TPG Re Finance Trust, Inc. (TRTX): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças imobiliárias comerciais, a TPG Re Finance Trust, Inc. (TRTX) surge como uma potência estratégica, transformando paisagens complexas de empréstimos em oportunidades lucrativas de investimento. Ao navegar magistralmente no intrincado ecossistema da dívida imobiliária, esta empresa inovadora aproveita seu sofisticado modelo de negócios para entregar retornos atraentes ajustados ao risco Para os investidores, fornecendo soluções de financiamento flexíveis que preenchem a lacuna entre os mercados de capitais e o desenvolvimento da propriedade comercial. Descubra como a abordagem única do TRTX revoluciona estratégias de investimento imobiliário e cria valor em um terreno financeiro em constante evolução.

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: Parcerias -chave

Relações estratégicas com credores imobiliários comerciais

O TPG RE Finance Trust mantém parcerias estratégicas com várias instituições comerciais de empréstimos imobiliários. A partir do quarto trimestre 2023, a empresa relatou as seguintes parcerias importantes de empréstimos:

Parceiro de empréstimo	Volume total de empréstimos	Duração da parceria
Wells Fargo	US $ 412 milhões	Mais de 5 anos
JPMorgan Chase	US $ 356 milhões	Mais de 4 anos
Bank of America	US $ 289 milhões	Mais de 3 anos

Colaboração com bancos de investimento e instituições financeiras

O TRTX colabora com bancos de investimento para facilitar transações complexas de financiamento imobiliário:

• Goldman Sachs - Suporte de subscrição
• Morgan Stanley - Aviso de mercado de capitais
• Citigroup - Serviços de estruturação da dívida

Parcerias com proprietários e promotores imobiliários

As parcerias estratégicas de desenvolvedores incluem:

Desenvolvedor	Investimento total	Tipos de propriedades
Propriedades de Brookfield	US $ 275 milhões	Comercial, multifamiliar
Empresas relacionadas	US $ 203 milhões	Use misto, residencial
Hines	US $ 187 milhões	Escritório, varejo

Conexões com investidores institucionais e players do mercado de capitais

A rede de investidores institucionais da TRTX inclui:

• BlackRock - investimento de US $ 185 milhões
• Vanguard Group - investimento de US $ 142 milhões
• Advisores Globais da State Street - US $ 98 milhões de investimentos

Total Partnership Capital a partir de 2024: US $ 1,62 bilhão

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: Atividades -chave

Originar e adquirir empréstimos imobiliários comerciais

A partir do quarto trimestre de 2023, o TPG RE Finance Trust originou US $ 214,3 milhões em novos empréstimos. Valor total da carteira de empréstimos: US $ 1,87 bilhão. Os tipos de empréstimos incluem:

• Propriedades multifamiliares
• Edifícios de escritórios
• Ativos de hospitalidade
• Propriedades industriais

Categoria de empréstimo	Valor total do empréstimo	Porcentagem de portfólio
Multifamiliar	US $ 842,5 milhões	45%
Escritório	US $ 536,1 milhões	28.6%
Industrial	US $ 329,3 milhões	17.6%
Hospitalidade	US $ 162,7 milhões	8.8%

Gerenciamento e manutenção portfólios de empréstimos

Métricas de manutenção de empréstimos para 2023:

• Empréstimos com manutenção total: 87 empréstimos
• Tamanho médio de empréstimo ponderado: US $ 21,5 milhões
• Taxa de juros médios ponderados: 6,75%
• Termo médio ponderado de empréstimo: 3,2 anos

Securitização de títulos comerciais lastreados em hipotecas (CMBs)

Detalhes da transação do CMBS em 2023:

Métrica	Valor
Emissão total de CMBs	US $ 487,6 milhões
Número de transações CMBS	2 transações
Tamanho médio da transação CMBS	US $ 243,8 milhões

Investimento e gerenciamento de riscos da dívida imobiliária

Métricas de gerenciamento de riscos:

• Razão de empréstimos não-desempenho: 1,2%
• Reserva de perda de empréstimo: US $ 18,3 milhões
• Relação média de empréstimo / valor: 62%

Alocação de capital e otimização de portfólio

Aparecimento de alocação de capital para 2023:

Categoria de investimento	Capital alocado	Percentagem
Empréstimos sênior	US $ 1,42 bilhão	75.9%
Empréstimos de mezanina	US $ 302,5 milhões	16.2%
Equidade preferida	US $ 142,7 milhões	7.6%

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento experiente

A partir de 2024, o TPG RE Finance Trust possui uma equipe de gerenciamento com a seguinte composição:

Posição	Anos de experiência em finanças imobiliárias
Diretor executivo	18 anos
Diretor financeiro	15 anos
Chefe de subscrição	22 anos

Infraestrutura digital

Detalhes da infraestrutura de tecnologia:

• Sistema de gerenciamento de empréstimos baseado em nuvem
• Plataforma de rastreamento de portfólio em tempo real
• Protocolos avançados de segurança cibernética

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica	Quantia
Total de ativos	US $ 3,92 bilhões
Portfólio de empréstimos	US $ 3,47 bilhões
Equidade dos acionistas	US $ 614,2 milhões

Capacidades de avaliação de risco

Métricas proprietárias de avaliação de risco:

• Pontuação de crédito movida a aprendizagem de máquina
• Algoritmo de avaliação de risco multifatorial
• Modelagem abrangente de risco de mercado

Rede imobiliária comercial

Composição de rede:

Categoria de rede	Número de conexões
Investidores institucionais	127
Corretores imobiliários comerciais	213
Parceiros bancários regionais	86

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: proposições de valor

Fornecendo soluções de financiamento flexíveis para imóveis comerciais

No quarto trimestre 2023, o TPG RE Finance Trust originou US $ 1,2 bilhão em empréstimos imobiliários comerciais, com foco em:

Tipo de empréstimo	Volume total	Tamanho médio do empréstimo
Empréstimos sênior	US $ 842 milhões	US $ 36,6 milhões
Empréstimos subordinados	US $ 358 milhões	US $ 22,4 milhões

Gerando renda consistente por meio de juros e taxas de empréstimo

Métricas de desempenho financeiro para 2023:

• Receita de juros líquidos: US $ 89,3 milhões
• Taxas de originação de empréstimos: US $ 12,7 milhões
• Margem de juros líquidos médios: 2,85%

Oferecendo oportunidades diversificadas de investimento em dívida imobiliária

Setor de propriedades	Alocação de portfólio de empréstimos
Multifamiliar	37%
Escritório	22%
Industrial	18%
Hospitalidade	15%
Varejo	8%

Entregando retornos atraentes ajustados ao risco para os acionistas

Métricas de devolução dos acionistas para 2023:

• Retorno total do acionista: 14,2%
• Rendimento de dividendos: 9,6%
• Ganhos por ação: US $ 1,42

Aproveitando a experiência especializada em empréstimos imobiliários comerciais

A experiência em empréstimo destaca:

• Relação média de empréstimo / valor: 65%
• Termo médio ponderado de empréstimo: 3,2 anos
• Razão de empréstimos sem desempenho: 0,3%

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: Relacionamentos do cliente

Atendimento ao cliente personalizado para investidores imobiliários

O TPG RE Finance Trust mantém uma equipe de atendimento ao cliente dedicada com um tempo médio de resposta de 4,2 horas para obter consultas para investidores. A empresa atende a aproximadamente 87 investidores institucionais e credenciados a partir do quarto trimestre 2023.

Segmento de cliente	Número de clientes	Tamanho médio de investimento
Investidores institucionais	62	US $ 5,3 milhões
Investidores individuais credenciados	25	US $ 1,7 milhão

Plataformas digitais para gerenciamento de empréstimos e comunicação

O TRTX utiliza uma plataforma digital proprietária com os seguintes recursos:

• Rastreamento de portfólio em tempo real
• Troca de documentos seguros
• Painel de relatórios on -line

Relatórios regulares de investidores e transparência

A empresa fornece relatórios financeiros trimestrais com um 98,6% da taxa de divulgação abrangente. A frequência de relatório inclui:

Tipo de relatório	Freqüência	Método de entrega
Relatório Financeiro Trimestral	4 vezes anualmente	Digital e impresso
Atualização mensal do portfólio	12 vezes anualmente	Plataforma digital

Serviços de gerenciamento de portfólio proativos

O TRTX fornece serviços de consultoria especializados com as seguintes métricas:

• Frequência média de revisão do portfólio: 2,4 vezes por ano
• Gerentes de relacionamento dedicados para clientes com mais de US $ 10 milhões
• Consultas de gerenciamento de riscos personalizados

Manter relacionamentos de longo prazo com mutuários e investidores

As estatísticas de retenção de clientes demonstram forte gerenciamento de relacionamento:

Métrica	Valor
Duração média do relacionamento do cliente	6,7 anos
Repetir taxa de investimento	73.4%
Pontuação de satisfação do cliente	4.5/5

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: Canais

Equipe direta da equipe de vendas direcionando investidores imobiliários

No quarto trimestre 2023, o TPG RE Finance Trust mantém uma equipe de vendas diretas dedicadas de 12 profissionais focados em investimentos em dívidas imobiliárias comerciais.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	12
Tamanho médio de negócios	US $ 45,2 milhões
Cobertura geográfica	48 Estados dos EUA

Plataformas de investimento on -line

O TRTX utiliza plataformas digitais para acessibilidade ao investimento.

• Data de lançamento da plataforma digital: setembro de 2018
• Base de Usuário do Portal de Investimentos Online: 3.400 Investidores Registrados
• Volume de transação digital em 2023: US $ 672 milhões

Redes de consultores financeiros

O TRTX colabora com 87 empresas de consultoria financeira independentes em todo o país.

Métrica de rede	2023 Estatísticas
Empresas parceiras totais	87
Total de ativos referidos	US $ 1,3 bilhão

Roadshows de investidores institucionais

Em 2023, o TRTX conduziu 24 apresentações institucionais de investidores.

• Total de investidores institucionais envolvidos: 142
• Locais de roadshow: Nova York, Chicago, São Francisco, Boston
• Capital institucional total discutido: US $ 4,6 bilhões

Sistemas de comunicação e relatórios digitais

O TRTX implementa infraestrutura abrangente de relatórios digitais.

Métrica de comunicação digital	2023 dados
Relatórios digitais trimestrais	4
Usuários do portal do investidor	2,800
Interações digitais mensais médias	6,400

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: segmentos de clientes

Investidores imobiliários comerciais

O TPG RE Finance Trust se concentra em servir investidores imobiliários comerciais com características específicas de investimento:

Métricas de segmento	2023 dados
Portfólio de investimento imobiliário comercial total	US $ 3,1 bilhões
Tamanho médio do empréstimo	US $ 27,4 milhões
Cobertura geográfica	48 estados

Empresas de investimento institucional

Principais características do segmento de investimento institucional:

• Investidores institucionais representam 62% da base total de investimentos da TRTX
• Focado em títulos comerciais apoiados por hipotecas (CMBs)
• Limite mínimo de investimento: US $ 5 milhões

Indivíduos de alta rede

Investidor Profile	2023 Estatísticas
Segmento de investidores de alta rede	23% da base total de investidores
Valor médio de investimento	US $ 1,2 milhão
Intervalo típico de patrimônio líquido	US $ 5 milhões - US $ 30 milhões

Promotores imobiliários

O TRTX fornece soluções de financiamento direcionadas:

• Empréstimos totais para desenvolvedores em 2023: US $ 742 milhões
• Tipos de empréstimos: Construção, Renovação, Aquisição
• Termo médio de empréstimo: 3-5 anos

Fundos de private equity e investimento

Categoria de fundo	2023 Dados de investimento
Total de investimentos em private equity	US $ 1,4 bilhão
Número de parcerias de fundos	37 fundos ativos
Tamanho médio do fundo	US $ 38,6 milhões

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: estrutura de custos

Originação de empréstimos e despesas de manutenção

Para o ano fiscal de 2023, o TPG RE Finance Trust relatou as seguintes despesas de origem e manutenção de empréstimos:

Categoria de despesa	Valor ($)
Custos de originação de empréstimos	US $ 7,3 milhões
Taxas de manutenção de empréstimos	US $ 4,2 milhões

Gestão e sobrecarga administrativa

Custos indiretos administrativos para TRTX em 2023 incluíram:

• Salários e compensação: US $ 12,5 milhões
• Taxas profissionais: US $ 3,8 milhões
• Despesas administrativas gerais: US $ 2,6 milhões

Despesas de juros em capital emprestado

Despesas de juros quebram para 2023:

Tipo de dívida	Despesas de juros totais ($)
Dívida garantida	US $ 38,7 milhões
Dívida não garantida	US $ 22,4 milhões

Manutenção de tecnologia e infraestrutura

Despesas relacionadas à tecnologia para 2023:

• Infraestrutura de TI: US $ 1,9 milhão
• Sistemas de segurança cibernética: US $ 1,2 milhão
• Licenciamento e manutenção de software: US $ 0,8 milhão

Conformidade regulatória e custos legais

Conformidade e quebra de despesas legais:

Categoria de conformidade	Custo anual ($)
Taxas de arquivamento regulatório	US $ 0,6 milhão
Conselho Jurídico Externo	US $ 2,3 milhões
Monitoramento de conformidade	US $ 1,5 milhão

TPG RE Finance Trust, Inc. (TRTX) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos imobiliários comerciais

Para o ano fiscal de 2023, relatou o TPG RE Finance Trust US $ 115,2 milhões na receita de juros de empréstimos imobiliários comerciais. A carteira de empréstimos consiste principalmente em empréstimos hipotecários sênior garantidos por propriedades comerciais.

Tipo de empréstimo	Saldo total de empréstimo	Taxa de juros média
Empréstimos hipotecários sênior	US $ 2,1 bilhões	6.75%
Empréstimos de mezanina	US $ 413 milhões	8.25%

Taxas de originação de empréstimos

Em 2023, TPG re Finance Trust gerado US $ 22,7 milhões De taxas de originação de empréstimos em várias transações imobiliárias comerciais.

• Taxa média de originação do empréstimo: 1,25% do valor total do empréstimo
• Número total de novos empréstimos originados: 37
• Tamanho médio de empréstimo ponderado: US $ 58,3 milhões

Ganhos de vendas de empréstimos e securitizações

A empresa informou US $ 43,6 milhões em ganhos das atividades de vendas e securitização de empréstimos durante 2023.

Tipo de securitização	Volume total	Ganho realizado
Valores mobiliários lastreados em hipotecas comerciais	US $ 675 milhões	US $ 29,4 milhões
Vendas de empréstimos inteiros	US $ 245 milhões	US $ 14,2 milhões

Receita de investimento de títulos lastreados em hipotecas

A receita de investimento de valores mobiliários apoiados por hipotecas totalizou US $ 37,8 milhões Para o ano fiscal de 2023.

• Valor total do portfólio MBS: US $ 512 milhões
• Rendimento médio nos investimentos da MBS: 7,38%

Gerenciamento de ativos e taxas de consultoria

TPG re Finance Trust gerado US $ 8,5 milhões em Taxas de Gerenciamento de Ativos e Consultoria durante 2023.

Tipo de taxa	TOLAS TOTAL	Porcentagem da receita total
Taxas de gerenciamento de ativos	US $ 6,2 milhões	3.4%
Taxas de consultoria	US $ 2,3 milhões	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.