TPG RE Finance Trust, Inc. (TRTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de las finanzas inmobiliarias comerciales, TPG Re Finance Trust, Inc. (TRTX) emerge como una potencia estratégica, transformando los paisajes complejos de préstamos en oportunidades de inversión lucrativa. Al navegar magistralmente del intrincado ecosistema de deuda inmobiliaria, esta empresa innovadora aprovecha su sofisticado modelo de negocio para entregar Atractivos retornos ajustados al riesgo para los inversores, al tiempo que proporciona soluciones de financiación flexibles que unen la brecha entre los mercados de capitales y el desarrollo de propiedades comerciales. Descubra cómo el enfoque único de TRTX revoluciona las estrategias de inversión inmobiliaria y crea valor en un terreno financiero en constante evolución.

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: asociaciones clave

Relaciones estratégicas con prestamistas de bienes raíces comerciales

TPG Re Finance Trust mantiene asociaciones estratégicas con múltiples instituciones de préstamos de bienes raíces comerciales. A partir del cuarto trimestre de 2023, la compañía informó las siguientes asociaciones clave de préstamos:

Compañero de préstamo	Volumen total del préstamo	Duración de la asociación
Wells Fargo	$ 412 millones	5+ años
JPMorgan Chase	$ 356 millones	Más de 4 años
Banco de América	$ 289 millones	Más de 3 años

Colaboración con bancos de inversión e instituciones financieras

TRTX colabora con bancos de inversión para facilitar las transacciones complejas de financiamiento de bienes raíces:

• Goldman Sachs - Soporte de suscripción
• Morgan Stanley - Asesoramiento del mercado de capitales
• Citigroup - Servicios de estructuración de deudas

Asociaciones con propietarios y desarrolladores de bienes raíces

Las asociaciones de desarrolladores estratégicos incluyen:

Revelador	Inversión total	Tipos de propiedades
Brookfield Properties	$ 275 millones	Comercial, multifamiliar
Empresas relacionadas	$ 203 millones	Uso mixto, residencial
Hino	$ 187 millones	Oficina, minorista

Conexiones con inversores institucionales y actores del mercado de capitales

La red de inversores institucionales de TRTX incluye:

• BlackRock - $ 185 millones de inversión
• Vanguard Group - $ 142 millones de inversión
• Asesores Globales de State Street: inversión de $ 98 millones

Capital de asociación total a partir de 2024: $ 1.62 mil millones

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: actividades clave

Origen y adquisición de préstamos inmobiliarios comerciales

A partir del cuarto trimestre de 2023, TPG Re Finance Trust se originó $ 214.3 millones en nuevos préstamos. Valor total de la cartera de préstamos: $ 1.87 mil millones. Los tipos de préstamos incluyen:

• Propiedades multifamiliares
• Edificios de oficinas
• Activos de hospitalidad
• Propiedades industriales

Categoría de préstamo	Valor total del préstamo	Porcentaje de cartera
Multifamiliar	$ 842.5 millones	45%
Oficina	$ 536.1 millones	28.6%
Industrial	$ 329.3 millones	17.6%
Hospitalidad	$ 162.7 millones	8.8%

Gestión y servicio de carteras de préstamos

Métricas de servicio de préstamos para 2023:

• Préstamos totales de servicio: 87 préstamos
• Tamaño de préstamo promedio ponderado: $ 21.5 millones
• Tasa de interés promedio ponderada: 6.75%
• Término de préstamo promedio ponderado: 3.2 años

Seguro de valores respaldados por hipotecas comerciales (CMBS)

Detalles de la transacción CMBS en 2023:

Métrico	Valor
Emisión total de CMBS	$ 487.6 millones
Número de transacciones CMBS	2 transacciones
Tamaño promedio de la transacción CMBS	$ 243.8 millones

Inversión y gestión de riesgos de la deuda inmobiliaria

Métricas de gestión de riesgos:

• Relación de préstamos sin rendimiento: 1.2%
• Reserva de pérdida de préstamos: $ 18.3 millones
• Relación promedio de préstamo a valor: 62%

Asignación de capital y optimización de cartera

Desglose de asignación de capital para 2023:

Categoría de inversión	Capital asignado	Porcentaje
Préstamos para personas mayores	$ 1.42 mil millones	75.9%
Préstamos entre mezzaninos	$ 302.5 millones	16.2%
Equidad preferida	$ 142.7 millones	7.6%

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: recursos clave

Equipo de gestión experimentado

A partir de 2024, TPG Re Finance Trust tiene un equipo de gestión con la siguiente composición:

Posición	Años de experiencia financiera inmobiliaria
Director ejecutivo	18 años
Director financiero	15 años
Jefe de suscripción	22 años

Infraestructura digital

Detalles de la infraestructura tecnológica:

• Sistema de gestión de préstamos basado en la nube
• Plataforma de seguimiento de cartera en tiempo real
• Protocolos avanzados de ciberseguridad

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrico	Cantidad
Activos totales	$ 3.92 mil millones
Cartera de préstamos	$ 3.47 mil millones
Patrimonio de los accionistas	$ 614.2 millones

Capacidades de evaluación de riesgos

Métricas de evaluación de riesgos de propiedad:

• Calificación crediticia con aprendizaje automático
• Algoritmo de evaluación de riesgos multifactor
• Modelado integral de riesgo de mercado

Red de bienes raíces comerciales

Composición de red:

Categoría de red	Número de conexiones
Inversores institucionales	127
Corredores de bienes raíces comerciales	213
Socios bancarios regionales	86

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: propuestas de valor

Proporcionar soluciones de financiamiento flexible para bienes raíces comerciales

A partir del cuarto trimestre de 2023, TPG Re Finance Trust se originó $ 1.2 mil millones en préstamos inmobiliarios comerciales, con un enfoque en:

Tipo de préstamo	Volumen total	Tamaño promedio del préstamo
Préstamos para personas mayores	$ 842 millones	$ 36.6 millones
Préstamos subordinados	$ 358 millones	$ 22.4 millones

Generar ingresos consistentes a través de tarifas de intereses y préstamos

Métricas de rendimiento financiero para 2023:

• Ingresos de intereses netos: $ 89.3 millones
• Tarifas de originación del préstamo: $ 12.7 millones
• Margen promedio de interés neto: 2.85%

Ofreciendo oportunidades de inversión de deuda inmobiliaria diversificadas

Sector inmobiliario	Asignación de cartera de préstamos
Multifamiliar	37%
Oficina	22%
Industrial	18%
Hospitalidad	15%
Minorista	8%

Entrega de atractivos rendimientos ajustados al riesgo para los accionistas

Métricas de devolución de accionistas para 2023:

• Retorno total de los accionistas: 14.2%
• Rendimiento de dividendos: 9.6%
• Ganancias por acción: $ 1.42

Aprovechando la experiencia especializada en préstamos inmobiliarios comerciales

Destacados de la experiencia en préstamos:

• Relación promedio de préstamo a valor: 65%
• Término de préstamo promedio ponderado: 3.2 años
• Relación de préstamos sin rendimiento: 0.3%

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: Relaciones con los clientes

Servicio al cliente personalizado para inversores inmobiliarios

TPG Re Finance Trust mantiene un equipo de servicio al cliente dedicado con un tiempo de respuesta promedio de 4.2 horas para consultas de los inversores. La compañía atiende a aproximadamente 87 inversores institucionales y acreditados a partir del cuarto trimestre de 2023.

Segmento de clientes	Número de clientes	Tamaño de inversión promedio
Inversores institucionales	62	$ 5.3 millones
Inversores individuales acreditados	25	$ 1.7 millones

Plataformas digitales para la gestión y comunicación de préstamos

TRTX utiliza una plataforma digital patentada con las siguientes capacidades:

• Seguimiento de cartera en tiempo real
• Intercambio de documentos seguro
• Tablero de informes en línea

Informes regulares de inversores y transparencia

La compañía proporciona informes financieros trimestrales con un 98.6% tasa de divulgación integral. La frecuencia de informes incluye:

Tipo de informe	Frecuencia	Método de entrega
Informe financiero trimestral	4 veces anualmente	Digital e impreso
Actualización mensual de cartera	12 veces anualmente	Plataforma digital

Servicios de gestión de cartera y asesoramiento proactivo

TRTX ofrece servicios de asesoramiento especializados con las siguientes métricas:

• Frecuencia promedio de revisión de la cartera: 2.4 veces al año
• Gerentes de relaciones dedicadas para clientes con más de $ 10 millones de inversiones
• Consultas de gestión de riesgos personalizados

Mantener relaciones a largo plazo con prestatarios e inversores

Las estadísticas de retención de clientes demuestran una fuerte gestión de relaciones:

Métrico	Valor
Duración promedio de la relación con el cliente	6.7 años
Repita la tasa de inversión	73.4%
Puntuación de satisfacción del cliente	4.5/5

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: canales

Equipo de ventas directo dirigido a inversores inmobiliarios

A partir del cuarto trimestre de 2023, TPG Re Finance Trust mantiene un equipo de ventas directo dedicado de 12 profesionales centrado en inversiones de deuda inmobiliaria comerciales.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	12
Tamaño de trato promedio	$ 45.2 millones
Cobertura geográfica	48 estados de EE. UU.

Plataformas de inversión en línea

TRTX utiliza plataformas digitales para la accesibilidad de inversión.

• Fecha de lanzamiento de la plataforma digital: septiembre de 2018
• Base de usuarios del portal de inversión en línea: 3.400 inversores registrados
• Volumen de transacción digital en 2023: $ 672 millones

Redes de asesores financieros

TRTX colabora con 87 firmas de asesoramiento financiero independiente en todo el país.

Métrico de red	2023 estadísticas
Total de empresas asociadas	87
Activos totales referidos	$ 1.3 mil millones

Roadswows de inversores institucionales

En 2023, TRTX realizó 24 presentaciones de inversores institucionales.

• Inversores institucionales totales comprometidos: 142
• Roadshow Ubations: Nueva York, Chicago, San Francisco, Boston
• Capital institucional total discutido: $ 4.6 mil millones

Sistemas de comunicación digital e informes

TRTX implementa infraestructura integral de informes digitales.

Métrica de comunicación digital	2023 datos
Informes digitales trimestrales	4
Usuarios de portal de inversores	2,800
Interacciones digitales mensuales promedio	6,400

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: segmentos de clientes

Inversores inmobiliarios comerciales

TPG Re Finance Trust se centra en servir a inversores inmobiliarios comerciales con características de inversión específicas:

Métricas de segmento	2023 datos
Cartera total de inversión inmobiliaria comercial	$ 3.1 mil millones
Tamaño promedio del préstamo	$ 27.4 millones
Cobertura geográfica	48 estados

Empresas de inversión institucional

Características clave del segmento de inversión institucional:

• Los inversores institucionales representan el 62% de la base de inversiones totales de TRTX
• Centrado en valores comerciales respaldados por hipotecas (CMBS)
• Umbral de inversión mínima: $ 5 millones

Individuos de alto nivel de red

Inversor Profile	2023 estadísticas
Segmento de inversores de alto nivel de red	23% de la base total de inversores
Monto promedio de la inversión	$ 1.2 millones
Rango típico de patrimonio neto	$ 5 millones - $ 30 millones

Desarrolladores inmobiliarios

TRTX proporciona soluciones financieras específicas:

• Préstamos totales para desarrolladores en 2023: $ 742 millones
• Tipos de préstamo: Construcción, Renovación, Adquisición
• Término promedio del préstamo: 3-5 años

Fondos de capital y inversión privados

Categoría de fondos	2023 datos de inversión
Inversiones totales de capital privado	$ 1.4 mil millones
Número de asociaciones de fondos	37 fondos activos
Tamaño promedio del fondo	$ 38.6 millones

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: Estructura de costos

Originación de préstamo y gastos de servicio

Para el año fiscal 2023, TPG Re Finance Trust informó los siguientes gastos de origen y servicio del préstamo:

Categoría de gastos	Monto ($)
Costos de origen del préstamo	$ 7.3 millones
Tarifas de servicio de préstamos	$ 4.2 millones

Gestión y gastos generales administrativos

Los costos generales administrativos para TRTX en 2023 incluyeron:

• SALARIOS Y COMPENSACIÓN: $ 12.5 millones
• Tarifas profesionales: $ 3.8 millones
• Gastos administrativos generales: $ 2.6 millones

Gastos de intereses sobre capital prestado

Desglose de gastos de intereses para 2023:

Tipo de deuda	Gastos de intereses totales ($)
Deuda asegurada	$ 38.7 millones
Deuda no garantizada	$ 22.4 millones

Mantenimiento de tecnología e infraestructura

Gastos relacionados con la tecnología para 2023:

• Infraestructura: $ 1.9 millones
• Sistemas de ciberseguridad: $ 1.2 millones
• Licencias y mantenimiento de software: $ 0.8 millones

Cumplimiento regulatorio y costos legales

Desglose de cumplimiento y gastos legales:

Categoría de cumplimiento	Costo anual ($)
Tarifas de presentación regulatoria	$ 0.6 millones
Asesor legal externo	$ 2.3 millones
Monitoreo de cumplimiento	$ 1.5 millones

TPG Re Finance Trust, Inc. (TRTX) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de préstamos inmobiliarios comerciales

Para el año fiscal 2023, TPG Re Finance Trust informó $ 115.2 millones En ingresos por intereses de préstamos inmobiliarios comerciales. La cartera de préstamos consiste principalmente en préstamos hipotecarios senior asegurados por propiedades comerciales.

Tipo de préstamo	Saldo total del préstamo	Tasa de interés promedio
Préstamos hipotecarios para personas mayores	$ 2.1 mil millones	6.75%
Préstamos entre mezzaninos	$ 413 millones	8.25%

Tarifas de originación de préstamos

En 2023, se generó TPG re Finance Trust $ 22.7 millones de las tarifas de origen del préstamo en varias transacciones de bienes raíces comerciales.

• Tarifa promedio de origen del préstamo: 1.25% del monto total del préstamo
• Número total de nuevos préstamos originados: 37
• Tamaño de préstamo promedio ponderado: $ 58.3 millones

Ganancias de ventas de préstamos y titulizaciones

La compañía informó $ 43.6 millones en ganancias de las ventas de préstamos y actividades de titulización durante 2023.

Tipo de titulización	Volumen total	Ganancia realizada
Valores comerciales respaldados por hipotecas	$ 675 millones	$ 29.4 millones
Ventas de préstamos completos	$ 245 millones	$ 14.2 millones

Ingresos de inversión de valores respaldados por hipotecas

Ingresos de inversión de valores respaldados por hipotecas totalizados $ 37.8 millones para el año fiscal 2023.

• Valor total de la cartera de MBS: $ 512 millones
• Rendimiento promedio en inversiones MBS: 7.38%

Gestión de activos y tarifas de asesoramiento

TPG re Finance Trust generado $ 8.5 millones en gestión de activos y tarifas de asesoramiento durante 2023.

Tipo de tarifa	Tarifas totales	Porcentaje de ingresos totales
Tarifas de gestión de activos	$ 6.2 millones	3.4%
Tarifas de asesoramiento	$ 2.3 millones	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.