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TPG RE Finance Trust, Inc. reported solid first-quarter 2026 results, with GAAP net income attributable to common stockholders of $15.2 million, or $0.19 per diluted share, and Distributable Earnings of $19.5 million, or $0.25 per diluted share, comfortably covering its $0.24 common dividend. Book value per common share was $11.06 as of March 31, 2026, essentially flat versus $11.07 at year-end 2025.
The company emphasized a 100% performing loan portfolio totaling $4.3 billion of commitments and reduced office loan exposure to less than 5%, with nearly 70% of loans originated after January 2023 and backed mainly by multifamily and industrial properties. Weighted average all-in yield was 7.10% and weighted average loan-to-value was 65.5%.
Liquidity stood at $172.8 million, including $77.0 million of investable cash and $39.7 million of undrawn secured capacity, while non-mark-to-market borrowings represented 77.9% of total borrowings and the Debt-to-Equity Ratio was 3.1x. The allowance for credit losses was $77.1 million, or 179 basis points of total loan commitments. The company repurchased 556,592 shares for $4.5 million in the quarter and a further 493,000 shares for $4.0 million after quarter-end, and originated new first mortgage loans with $148.4 million of commitments while receiving $123.6 million of repayments.
TPG RE Finance Trust reported stronger results for the quarter ended March 31, 2026. Net income rose to $18.9 million from $13.7 million a year earlier, and diluted earnings per common share increased to $0.19 from $0.12, mainly on higher net interest income and a small credit loss benefit.
Total assets were $4.47 billion, including $4.13 billion of loans held for investment and $223.7 million of real estate owned, while stockholders’ equity stood at $1.06 billion. The allowance for credit losses on loans and unfunded commitments was $77.1 million, slightly lower than year-end as one loan repaid and portfolio performance improved modestly.
Operating cash flow was $24.6 million, more than covering common dividends of $0.24 per share and preferred dividends. The loan book remained almost entirely floating rate with a weighted average all‑in yield of 7.1% and a weighted average internal risk rating of 3.0, indicating a broadly medium‑risk profile with one non‑accrual loan of $42.0 million.
Gratia Capital, LLC and Steve Pei report holding 2,901,577 shares of TPG RE Finance Trust common stock, representing 3.7% of the outstanding shares. Gratia, an investment adviser, and Pei acquired the stake for investment purposes using client working capital and Pei’s and affiliates’ personal funds.
They believe the company’s share price does not reflect its short- and long-term prospects and plan positive, supportive discussions with management on dividend increases, broader strategic initiatives, and positioning within the mortgage REIT sector. As of April 17, 2026, the 3.7% interest is based on 78,354,052 shares outstanding.
TPG RE Finance Trust, Inc. is asking stockholders to vote at its 2026 virtual annual meeting on May 19, 2026 at 11:30 a.m. Eastern Time. Holders of common stock at the March 30, 2026 record date, when 77,519,744 shares were outstanding, may vote.
Stockholders will elect eight directors for terms ending at the 2027 meeting, ratify Deloitte & Touche LLP as independent auditor for 2026, and cast a non-binding advisory vote on executive compensation. The board currently has a majority of independent directors and uses separate chair and CEO roles with a designated lead independent director.
The company is externally managed under a Management Agreement with its manager, paying a base management fee of the greater of $250,000 per year or 1.50% of equity, which totaled $20.9 million in 2025. Named executive officers are employed by TPG affiliates and primarily receive equity-based compensation; in December 2025 they were granted restricted stock units that generally vest over four years.
The Vanguard Groupzero shares beneficially ownedTPG RE Finance Trust Inc common stock (CUSIP 87266M107). The filing states this change follows an internal realignment on January 12, 2026 that disaggregated certain subsidiaries' holdings.
The amendment is signed by Ashley Grim, Head of Global Fund Administration, dated 03/27/2026.
TPG RE Finance Trust is using a March 2026 investor presentation to outline fourth-quarter and full-year 2025 results and its lending strategy. For 4Q25, net income attributable to common stockholders was $0.2 million, or $0.00 per diluted share, while Distributable Earnings reached $18.5 million, or $0.24 per diluted share, matching the quarterly common dividend of $0.24.
For 2025, Distributable Earnings were $76.8 million, or $0.97 per diluted share, against common dividends of $0.96 per share. Book value per common share was $11.07 as of December 31, 2025, and the common dividend implied an 11.3% annualized yield based on a February 25, 2026 share price of $8.46.
The loan investment portfolio totaled $4.3 billion of commitments with $4.1 billion outstanding, a weighted average all-in yield of 7.15% and 99.7% floating-rate exposure. The company increased its Debt-to-Equity ratio from 2.14x to 3.02x over 2025, while keeping 82% of its financing non‑mark‑to‑market and maintaining a weighted average loan risk rating of 3.0.
TPG RE Finance Trust reported 2025 results showing modest profitability and active portfolio growth. GAAP net income attributable to common stockholders was $45.5 million, or $0.57 per diluted share, while Distributable Earnings reached $76.8 million, or $0.97 per diluted share.
The company declared common dividends of $0.96 per share for 2025 and ended the year with book value of $11.07 per share. It originated $1.9 billion of first mortgage loans, bringing the loan investment portfolio to $4.3 billion with a weighted average all‑in yield of 7.15% and 100% of loans performing.
Credit quality remained stable with a weighted average risk rating of 3.0, although the CECL allowance increased to $77.4 million, or 180 bps of total loan commitments. TRTX also executed two CRE CLOs totaling $2.2 billion, maintained $143.0 million of near‑term liquidity, and kept 82.0% of borrowings on non‑mark‑to‑market financing.
TPG RE Finance Trust, Inc. files its annual report describing a large, floating‑rate commercial real estate loan portfolio and the key risks to its business. The company operates as a REIT, externally managed by a TPG affiliate, and focuses on first mortgage loans on institutional‑quality U.S. properties.
As of December 31, 2025, it held 50 loans with total commitments of $4.29 billion and unpaid principal of $4.12 billion, generating a weighted average all‑in yield of 7.1% and average loan‑to‑value of 65.7%. The portfolio is 99.7% floating‑rate and primarily secured by multifamily and office assets in major U.S. metros such as New York, Los Angeles, and San Francisco.
The report highlights reliance on secured credit facilities and CLOs for financing, with 82% of indebtedness having no mark‑to‑market provisions. Management emphasizes sensitivity to interest rate movements, real estate market conditions, competition for deals, and the need to maintain REIT and Investment Company Act status as central ongoing risks.
TPG RE Finance Trust director Wendy Silverstein reported a small share increase tied to dividend equivalents. On January 23, 2026, she acquired 1,007 shares of common stock at $8.79 per share, bringing her directly held position to 96,395 shares. The new shares represent stock underlying deferred stock units granted in lieu of cash dividends on existing deferred stock units, calculated using a $0.24 per share common stock dividend and the closing share price on the dividend record date.