TPG RE Finance Trust, Inc. (TRTX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du financement immobilier commercial, TPG Re Finance Trust, Inc. (TRTX) apparaît comme une puissance stratégique, transformant des paysages de prêt complexes en opportunités d'investissement lucratives. En naviguant magistralement dans l'écosystème complexe de la dette immobilière, cette entreprise innovante tire parti de son modèle commercial sophistiqué pour livrer Rendements attrayants ajustés au risque Pour les investisseurs, tout en fournissant des solutions de financement flexibles qui comblent l'écart entre les marchés des capitaux et le développement de la propriété commerciale. Découvrez comment l'approche unique de TRTX révolutionne les stratégies d'investissement immobilier et crée de la valeur dans un terrain financier en constante évolution.

TPG RE Finance Trust, Inc. (TRTX) - Modèle commercial: partenariats clés

Relations stratégiques avec les prêteurs immobiliers commerciaux

TPG Re Finance Trust entretient des partenariats stratégiques avec plusieurs établissements de prêt immobilier commercial. Au quatrième trimestre 2023, la société a signalé les principaux partenariats de prêt suivants:

Partenaire de prêt	Volume total des prêts	Durée du partenariat
Wells Fargo	412 millions de dollars	Plus de 5 ans
JPMorgan Chase	356 millions de dollars	Plus de 4 ans
Banque d'Amérique	289 millions de dollars	3 ans et plus

Collaboration avec les banques d'investissement et les institutions financières

TRTX collabore avec les banques d'investissement pour faciliter les transactions de financement immobilier complexes:

• Goldman Sachs - Support de souscription
• Morgan Stanley - Capital Market Advisory
• Citigroup - Services de structuration de la dette

Partenariats avec les propriétaires et les promoteurs immobiliers

Les partenariats de développeurs stratégiques comprennent:

Promoteur	Investissement total	Types de propriétés
Propriétés de Brookfield	275 millions de dollars	Commercial, multifamilial
Entreprises connexes	203 millions de dollars	À usage mixte, résidentiel
Hines	187 millions de dollars	Bureau, vente au détail

Connexions avec les investisseurs institutionnels et les acteurs du marché des capitaux

Le réseau d'investisseurs institutionnels de TRTX comprend:

• BlackRock - 185 millions de dollars d'investissement
• Vanguard Group - 142 millions de dollars d'investissement
• Conseils mondiaux de la rue State - Investissement de 98 millions de dollars

Capital de partenariat total à partir de 2024: 1,62 milliard de dollars

TPG RE Finance Trust, Inc. (TRTX) - Modèle d'entreprise: Activités clés

Originaire et acquisition de prêts immobiliers commerciaux

Au quatrième trimestre 2023, TPG Re Finance Trust a créé 214,3 millions de dollars de nouveaux prêts. Valeur du portefeuille de prêts totaux: 1,87 milliard de dollars. Les types de prêts incluent:

• Propriétés multifamiliales
• Immeubles de bureaux
• Actifs hôteliers
• Propriétés industrielles

Catégorie de prêt	Valeur totale du prêt	Pourcentage de portefeuille
Multifamilial	842,5 millions de dollars	45%
Bureau	536,1 millions de dollars	28.6%
Industriel	329,3 millions de dollars	17.6%
Hospitalité	162,7 millions de dollars	8.8%

Gérer et entretenir les portefeuilles de prêts

Mesures de service de prêt pour 2023:

• Prêts totaux des services: 87 prêts
• Taille moyenne des prêts pondérés: 21,5 millions de dollars
• Taux d'intérêt moyen pondéré: 6,75%
• Terme de prêt moyen pondérée: 3,2 ans

Titrisation des titres adossés à des créances hypothécaires (CMB)

Détails de la transaction CMBS en 2023:

Métrique	Valeur
Émission totale de CMBS	487,6 millions de dollars
Nombre de transactions CMBS	2 transactions
Taille moyenne des transactions CMBS	243,8 millions de dollars

Investissement et gestion des risques de la dette immobilière

Métriques de gestion des risques:

• Ratio de prêts non performants: 1,2%
• Réserve de perte de prêt: 18,3 millions de dollars
• Ratio de prêt / valeur moyen: 62%

Allocation de capital et optimisation du portefeuille

Répartition de l'allocation des capitaux pour 2023:

Catégorie d'investissement	Capital alloué	Pourcentage
Prêts supérieurs	1,42 milliard de dollars	75.9%
Prêts à la mezzanine	302,5 millions de dollars	16.2%
Capitaux propres préférés	142,7 millions de dollars	7.6%

TPG RE Finance Trust, Inc. (TRTX) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

En 2024, TPG RE Finance Trust a une équipe de gestion avec la composition suivante:

Position	Années d'expérience en financement immobilier
Directeur général	18 ans
Directeur financier	15 ans
Chef de la souscription	22 ans

Infrastructure numérique

Détails de l'infrastructure technologique:

• Système de gestion des prêts basé sur le cloud
• Plate-forme de suivi de portefeuille en temps réel
• Protocoles avancés de cybersécurité

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique	Montant
Actif total	3,92 milliards de dollars
Portefeuille de prêts	3,47 milliards de dollars
Capitaux propres des actionnaires	614,2 millions de dollars

Capacités d'évaluation des risques

Métriques d'évaluation des risques propriétaires:

• Notation de crédits à apprentissage automatique
• Algorithme d'évaluation des risques multi-facteurs
• Modélisation complète des risques de marché

Réseau immobilier commercial

Composition du réseau:

Catégorie de réseau	Nombre de connexions
Investisseurs institutionnels	127
Courtiers immobiliers commerciaux	213
Partenaires bancaires régionaux	86

TPG RE Finance Trust, Inc. (TRTX) - Modèle d'entreprise: propositions de valeur

Fournir des solutions de financement flexibles pour l'immobilier commercial

Au quatrième trimestre 2023, TPG RE Finance Trust a créé 1,2 milliard de dollars de prêts immobiliers commerciaux, en mettant l'accent sur:

Type de prêt	Volume total	Taille moyenne du prêt
Prêts supérieurs	842 millions de dollars	36,6 millions de dollars
Prêts subordonnés	358 millions de dollars	22,4 millions de dollars

Générer un revenu cohérent grâce à des frais d'intérêt et de prêt

Mesures de performance financière pour 2023:

• Revenu des intérêts nets: 89,3 millions de dollars
• Frais d'origine du prêt: 12,7 millions de dollars
• Marge d'intérêt net moyen: 2,85%

Offrir des opportunités d'investissement de dette immobilière diversifiée

Secteur des biens	Allocation du portefeuille de prêts
Multifamilial	37%
Bureau	22%
Industriel	18%
Hospitalité	15%
Vente au détail	8%

Offrir des rendements attrayants ajustés au risque pour les actionnaires

Métriques de retour des actionnaires pour 2023:

• Retour total des actionnaires: 14,2%
• Rendement des dividendes: 9,6%
• Bénéfice par action: 1,42 $

Tirer parti de l'expertise spécialisée dans les prêts immobiliers commerciaux

Faire des saillants de l'expertise des prêts:

• Ratio de prêt / valeur moyen: 65%
• Terme de prêt moyen pondérée: 3,2 ans
• Ratio de prêts non performants: 0,3%

TPG RE Finance Trust, Inc. (TRTX) - Modèle d'entreprise: relations avec les clients

Service client personnalisé pour les investisseurs immobiliers

TPG RE Finance Trust maintient une équipe de service à la clientèle dédiée avec un temps de réponse moyen de 4,2 heures aux demandes des investisseurs. La Société dessert environ 87 investisseurs institutionnels et accrédités au quatrième trimestre 2023.

Segment client	Nombre de clients	Taille moyenne de l'investissement
Investisseurs institutionnels	62	5,3 millions de dollars
Investisseurs individuels accrédités	25	1,7 million de dollars

Plateformes numériques pour la gestion des prêts et la communication

TRTX utilise une plate-forme numérique propriétaire avec les capacités suivantes:

• Suivi du portefeuille en temps réel
• Échange de documents sécurisé
• Tableau de tableau de bord en ligne

Rapports et transparence des investisseurs réguliers

La société fournit des rapports financiers trimestriels avec un 98,6% Taux de divulgation complète. La fréquence de rapport comprend:

Type de rapport	Fréquence	Méthode de livraison
Rapport financier trimestriel	4 fois par an	Numérique et imprimé
Mise à jour du portefeuille mensuel	12 fois par an	Plate-forme numérique

Gestion de portefeuille proactive et services de conseil

TRTX fournit des services de conseil spécialisés avec les mesures suivantes:

• Fréquence de révision du portefeuille moyen: 2,4 fois par an
• Gestionnaires des relations dédiées aux clients avec plus de 10 millions de dollars d'investissement
• Consultations sur la gestion des risques personnalisées

Maintenir des relations à long terme avec les emprunteurs et les investisseurs

Les statistiques de rétention de la clientèle démontrent une forte gestion des relations:

Métrique	Valeur
Durée moyenne des relations avec le client	6,7 ans
Taux d'investissement répété	73.4%
Score de satisfaction du client	4.5/5

TPG RE Finance Trust, Inc. (TRTX) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les investisseurs immobiliers

Depuis le quatrième trimestre 2023, TPG Re Finance Trust maintient une équipe de vente directe dédiée de 12 professionnels axée sur les investissements en dette immobilière commerciale.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	12
Taille moyenne de l'accord	45,2 millions de dollars
Couverture géographique	48 États américains

Plateformes d'investissement en ligne

TRTX utilise des plateformes numériques pour l'accessibilité des investissements.

• Date de lancement de la plate-forme numérique: septembre 2018
• Base d'utilisateurs du portail d'investissement en ligne: 3 400 investisseurs enregistrés
• Volume de transaction numérique en 2023: 672 millions de dollars

Réseaux de conseillers financiers

TRTX collabore avec 87 cabinets de conseil financier indépendants à l'échelle nationale.

Métrique du réseau	2023 statistiques
Total des entreprises partenaires	87
Total des actifs référés	1,3 milliard de dollars

Bouc-bassins d'investisseurs institutionnels

En 2023, TRTX a effectué 24 présentations d'investisseurs institutionnels.

• Total des investisseurs institutionnels engagés: 142
• Emplacements de Roadshow: New York, Chicago, San Francisco, Boston
• Capital institutionnel total discuté: 4,6 milliards de dollars

Systèmes de communication et de rapports numériques

TRTX met en œuvre une infrastructure de rapports numériques complète.

Métrique de communication numérique	2023 données
Rapports numériques trimestriels	4
Utilisateurs de portail des investisseurs	2,800
Interactions numériques mensuelles moyennes	6,400

TPG RE Finance Trust, Inc. (TRTX) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers commerciaux

TPG RE Finance Trust se concentre sur le service des investisseurs immobiliers commerciaux avec des caractéristiques d'investissement spécifiques:

Métriques du segment	2023 données
Portefeuille total d'investissement immobilier commercial	3,1 milliards de dollars
Taille moyenne du prêt	27,4 millions de dollars
Couverture géographique	48 États

Entreprises d'investissement institutionnelles

Caractéristiques clés du segment des investissements institutionnels:

• Les investisseurs institutionnels représentent 62% de la base d'investissement totale de TRTX
• Axé sur les titres adossés à des créances hypothécaires (CMB)
• Seuil d'investissement minimum: 5 millions de dollars

Individus à haute nette

Investisseur Profile	2023 statistiques
Segment des investisseurs à haute nette	23% de la base totale des investisseurs
Montant d'investissement moyen	1,2 million de dollars
Gamme de valeur nette typique	5 millions de dollars - 30 millions de dollars

Promoteurs immobiliers

TRTX fournit des solutions de financement ciblées:

• Prêts totaux aux développeurs en 2023: 742 millions de dollars
• Types de prêts: Construction, Rénovation, Acquisition
• Terme moyenne du prêt: 3-5 ans

Fonds de capital-investissement et d'investissement

Catégorie de fonds	2023 données d'investissement
Investissements totaux de capital-investissement	1,4 milliard de dollars
Nombre de partenariats de fonds	37 fonds actifs
Taille moyenne du fonds	38,6 millions de dollars

TPG RE Finance Trust, Inc. (TRTX) - Modèle d'entreprise: Structure des coûts

Frais d'origine et de service des prêts

Pour l'exercice 2023, TPG RE Finance Trust a déclaré les frais d'origine et de service suivants:

Catégorie de dépenses	Montant ($)
Coûts d'origine du prêt	7,3 millions de dollars
Frais de service de prêt	4,2 millions de dollars

Gestion et frais généraux administratifs

Les frais généraux administratifs pour TRTX en 2023 comprenaient:

• Salaires et compensation: 12,5 millions de dollars
• Frais professionnels: 3,8 millions de dollars
• Dépenses administratives générales: 2,6 millions de dollars

Dépenses d'intérêt sur le capital emprunté

Répartition des dépenses d'intérêt pour 2023:

Type de dette	Intérêts totaux ($)
Dette garantie	38,7 millions de dollars
Dette non garantie	22,4 millions de dollars

Maintenance de technologie et d'infrastructure

Dépenses liées à la technologie pour 2023:

• Infrastructure informatique: 1,9 million de dollars
• Systèmes de cybersécurité: 1,2 million de dollars
• Licence et maintenance logicielles: 0,8 million de dollars

Conformité réglementaire et frais juridiques

Compliance et répartition des dépenses juridiques:

Catégorie de conformité	Coût annuel ($)
Frais de dépôt réglementaire	0,6 million de dollars
Conseiller juridique externe	2,3 millions de dollars
Surveillance de la conformité	1,5 million de dollars

TPG RE Finance Trust, Inc. (TRTX) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts immobiliers commerciaux

Pour l'exercice 2023, TPG RE Finance Trust a déclaré 115,2 millions de dollars dans les revenus des intérêts des prêts immobiliers commerciaux. Le portefeuille de prêts se compose principalement de prêts hypothécaires seniors garantis par des propriétés commerciales.

Type de prêt	Solde total des prêts	Taux d'intérêt moyen
Prêts hypothécaires seniors	2,1 milliards de dollars	6.75%
Prêts à la mezzanine	413 millions de dollars	8.25%

Frais d'origine du prêt

En 2023, TPG RE Finance Trust généré 22,7 millions de dollars des frais d'origine du prêt dans diverses transactions immobilières commerciales.

• Frais de création de prêt moyen: 1,25% du montant total du prêt
• Nombre total de nouveaux prêts à l'origine: 37
• Taille moyenne des prêts pondérés: 58,3 millions de dollars

Gains des ventes de prêts et titrisations

La société a signalé 43,6 millions de dollars dans les gains provenant des activités de vente de prêts et de titrisation en 2023.

Type de titrisation	Volume total	Gagner réalisé
Titres adossés à des créances hypothécaires commerciaux	675 millions de dollars	29,4 millions de dollars
Ventes de prêts entiers	245 millions de dollars	14,2 millions de dollars

Revenu de placement provenant de titres adossés à des créances hypothécaires

Les revenus de placement des titres adossés à des créances hypothécaires ont totalisé 37,8 millions de dollars pour l'exercice 2023.

• Valeur du portefeuille MBS total: 512 millions de dollars
• Rendement moyen sur les investissements MBS: 7,38%

Frais de gestion des actifs et de conseil

TPG re Finance Trust généré 8,5 millions de dollars dans la gestion des actifs et les frais de conseil en 2023.

Type de frais	Total des frais	Pourcentage du total des revenus
Frais de gestion des actifs	6,2 millions de dollars	3.4%
Frais de conseil	2,3 millions de dollars	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.