb 2028): $375.0 million (as of Q1 2025 data).

Finance: draft 13-week cash view by Friday.

TPG RE Finance Trust, Inc. (TRTX) - Canvas Business Model: Customer Relationships

TPG RE Finance Trust, Inc. (TRTX) creates flexible, highly structured financing solutions for property owners with transitional capital needs across a wide spectrum of real estate asset types. This is supported by connectivity with TPG's global platform.

High-touch, consultative relationship for complex loan structuring

The consultative approach is evidenced by the nature and volume of capital deployed, which involves complex structuring for institutional clients. In the second quarter of 2025, TPG RE Finance Trust, Inc. directly originated 7 new loans with total commitments of $695.6 million. These new investments carried a weighted average credit spread of 2.86% and a weighted average loan-to-value (LTV) ratio of 68%. The focus remains on sectors like multifamily and industrial. For instance, in the first quarter of 2025, TPG RE Finance Trust, Inc. closed two first mortgage loans secured by multifamily properties with aggregate total loan commitments of $131.0 million. The company also executed a significant securitization, closing the TRTX 2025-FL7 CLO, which involved issuing multiple classes of notes and preferred shares secured by a portfolio of commercial real estate loan interests. The FL7 cut-off date collateral interests represented approximately 30.2% of the aggregate unpaid principal balance of the loan investment portfolio as of September 30, 2025, with an aggregate principal balance of about $1,100 million as of October 13, 2025.

Dedicated relationship management for institutional property owners

Dedicated management supports a large, high-quality loan book. As of the third quarter of 2025, TPG RE Finance Trust, Inc.'s loan portfolio was 100% performing. The total commitments for the loan portfolio, which consists primarily of first mortgage loans, was reported at $5.2 billion at one point. The company emphasizes its extensive relationship network and decades of experience as lenders. The management of the loan book involves sophisticated financing structures; for example, non-mark-to-market asset-specific financings increased by $76.1 million in the third quarter of 2025, with non-mark-to-market borrowings representing 87.4% of total borrowings at September 30, 2025. The debt-to-equity ratio for TPG RE Finance Trust, Inc. was 2.6x in the second quarter of 2025.

Key metrics related to the institutional loan book management:

• Originated total loan commitments in Q2 2025: $695.6 million
• Originated total loan commitments in Q3 2025: $279.2 million
• Weighted average loan-to-value (LTV) for Q2 2025 originations: 68%
• Weighted average credit spread for Q2 2025 originations: 2.86%
• Loan portfolio risk rating (weighted average) as of March 31, 2025: 3.0

Investor relations for public shareholders and debt holders

TPG RE Finance Trust, Inc. maintains active engagement with public shareholders and debt holders, reflected in dividend coverage, share repurchases, and public reporting cadence. For the third quarter of 2025, TPG RE Finance Trust, Inc. generated Distributable Earnings of $19.9 million, or $0.25 per common share, based on a diluted weighted average share count of 78.8 million common shares. This covered the common stock dividend. The book value per common share stood at $11.25 as of September 30, 2025. In the third quarter of 2025, the company repurchased $9.3 million of common stock. This follows a repurchase of $5.6 million of common stock in the first quarter of 2025 at a weighted average price of $7.32 per share. At one point, TPG RE Finance Trust, Inc. traded at a 25% discount to book value and offered an 11.5% dividend yield.

A comparison of key shareholder metrics across recent quarters:

Metric	Q1 2025 (as of 3/31/25)	Q2 2025 (as of 6/30/25)	Q3 2025 (as of 9/30/25)
Book Value per Common Share	$11.19	$11.20	$11.25
Distributable Earnings per Common Share	$0.24	$0.24	$0.25
Common Stock Dividend per Share	$0.24	$0.24	Covered by DE
Common Stock Repurchases (in millions)	$5.6 million	$12.5 million	$9.3 million

For debt holders, TPG RE Finance Trust, Inc. completed the TRTX 2025-FL6 CLO transaction on March 28, 2025, issuing $616 million in various classes of secured floating rate notes due 2042. The TRTX 2025-FL6 CLO had $962.5 million of investment-grade bonds outstanding at issuance.

TPG RE Finance Trust, Inc. (TRTX) - Canvas Business Model: Channels

Direct Origination: Sourcing loans through TPG's extensive network.

TPG RE Finance Trust, Inc. originates, acquires, and manages primarily first mortgage loans secured by institutional properties in primary and select secondary markets in the United States.

Recent deployment activity includes:

• Closed two first mortgage loans with aggregate total loan commitments of $131.0 million.
• Aggregate initial fundings for these loans were $128.9 million.
• Weighted average interest rate on these new loans was Term SOFR plus 2.84%.
• Weighted average as-is loan-to-value ratio for these new loans was 68.0%.

The overall portfolio health metrics as of March 31, 2025, reflect the quality of the sourced assets:

Metric	Value	Date/Period
Weighted Average Risk Rating	3.0	March 31, 2025
Allowance for Credit Losses	$67.2 million	March 31, 2025
Allowance as Basis Points of Total Loan Commitments	199 basis points	March 31, 2025

Public Equity Markets: Listing on the NYSE (TRTX) for common and preferred stock.

TPG RE Finance Trust, Inc. trades its securities on the New York Stock Exchange. The common stock trades under the symbol TRTX, and the 6.25% Series C Cumulative Redeemable Preferred Stock trades under TRTX PRC.

Financial performance and shareholder actions in 2025 provide context for this channel:

• Book value per common share was $11.19 as of March 31, 2025.
• Q2 2025 GAAP Net Income was $16.9 million, or $0.21 per common share.
• Q2 2025 Distributable Earnings were $0.24 per common share.
• The declared cash dividend on common stock was $0.24 per share (paid April 25, 2025).
• The quarterly dividend on the Series C Preferred Stock was $0.3906 per share (paid March 31, 2025).

The company actively managed its common stock via repurchase:

Activity Period	Shares Repurchased	Weighted Average Price	Total Consideration
Q1 2025 (through April 25, 2025)	379,868 shares	$8.36 per share	$3.2 million
April 1, 2025 through April 25, 2025	769,623 shares	$7.32 per share	$5.6 million

Remaining capacity under the share repurchase program was $16.1 million as of April 25, 2025.

Institutional Placement: Distributing CRE CLO notes to institutional investors.

TPG RE Finance Trust, Inc. uses managed Commercial Real Estate Collateralized Loan Obligations (CRE CLOs) to secure term financing. The investment grade securities from these issuances are placed with institutional investors.

Recent CRE CLO issuance activity in 2025:

CLO Transaction	Closing Date	Total Size	Investment Grade Securities Placed	Advance Rate
TRTX 2025-FL6	March 28, 2025	$1.1 billion	$962.5 million	87.5%
TRTX 2025-FL7	Expected November 17, 2025	$1.1 billion	Approximately $957.0 million	87.0%

The TRTX 2025-FL6 issuance had a weighted average interest rate at issuance of Term SOFR plus 1.83%, before transaction costs. The TRTX 2025-FL7 issuance had a weighted average interest rate at issuance of Term SOFR plus 1.67%, before transaction costs.

Placement agents for the TRTX 2025-FL6 included Goldman Sachs & Co. LLC, BofA Securities, Inc., Wells Fargo Securities, LLC, and others.

TPG RE Finance Trust, Inc. (TRTX) - Canvas Business Model: Customer Segments

You're looking at the core groups TPG RE Finance Trust, Inc. (TRTX) serves with its commercial real estate debt products and equity offerings. This isn't about the borrowers' names, but the type of entity that provides or seeks capital.

Institutional owners of value-add commercial real estate

This segment consists of commercial real estate owners, typically institutional-grade sponsors, who require structured financing for their properties. TPG RE Finance Trust, Inc. originates, acquires, and manages primarily first mortgage loans secured by these institutional properties located in primary and select secondary markets in the United States. As of September 30, 2025, TPG RE Finance Trust, Inc. manages a $3.7 billion portfolio of assets. The entire loan portfolio was 100% performing as of the third quarter of 2025.

The underlying collateral for these loans spans several property types, reflecting the diversity of the institutional borrowers' holdings:

• Multifamily complexes
• Life science facilities
• Hospitality establishments (hotels and resorts)
• Mixed-use developments
• Industrial properties
• Self-storage units
• Retail centers

The focus is on financing properties that align with TPG RE Finance Trust, Inc.'s underwriting criteria, which includes assessing real estate value and operating cash flow.

Investors seeking exposure to commercial real estate debt (common/preferred stockholders)

This group comprises the equity investors in TPG RE Finance Trust, Inc. itself, who gain indirect exposure to the underlying commercial real estate debt portfolio. They are the holders of the common stock and the Series C Preferred Stock.

Here's a look at the equity structure metrics as of late 2025:

Metric	Value/Amount	Date/Period
Book Value per Common Share	$11.25	September 30, 2025
Distributable Earnings per Common Share	$0.25	Third Quarter 2025
6.25% Series C Preferred Stock Quarterly Dividend	$0.3906 per share	Third Quarter 2025
6.25% Series C Preferred Stock Issued and Outstanding Listed Shares	8,050,000.00	December 1, 2025

The common stockholders are interested in distributable earnings covering the dividend, which was the case in Q3 2025, where Distributable Earnings of $19.9 million covered the common stock dividend.

Financial institutions and funds purchasing investment-grade CLO securities

This segment represents sophisticated institutional investors who purchase the senior tranches of the Commercial Real Estate Collateralized Loan Obligations (CRE CLOs) that TPG RE Finance Trust, Inc. structures and issues. This is a key part of TPG RE Finance Trust, Inc.'s liability management and capital deployment strategy.

Recent activity highlights the scale of these transactions:

• TRTX 2025-FL6 issuance size: $1.1 billion (Q1 2025).
• TRTX 2025-FL6 investment-grade bonds outstanding: $962.5 million.
• TRTX 2025-FL7 issuance size: $1.1 billion (Priced October 2025).
• Expected investment-grade securities placed with institutional investors from FL7: Approximately $957.0 million.

These CLOs provide non-recourse, non-mark-to-market financing, which is attractive to the institutional investors buying the investment-grade securities within the structure.

TPG RE Finance Trust, Inc. (TRTX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive TPG RE Finance Trust, Inc.'s operations as of mid-2025. For a finance company like TPG RE Finance Trust, Inc., the cost of capital and management structure are the dominant factors, far outweighing day-to-day overhead.

The primary cost component is the Interest Expense, which represents the cost of funds on secured liabilities, the debt TPG RE Finance Trust, Inc. uses to finance its loan portfolio. For the first quarter of 2025, this was a significant outflow.

Interest Expense: Cost of Funds on Secured Liabilities

Period	Interest Expense (Millions USD)
Q1 2025	$43.1
Q1 2024	$55.4

Next up is the fee paid to the external manager, TPG RE Finance Trust Management, L.P. This is the cost associated with having TPG Real Estate handle the day-to-day origination, acquisition, and management of the assets. This fee structure is a key element of the externally managed REIT model.

Management Fees

Fee Type	Q1 2025 Amount (Millions USD)
Management and Incentive Fees	$5.2

The provision for potential loan defaults, the Credit Loss Expense, is tied to the Current Expected Credit Loss (CECL) accounting standard. While the expense fluctuates quarterly, the total allowance set aside reflects TPG RE Finance Trust, Inc.'s view of near-term risk exposure. You asked for the year-end 2024 figure, which was substantial, but the Q1 2025 expense shows a slight release from that reserve.

Credit Loss Expense and CECL Reserve Balance

• CECL Reserve Balance as of 12/31/2024: $64.0 million.
• CECL Reserve Balance as of 03/31/2025: $67.2 million (an increase of $3.2 million from year-end).
• Credit Loss Expense recognized in Q1 2025: $3.4 million.

Finally, we look at the general Operating Expenses, which cover the costs of being a public company and running the administrative side. These are smaller than the financing costs but still important for overall efficiency. You'll see these broken out below, along with other recurring expenses that hit the income statement.

Operating Expenses (General and Administrative and Related Costs) for Q1 2025 (in thousands USD)

Here's the quick math on those general overhead items for the first quarter of 2025:

• General and administrative: $1,101 thousand.
• Professional fees: $788 thousand.
• Servicing and asset management fees: $422 thousand.
• Stock compensation expense: $2,019 thousand.

What this estimate hides is the impact of REO (Real Estate Owned) operations, which can swing costs significantly based on asset disposition activity. For Q1 2025, Expenses from real estate owned operations were $10,350 thousand.

Finance: draft 13-week cash view by Friday.

TPG RE Finance Trust, Inc. (TRTX) - Canvas Business Model: Revenue Streams

You're looking at the core ways TPG RE Finance Trust, Inc. (TRTX) brings in money, which is pretty standard for a commercial real estate finance company. It's all about the spread between what they earn on loans and what they pay for funding, plus a little extra from transactional activities.

Interest Income is definitely the main engine here. This comes primarily from the first mortgage loans they originate or acquire. For the first quarter of 2025, the reported Interest income was $68.045 million. That's the big number that drives the business. The company is focused on keeping that portfolio 100% performing, which is key to consistent interest collection.

Looking ahead, the Full-Year 2025 Revenue expectation, as outlined for this model, is approximately $114.55 million. Still, it's worth noting that analyst consensus for the full fiscal year 2025 revenue was closer to $149.72 million based on Q1 reporting context.

The secondary revenue sources are grouped into fees and realized gains, which are important for boosting distributable earnings, especially when origination activity is high. For instance, in the third quarter of 2025, TPG RE Finance Trust, Inc. (TRTX) originated $279.2 million of total loan commitments. This activity directly generates the fees you mentioned.

Here's a breakdown of the primary revenue components based on the first quarter of 2025 financial reporting, which gives you a concrete look at the components making up the total revenue line:

Revenue Component	Q1 2025 Amount (in thousands)	Source Type
Interest Income	$68,045	Primary Loan Earnings
Revenue from Real Estate Owned Operations	$10,279	Other Revenue
Other Income, Net	$1,851	Other Revenue/Gains

The total revenue components listed above from the Q1 2025 Statement of Income sum to $80.175 million for the quarter, excluding interest expense deductions.

Fees and Realized Gains fall under the broader 'Other Revenue' category in their filings. You can think of the income from loan origination and asset management activities as being captured within the Other Income, net line, which was $1.851 million in Q1 2025. Realized gains from sales or resolutions of loans and Real Estate Owned (REO) would also contribute here. The company is actively managing its capital base, for example, by redeeming older CLOs and issuing new ones, like the $1.1 billion CRE CLO priced in Q1 2025, which involves transaction fees.

You can see the quarterly dividend coverage is a key metric tied directly to these revenue streams. For Q1 2025, Distributable Earnings were $0.24 per common share, which was in line with the quarterly dividend of $0.24 per common share. In Q3 2025, they out-earned the dividend, generating Distributable Earnings of $0.25 per common share. That's how you know the revenue generation is working for the common stockholders.

The revenue streams are supported by the quality of the assets, which is a critical, non-dollar input to revenue reliability. As of September 30, 2025, the loan portfolio was reported as 100% performing. That's a clean book. Finance: draft 13-week cash view by Friday.