TPG RE Finance Trust, Inc. (TRTX): Business Model Canvas [Dec-2025 Updated]

You're trying to map out exactly how a specialized real estate lender like TPG RE Finance Trust, Inc. actually makes money, especially given today's tricky capital markets. Honestly, their business model is about being a sophisticated middleman: they originate first mortgage loans on transitional assets and then package that debt into securities-Commercial Real Estate CLOs-for institutional buyers. With a loan portfolio commitment near $5.2 billion and access to $1.7 billion in financing capacity as of mid-2025, their model defintely hinges on that TPG affiliation for deal flow and disciplined risk management. Let's break down the nine blocks of their Business Model Canvas to see where the real value and the near-term opportunities lie below.

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

You're looking at how TPG RE Finance Trust, Inc. (TRTX) structures its operations by relying on key external relationships to fund its lending business. This is critical because, as a company externally managed, its success is tied directly to the performance and commitment of these partners.

External Manager: TPG RE Finance Trust Management, L.P.

TPG RE Finance Trust Management, L.P., an affiliate of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG), serves as the external manager. This relationship is symbiotic; the manager provides the expertise and platform, and TRTX benefits from TPG's global scope of knowledge and relationships. A key financial detail here is the fee structure: the external manager acts as the collateral manager for the Commercial Real Estate Collateralized Loan Obligations (CRE CLOs) and has agreed to waive its 0.1% annual collateral management fee while it remains the external manager. This waiver directly reduces stated expenses for TRTX under the current setup.

Investment Banks: Structuring and Placing CRE CLOs

Investment banks are essential for TPG RE Finance Trust, Inc.'s primary liability funding mechanism: securitization through CRE CLOs. You see this in action with their recent $1.1 billion issuances in 2025.

For the TRTX 2025-FL7 closing in November 2025, the roles were clearly defined:

• Goldman Sachs & Co. LLC acted as sole structuring agent, co-lead manager and joint bookrunner.
• BofA Securities, Inc. and Wells Fargo Securities, LLC acted as co-lead managers and joint bookrunners.

This partnership structure is consistent, as seen in the March 2025 TRTX 2025-FL6 transaction, which also featured Goldman Sachs as the sole structuring agent, co-lead manager, and joint bookrunner, with BofA Securities and Wells Fargo Securities as co-lead managers and joint bookrunners.

The table below summarizes the scale of these recent securitization partnerships:

The list of financial institutions involved in placing the securities is quite extensive, showing a broad base of capital markets support. For TRTX 2025-FL6, co-managers included Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., M&T Securities, Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., Standard Chartered Bank and TPG Capital BD, LLC.

Warehouse Lenders: Secured Revolving Credit Facilities

Warehouse lenders provide the crucial, often shorter-term, secured financing that allows TPG RE Finance Trust, Inc. to originate loans before they are packaged and sold in a CRE CLO. The proceeds from the CLOs are explicitly used to 'repay warehouse and other pre-closing financing'. While a specific 2025 facility size with Bank of America NA isn't explicitly detailed as a warehouse lender in the latest filings, the overall capacity data shows the importance of this funding source.

You can see the available secured financing capacity reported at different points in 2025:

• As of December 31, 2024, undrawn capacity under secured financing arrangements was $128.1 million.
• As of March 31, 2025, undrawn capacity under secured credit agreements was $25.4 million.
• Separately, TRTX enlarged its table funding facility by $85 million to a total of $375 million and extended the term for three years.

Non-mark-to-market borrowings represented 87.4% of total borrowings at September 30, 2025, indicating a heavy reliance on these types of secured, non-mark-to-market financing structures.

Institutional Investors: Purchasing Investment-Grade Securities

These are the ultimate buyers of the term financing provided by the CLOs. TPG RE Finance Trust, Inc. places the investment-grade securities from its CLOs with these investors on a non-mark-to-market, non-recourse basis.

The volume of securities placed with institutional investors in the two major 2025 CLO transactions highlights the demand:

• TRTX 2025-FL7 placed approximately $957.0 million of investment grade securities.
• TRTX 2025-FL6 placed $962.5 million of investment grade securities.

This is how TRTX converts its originated loan assets into stable, long-term liabilities. For instance, the TRTX 2025-FL7 issuance provided TRTX with term financing, and the redemption of the older TRTX 2021-FL4 (which had approximately $411.5 million of investment grade securities outstanding) is part of this ongoing liability management.

Finance: draft 13-week cash view by Friday.

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

You're looking at how TPG RE Finance Trust, Inc. (TRTX) actively puts capital to work and manages its funding structure, which is central to its business. The activities here are all about sourcing, structuring, and managing high-quality commercial real estate debt.

Originate and acquire first mortgage commercial real estate loans

TPG RE Finance Trust, Inc. (TRTX) keeps the engine running by originating new debt. For the quarter ended September 30, 2025, the company originated $279.2 million of total loan commitments. These Q3 originations carried a weighted average interest rate of Term SOFR plus 3.22%, with an as-is loan-to-value (LTV) ratio of 64.9%. To give you a sense of the pace, year-over-year, net earning assets grew by $377.3 million or 12%, which was driven by $1.2 billion of loan originations up to that point in 2025. The investment pipeline remains active; as of the Q3 earnings release, there was over $670 million of loans in the closing process, plus $196.5 million already closed in the fourth quarter. This is how TPG RE Finance Trust, Inc. (TRTX) builds its asset base.

Here are some specifics on recent origination activity:

• Originated $279.2 million in total loan commitments in Q3 2025.
• Closed three first mortgage loans in Q3 2025 with aggregate commitments of $196.5 million.
• These Q3 loans had an aggregate initial funding of $183.2 million.
• The weighted average as-is LTV for those three Q3 loans was 73.4%.

Structure and issue Commercial Real Estate CLOs (e.g., $1.1 billion TRTX 2025-FL7)

A core activity for TPG RE Finance Trust, Inc. (TRTX) is using securitization to fund its loan book and optimize its capital structure. This is where they turn pools of loans into tradable securities, often called Collateralized Loan Obligations (CLOs). Most recently, in November 2025, TPG RE Finance Trust, Inc. (TRTX) closed TRTX 2025-FL7, a $1.1 billion managed Commercial Real Estate CLO. This transaction placed approximately $957.0 million of investment grade securities with institutional investors. The FL7 cut-off date collateral interests represented about 30.2% of the loan investment portfolio and had an aggregate principal balance of about $1,100 million as of mid-October 2025. This issuance was paired with the planned redemption of TRTX 2021-FL4, which had approximately $411.5 million of investment grade securities outstanding. The expected net cash proceeds from this liability management move were approximately $58.5 million.

TPG RE Finance Trust, Inc. (TRTX) also executed a similar transaction earlier in the year:

The issuance of TRTX 2025-FL6 also resulted in the redemption of TRTX 2019-FL3, which had about $114.6 million of investment grade securities outstanding, yielding net cash proceeds of approximately $191.0 million.

Manage a portfolio of floating-rate, senior secured loans

The management activity centers on maintaining a high-quality, performing loan portfolio, which is primarily composed of floating-rate, senior secured loans. As of September 30, 2025, TPG RE Finance Trust, Inc. (TRTX) maintained a loan portfolio that was 100% performing. The weighted average risk rating for the entire loan portfolio held steady at 3.0 as of September 30, 2025. The company is externally managed by TPG RE Finance Trust Management, L.P., which is part of TPG Real Estate.

Key portfolio and capital structure metrics as of late 2025 include:

• Book value per common share: $11.25 as of September 30, 2025.
• GAAP net income attributable to common stockholders for Q3 2025: $18.4 million.
• Distributable Earnings for Q3 2025: $19.9 million, or $0.25 per common share.
• The quarterly common stock dividend declared was $0.24 per share.

Prudent risk management and disciplined capital deployment

Risk management involves maintaining a conservative leverage profile and actively managing the capital base. In the third quarter of 2025, TPG RE Finance Trust, Inc. (TRTX) repurchased 1,117,024 shares of common stock for a total consideration of $9.3 million, which increased book value per common share by $0.04 per common share. This action fully utilized the remaining capacity under the company's share repurchase program, and a new $25 million repurchase authorization was approved. The total leverage for TPG RE Finance Trust, Inc. (TRTX) remained steady at 2.6x as of Q3 2025. Management has stated a focus on raising debt-to-equity toward 3-3.5x over time.

The allowance for credit losses, a key risk metric, stood at $69.3 million as of September 30, 2025, which equates to 205 basis points of total loan commitments. This compares to $64.0 million, or 187 basis points, at December 31, 2024. The company is definitely focused on managing its balance sheet health.

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

You're looking at the core assets that TPG RE Finance Trust, Inc. (TRTX) uses to execute its commercial real estate lending strategy. These aren't just abstract concepts; they are concrete figures and established relationships that drive the business.

The most fundamental resource is the backing from its manager. TPG RE Finance Trust, Inc. is externally managed by TPG RE Finance Trust Management, L.P., which is a part of TPG Real Estate, the real estate investment platform of the global alternative asset management firm TPG Inc. (NASDAQ: TPG). This affiliation provides access to a broad, scaled platform.

The actual assets deployed are the loan portfolio, which is the engine of the business. You can see the scale of this resource in the table below, using the latest reported total commitment figure available from mid-2025 filings.

Access to capital is clearly a critical resource, and TRTX has established significant credit facilities. For instance, the aggregate maximum amount available to finance loan investments under secured credit agreements was approximately $1.7 billion as of December 31, 2024. The company also actively manages its funding mix, with non-mark-to-market financing representing 94.8% of secured liabilities at the end of Q2 2025.

The management team's experience is another non-tangible but vital resource. This expertise is built on a long history of collaborative investing through various credit and macroeconomic cycles. Key personnel include:

• CEO: Doug Bouquard
• CFO: Robert Foley

This team leverages deep knowledge of target markets and property types, supported by a data-driven investment philosophy spanning over 30 years within the broader TPG ecosystem.

The company also utilizes structured credit to enhance its capital structure. For example, TRTX priced the TRTX 2025-FL7 Commercial Real Estate Collateralized Loan Obligation (CLO), which involved approximately $1,100 million in aggregate principal balance as of mid-October 2025, representing about 30.2% of the loan investment portfolio at that time.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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

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

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:

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.