TPG RE Finance Trust (TRTX) 10-Q 24 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 23, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	TRTX
Entity Registrant Name	TPG RE Finance Trust, Inc.
Entity Central Index Key	1,630,472
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,100,787
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,213,026

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and Cash Equivalents	[1]	$ 200,653	$ 103,126
Restricted Cash	[1]	1,081	849
Accounts Receivable	[1]	382	644
Accounts Receivable from Servicer/Trustee	[1]	47,416	34,743
Accrued Interest Receivable	[1]	12,207	14,023
Loans Held for Investment (includes $1,462,300 and $1,397,610 pledged as collateral under repurchase agreements)	[1]	2,191,911	2,449,990
Investment in Commercial Mortgage-Backed Securities, Available-for-Sale (includes $128,298 and $51,305 pledged as collateral under repurchase agreements)	[1]	129,585	61,504
Other Assets, Net	[1]	3,427	704
Total Assets	[1]	2,586,662	2,665,583
Liabilities
Accrued Interest Payable	[1]	4,620	2,907
Accrued Expenses	[1]	9,407	6,555
Collateralized Loan Obligation (net of deferred financing costs of $1,208 and $2,541)	[1]	166,077	540,780
Repurchase Agreements (net of deferred financing costs of $8,939 and $8,159)	[1]	1,139,649	1,013,370
Notes Payable (net of deferred financing costs of $2,886 and $2,883)	[1]	235,525	108,499
Payable to Affiliates	[1]	6,536	3,955
Deferred Revenue	[1]	356	482
Dividend Payable	[1]	20,520	18,346
Total Liabilities	[1]	1,582,690	1,694,894
Commitments and Contingencies—See Note 14	[1]
Stockholders’ Equity:
Preferred Stock ($0.001 par value; 125 and 125 shares authorized; 125 and 125 shares issued and outstanding, respectively)	[1]
Additional Paid-in-Capital	[1]	1,004,466	979,467
Retained Earnings (Accumulated Deficit)	[1]	(3,073)	(10,068)
Accumulated Other Comprehensive Income	[1]	2,538	1,250
Total Stockholders' Equity	[1]	1,003,972	970,689
Total Liabilities and Stockholders' Equity	[1]	2,586,662	2,665,583
Common Stock, Undefined Class
Stockholders’ Equity:
Common Stock Value	[1]	40	39
Class A Common Stock
Stockholders’ Equity:
Common Stock Value	[1]	1	1
Total Stockholders' Equity		$ 1	$ 1
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Preferred stock, par value		$ 0.001	$ 0.001
Preferred stock, authorized shares		125	125
Preferred stock, shares issued		125	125
Preferred stock, shares outstanding		125	125
Common stock, par value		$ 0.001	$ 0.001
Common stock, authorized shares		95,500,000	95,500,000
Common stock, shares issued		39,252,219	38,260,053
Common stock, shares outstanding		39,252,219	38,260,053
Total assets	[1]	$ 2,586,662	$ 2,665,583
Total liabilities	[1]	1,582,690	1,694,894
Variable Interest Entity, Primary Beneficiary
Total assets		225,800	743,500
Total liabilities		$ 166,600	$ 542,800
Class A Common Stock
Common stock, par value		$ 0.001	$ 0.001
Common stock, authorized shares		2,500,000	2,500,000
Common stock, shares issued		982,211	967,500
Common stock, shares outstanding		982,211	967,500
Repurchase Agreements
Loans pledged as collateral		$ 1,462,300	$ 1,397,610
Deferred financing costs		8,939	8,159
Commercial Mortgage-Backed Securities | Repurchase Agreements
Available-for-sale securities pledged as collateral		128,298	51,305
Collateralized Loan Obligation
Loans pledged as collateral		183,779	712,158
Deferred financing costs		1,208	2,541
Notes Payable
Deferred financing costs		$ 2,886	$ 2,883
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Consolidated Statements of Inco

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
INTEREST INCOME
Interest Income	$ 51,736	$ 38,400	$ 99,677	$ 72,132
Interest Expense	(19,635)	(15,076)	(37,435)	(28,006)
Net Interest Income	32,101	23,324	62,242	44,126
OTHER REVENUE
Other Income, net	245	296	367	311
Total Other Revenue	245	296	367	311
OTHER EXPENSES
Professional Fees	463	888	1,192	1,226
General and Administrative	720	1,190	1,189	1,446
Servicing and Asset Management Fees	1,205	648	2,341	1,510
Management Fee	2,768	2,149	5,356	4,133
Collateral Management Fee	71	219	202	493
Incentive Management Fee	1,805	1,266	3,386	2,074
Total Other Expenses	7,032	6,360	13,666	10,882
Income Before Income Taxes	25,314	17,260	48,943	33,555
Income Taxes	14	(144)	(140)	(190)
Net Income	25,328	17,116	48,803	33,365
Preferred Stock Dividends	(8)	(8)	(8)	(8)
Net Income Attributable to Common Stockholders	$ 25,320	$ 17,108	$ 48,795	$ 33,357
Basic Earnings per Common Share	$ 0.64	$ 0.52	$ 1.24	$ 1.08
Diluted Earnings per Common Share	$ 0.64	$ 0.52	$ 1.24	$ 1.08
Weighted Average Number of Common Shares Outstanding
Basic:	39,482,038	32,708,334	39,355,499	30,900,638
Diluted:	39,482,038	32,708,334	39,355,499	30,900,638
Dividends Declared per Common Share	$ 0.51	$ 0.53	$ 1.05	$ 0.53
OTHER COMPREHENSIVE INCOME
Net Income	$ 25,328	$ 17,116	$ 48,803	$ 33,365
Unrealized Gain on Commercial Mortgage-Backed Securities	56	809	1,288	1,037
Comprehensive Net Income	$ 25,384	$ 17,925	$ 50,091	$ 34,402

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total		Class A Common Stock	Preferred Stock	Common Stock	Additional Paid-in-Capital	Retained Earnings/(Accumulated Deficit)	Accumulated Other Comprehensive Income
Balance at Dec. 31, 2015	$ 716,350		$ 1		$ 29	$ 729,477	$ (13,157)
Balance, Shares at Dec. 31, 2015			783,158	125	28,309,783
Issuance of Class A Common Stock	1,832					1,832
Issuance of Class A Common Stock, Shares			74,401
Issuance of Common Stock	98,168				$ 4	98,164
Issuance of Common Stock, Shares					3,987,337
Net Income	33,365						33,365
Other Comprehensive Income	1,037							$ 1,037
Dividends on Preferred Stock	(8)						(8)
Dividends on Common Stock	(14,890)						(14,890)
Dividends on Class A Common Stock	(395)						(395)
Balance at Jun. 30, 2016	835,459		$ 1		$ 33	829,473	4,915	1,037
Balance, Shares at Jun. 30, 2016			857,559	125	32,297,120
Balance at Dec. 31, 2016	970,689	[1]	$ 1		$ 39	979,467	(10,068)	1,250
Balance, Shares at Dec. 31, 2016			967,500	125	38,260,053
Issuance of Class A Common Stock	365					365
Issuance of Class A Common Stock, Shares			14,711
Issuance of Common Stock	24,635				$ 1	24,634
Issuance of Common Stock, Shares					992,166
Net Income	48,803						48,803
Other Comprehensive Income	1,288							1,288
Dividends on Preferred Stock	(8)						(8)
Dividends on Common Stock	(40,803)						(40,803)
Dividends on Class A Common Stock	(997)						(997)
Balance at Jun. 30, 2017	$ 1,003,972	[1]	$ 1		$ 40	$ 1,004,466	$ (3,073)	$ 2,538
Balance, Shares at Jun. 30, 2017			982,211	125	39,252,219
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)		Jun. 30, 2016USD ($)
Cash Flows from Operating Activities:
Net Income	$ 48,803		$ 33,365
Adjustment to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:
Amortization and Accretion of Premiums, Discounts and Loan Origination Fees, Net	(9,805)		(1,922)
Amortization of Deferred Financing Costs	5,453		4,289
Decrease (Increase) in Capitalized Accrued Interest	2,456		(583)
Cash Flows Due to Changes in Operating Assets and Liabilities:
Accounts Receivable	262		2,488
Accrued Interest Receivable	1,816		(3,323)
Accrued Expenses	(671)		6,020
Accrued Interest Payable	1,713		646
Payable to Affiliates	2,581		(1,553)
Deferred Income / Gain	(126)
Change in Other Assets	143
Net Cash Provided by Operating Activities	52,625		39,427
Cash Flows from Investing Activities:
Restricted Cash	(232)		(548)
Origination of Loans Held for Investment	(524,725)		(252,348)
Purchase of Loans Held for Investment			(358,636)
Advances on Loans Held for Investment	(154,566)		(152,666)
Principal Advances Held by Servicer/Trustee			(566)
Principal Repayments of Loans Held for Investment	883,146		265,431
Proceeds from Sales of Loans Held for Investment	52,443
Purchase of Commercial Mortgage-Backed Securities	(96,610)		(49,754)
Principal Repayments of Mortgage-Backed Securities	29,666
Purchases and Disposals of Fixed Assets	(218)
Net Cash Provided by (Used in) Investing Activities	188,904		(549,087)
Cash Flows from Financing Activities:
Payments on Collateralized Loan Obligation	(392,289)		(191,158)
Proceeds from Collateralized Loan Obligation	16,254		53,464
Payments on Secured Financing Agreements	(547,820)		(101,288)
Proceeds from Secured Financing Agreements	798,514		616,246
Payment of Deferred Financing Costs	(4,027)		(9,577)
Net Cash Provided by (Used in) Financing Activities	(144,002)		427,793
Net Change in Cash and Cash Equivalents	97,527		(81,867)
Cash and Cash Equivalents at Beginning of Period	103,126	[1]	104,936
Cash and Cash Equivalents at End of Period	200,653	[1]	23,069
Supplemental Disclosure of Cash Flow Information:
Interest Paid	30,270		22,556
Taxes Paid	140		69
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Dividends Declared, not paid	20,520	[1]
Principal Repayments of Loans Held for Investment by Servicer/Trustee, Net	44,024		3,618
Proceeds from Secured Financing Agreements Held by Trustee	3,392
Accrued Deferred Financing Costs	2,125		2,373
Accrued Other Assets	2,648
Commercial Mortgage-Backed Securities
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain on Commercial Mortgage-Backed Securities, Available-for-Sale	1,288		1,037
Common Stock, Undefined Class
Cash Flows from Financing Activities:
Proceeds from Issuance of Common Stock	24,635		98,168
Dividends paid	(38,177)		(38,836)
Class A Common Stock
Cash Flows from Financing Activities:
Proceeds from Issuance of Common Stock	365		1,832
Dividends paid	(1,449)		(1,050)
Preferred Stock
Cash Flows from Financing Activities:
Dividends paid	$ (8)		$ (8)
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business and Organization	(1) Business and Organization TPG RE Finance Trust, Inc., together with its consolidated subsidiaries (“we”, “us”, “our”, or the “Company”), is a Maryland company incorporated on October 24, 2014 and commenced operations on December 18, 2014 (“Inception”). We are organized as a holding company and conduct our operations primarily through our various subsidiaries. We conduct our operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. The Company’s principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate related assets, primarily consisting of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States, and commercial mortgage-backed securities. As of June 30, 2017 and December 31, 2016, the Company conducted substantially all of its operations through a limited liability company, TPG RE Finance Trust Holdco, LLC (“Holdco”), and the Company’s other wholly-owned subsidiaries.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Basis of Presentation The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The interim consolidated financial statements include the Company’s accounts, the consolidated variable interest entity for which the Company is the primary beneficiary, and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of the interim consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from management’s estimates and such differences could be material. Significant estimates made in the interim consolidated financial statements include, but are not limited to: impairment, adequacy of provisions for loan losses and valuation of financial instruments. Principles of Consolidation Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810—Consolidation (“ASC 810”), provides guidance on the identification of a VIE (a variable interest entity for which control is achieved through means other than voting rights) and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. At each reporting date, the Company reconsiders its primary beneficiary conclusion to determine if its obligation to absorb losses of, or its rights to receive benefits from, the VIE could potentially be more than insignificant and will consolidate or not consolidate accordingly. Revenue Recognition Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for credit impairment, if any. The objective of the interest method is to arrive at periodic interest income including recognition of fees and costs at a constant effective yield. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of an impairment; (2) the loan becomes 90 days delinquent; or (3) the loan has a maturity default. While on non-accrual status, based on the Company’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for principal and interest payments, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value, and interest income is only recorded when such carrying value has been fully recovered. Loans Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any premiums, discounts, loan origination fees and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, or on a straight line method which approximates the interest method, adjusted for actual prepayments. The Company evaluates each loan classified as a loan receivable held for investment for impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate, or the fair value of the collateral, less estimated costs to sell, if recovery of the Company’s investment is expected solely from the sale of the collateral. As part of the quarterly impairment review, we evaluate the risk of each loan and assign a risk rating based on a variety of factors, grouped as follows to include (without limitation): (i) loan and credit structure, including the as-is loan-to-value (“LTV”) and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geographic, property-type and local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; and (iv) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, our loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows: 1- Outperform—Exceeds performance metrics (for example, technical milestones, occupancy, rents, net operating income) included in original or current credit underwriting and business plan; 2- Meets or Exceeds Expectations—Collateral performance meets or exceeds substantially all performance metrics included in original or current underwriting / business plan; 3- Satisfactory—Collateral performance meets or is on track to meet underwriting; business plan is met or can reasonably be achieved; 4- Underperformance—Collateral performance falls short of original underwriting, and material differences exist from business plan; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and, 5- Risk of Impairment/Default—Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable. Since Inception, the Company has not recorded asset-specific loan loss reserves, nor has it recognized any impairments on its loan portfolio. Our determination of asset-specific loan loss reserves, should such reserves be necessary, relies on material estimates regarding the fair value of any loan collateral. Such losses could be caused by various factors, including, but not limited to, unanticipated adverse changes in the economy or events adversely affecting specific assets, borrowers, industries in which our borrowers operate or markets in which our borrowers or their properties are located. Significant judgment is required when evaluating loans for impairment. The Company’s loans are typically collateralized by real estate or a partnership, or similar, equity interest in an entity that owns real estate. As a result, the Company regularly evaluates on a loan-by-loan basis the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial wherewithal of any loan guarantors and the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data. Commercial Mortgage-Backed Securities The Company invests in commercial mortgage-backed securities for cash management and investment purposes. The Company designates as available-for-sale its commercial mortgage-backed securities investments on the date of acquisition of the investment. Commercial mortgage-backed securities that are not classified as held-to-maturity and which the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are also designated as available-for-sale and are carried at estimated fair value. The Company’s recognition of interest income from its commercial mortgage-backed securities, including its amortization of premium and discount, follows the Company’s revenue recognition policy. The Company uses a specific identification method when determining the cost of security sold and the amount reclassified out of accumulated other comprehensive income into earnings. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. Significant valuation inputs are Level II as described under “Fair Value Measurements”. Portfolio Financing Arrangements The Company finances certain of its loan and CMBS investments using secured revolving repurchase agreements, asset-specific financing arrangements (notes payable on the consolidated balance sheets), and its private collateralized loan obligation (“CLO”). The related borrowings are recorded as separate liabilities on its consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the related borrowings are reported separately on the Company’s consolidated statements of income and comprehensive income. In certain instances, the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third party. For all such syndications the Company has completed through June 30, 2017, the Company has transferred 100% of the senior mortgage loan the Company originated on a non-recourse basis to a third-party lender and has retained as a loan investment a separate mezzanine loan investment secured by a pledge of the equity in the mortgage borrower. With respect to the senior mortgage loan transferred, the Company retains: no control over the mortgage loan; no economic interest in the mortgage loan; and no recourse to the purchaser or the borrower. Consequently, based on these circumstances and because the Company does not have any continuing involvement with the transferred senior mortgage loan, these syndications are accounted for as sales under GAAP and are removed from the Company’s consolidated financial statements at the time of transfer. The Company’s consolidated balance sheets only include the separate mezzanine loan remaining after the transfer and not the non-consolidated senior loan interest sold or co-originated that the Company transferred. Fair Value Measurements The Company follows ASC 820-10, Fair Value Measurements and Disclosures “ASC 820-10” Level I Level II Level III For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for such financial instrument is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar assets or liabilities. The income approach uses projections of the future economic benefits of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period. Income Taxes The Company qualifies and has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2014. To the extent that it annually distributes at least 90% of its REIT taxable income to stockholders and complies with various other requirements as a REIT, the Company generally will not be subject to U.S. federal income taxes on its distributed REIT taxable income. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Even though the Company currently qualifies for taxation as a REIT, the Company may be subject to certain U.S. federal, state, local and foreign taxes on the Company’s income and property and to U.S. federal income and excise taxes on the Company’s undistributed REIT taxable income. Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC Topic 740, Income Taxes Earnings per Common Share The Company utilizes the two-class method when assessing participating securities to calculate earnings per common share. Basic and diluted earnings per common share is computed by dividing net income available to common stockholders (i.e., holders of common stock and Class A common stock), divided by the weighted-average number of common shares (both common stock and Class A common stock) outstanding during the period. The Company’s common stock and Class A common stock have the same preferences and rights to dividends and other distributions. Diluted earnings per common share is calculated by including the effect of dilutive securities. The Company currently does not have any outstanding participating securities. Loan Origination Fees Loan origination fees are reflected in loans held for investment on the consolidated balance sheets and include fees charged to borrowers. These fees are amortized into interest income over the life of the related loans held. Deferred Financing Costs Deferred financing costs are reflected net of collateralized loan obligation and secured financing agreements on the Company’s consolidated balance sheets. These costs are amortized in interest expense using the interest method or on a straight line basis which approximates the interest method over the life of the related obligations. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of June 30, 2017 and December 31, 2016. The balances in these accounts may exceed the insured limits. Restricted Cash Restricted cash primarily represents deposit proceeds from potential borrowers which may be returned to borrowers, after deducting transaction costs paid by the Company for the benefit of the borrowers, upon the closing of a loan transaction. Recently Issued and Adopted Accounting Pronouncements In March 2017, FASB issued ASU 2017-08, Receivables (Topic 310): Receivables – Nonrefundable Fees and Other Costs (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; discounts continue to be amortized through maturity. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The Company early adopted this update during the quarter ended March 31, 2017. There was no effect on our consolidated financial statements.

Loans Held for Investment

Loans Held for Investment	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Loans Held for Investment	(3) Loans Held for Investment The Company currently originates and acquires first mortgage and mezzanine loans secured by commercial properties. These loans can potentially subject the Company to concentrations of credit risk as measured by various metrics, including the property type collateralizing the loan, loan size, loans to a single sponsor and loans in a single geographic area, among others. The Company’s loans held for investment are accounted for at amortized cost. During the six months ended June 30, 2017, the Company’s subsidiaries originated or acquired eight loans with a total commitment of approximately $675.8 million, an unpaid principal balance of $488.2 million, and unfunded commitments of $96.1 million. To fund these originations, the Company employed financing methods that included repurchase and secured financings, notes payable, and the non-recourse syndication of senior loan interests to third parties that were recognized as sales. Total commitments related to non-recourse senior loan interest syndications for the six months ended June 30, 2017 were $91.5 million. During the six months ended June 30, 2016, the Company’s subsidiaries originated or acquired 13 loans with a total commitment of approximately $728.9 million, an unpaid principal balance of $628.9 million, and unfunded commitments of $100.0 million. The following tables present an overview of the loan investment portfolio as of June 30, 2017 and December 31, 2016 (in thousands): June 30, 2017 Loans Receivable Outstanding Principal Unamortized Premium (Discount), Loan Origination Fees, net Carrying Amount Senior loans $ 2,144,683 $ (16,673 ) $ 2,128,010 Subordinated and mezzanine loans 64,306 (405 ) 63,901 Subtotal before allowance 2,208,989 (17,078 ) 2,191,911 Allowance for loan losses — — — Total $ 2,208,989 $ (17,078 ) $ 2,191,911 December 31, 2016 Loans Receivable Outstanding Principal Unamortized Premium (Discount), Loan Origination Fees, net Carrying Amount Senior loans $ 2,429,632 $ (20,931 ) $ 2,408,701 Subordinated and mezzanine loans 41,446 (157 ) 41,289 Subtotal before allowance 2,471,078 (21,088 ) 2,449,990 Allowance for loan losses — — — Total $ 2,471,078 $ (21,088 ) $ 2,449,990 For the six months ended June 30, 2017, loan portfolio activity was as follows (in thousands): Balance at December 31, 2016 $ 2,449,990 Loans originated 524,725 Additional fundings 156,005 Amortization of discount and origination fees 12,315 Deductions during the period: Collection of principal (948,449 ) Amortization of premium (2,675 ) Balance at June 30, 2017 $ 2,191,911 At June 30, 2017 and December 31, 2016, there was $0.2 million and $2.9 million, respectively, of unamortized premium and $4.0 million and $12.5 million, respectively, of unamortized discount included in loans held for investment at amortized cost on the consolidated balance sheets. The table below summarizes the carrying values and results of the Company’s internal risk rating review performed as of June 30, 2017 and December 31, 2016 (dollars in thousands): Carrying Value Rating June 30, 2017 December 31, 2016 1 $ — $ 261,261 2 822,831 745,340 3 1,369,080 1,205,994 4 — 237,395 5 — — Totals $ 2,191,911 $ 2,449,990 Weighted Average Risk Rating 2.6 2.6 During the six months ended June 30, 2017, two loans were moved from the Company’s category four risk rating, one into its category two risk rating and the other into its category three risk rating, as a result of improved operating performance of the underlying loan collateral. In addition, two loans that were classified in its category four risk rating at December 31, 2016 were repaid in the ordinary course of business. The Company also received repayments of three loans classified in its category one risk rating as of December 31, 2016, during the six months ended June 30, 2017. The weighted average risk rating at both June 30, 2017 and December 31, 2016 was 2.6. At June 30, 2017 and December 31, 2016, there were no loans on non-accrual status or that were impaired; thus the Company did not record a reserve. See Note 16 for details about the Company’s mortgage loan originations subsequent to the three months ended June 30, 2017.

Commercial Mortgage-Backed Secu

Commercial Mortgage-Backed Securities	6 Months Ended
	Jun. 30, 2017
Investments Debt And Equity Securities [Abstract]
Commercial Mortgage-Backed Securities	(4) Commercial Mortgage-Backed Securities At June 30, 2017 and December 31, 2016, the Company had six and five commercial mortgage-backed securities (“CMBS”) designated as available-for-sale, respectively. Detailed information regarding the Company’s available-for-sale CMBS is as follows (dollars in thousands): June 30, 2017 Unamortized Gross Estimated Face Premium Unrealized Fair Amount (Discount) Gain Value Investments, at Fair Value CMBS $ 129,571 $ (2,524 ) $ 2,538 $ 129,585 December 31, 2016 Face Amount Unamortized Premium (Discount) Gross Unrealized Gain Estimated Fair Value Investments, at Fair Value CMBS $ 62,927 $ (2,673 ) $ 1,250 $ 61,504 The CMBS fair values are considered Level II fair value measurements within the fair value hierarchy of ASC 820. The CMBS fair values are based upon market, broker, counterparty or pricing services quotations, which provide valuation estimates based upon reasonable market order indications. These fair value quotations are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The amortized cost and estimated fair value of the Company’s available-for-sale commercial mortgage-backed securities by contractual maturity are shown in the following table (dollars in thousands): June 30, 2017 Amortized Cost Estimated Fair Value Expected Maturity Date After one, within five years $ 36,700 $ 36,697 After five, within ten years 90,347 92,888 Total Investments, at Fair Value $ 127,047 $ 129,585 December 31, 2016 Amortized Cost Estimated Fair Value Expected Maturity Date After one, within five years $ 58,962 $ 60,242 After five, within ten years 1,292 1,262 Total Investments, at Fair Value $ 60,254 $ 61,504 No other than temporary losses were recognized through income during the six months ended June 30, 2017 or year ended December 31, 2016.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities	(5) Variable Interest Entities On December 18, 2014, the Company entered into a collateralized loan obligation with a lender through TPG RE Finance Trust CLO Issuer, L.P., a wholly-owned subsidiary of the Company (“CLO Issuer”). The Company evaluated in accordance with ASC 810 the key attributes of the CLO Issuer to determine if it was a VIE and if the Company should consolidate the entity as the primary beneficiary of its operating activities. This evaluation led the Company to conclude the CLO Issuer is a VIE and that the Company should consolidate the entity. The CLO Issuer invested in real estate-related loans which are substantially financed by the issuance of debt securities. One of the Company’s affiliates, TPG RE Finance Trust Management, L.P. (“Manager”), is named collateral manager (“CLO Collateral Manager”) for all of CLO Issuer’s collateral assets. The CLO Collateral Manager is responsible for the activities that most significantly impact the performance of the underlying assets, including but not limited to monitoring, managing and disposing of collateral assets and managing the CLO Issuer’s compliance with provisions of the CLO indenture. The Company’s involvement with the CLO Issuer primarily affects its financial performance and operating cash flows through amounts recorded to interest income, interest expense and provision for loan losses. The Company consolidates the CLO Issuer because ultimately it has the ability to control the activities that most significantly impact the economic performance of the entity through its contractual rights with the affiliated CLO Collateral Manager. The CLO Collateral Manager has a contractual duty to the CLO Issuer, which in turn benefits the Company, as the owner of 100% of the equity in the CLO Issuer. Additionally, the Company has exposure to the CLO Issuer’s losses to the extent of its equity interests and also has rights to waterfall payments in excess of required payments to the CLO Issuer’s Class A Note holder which would both be significant to the CLO Issuer. At each reporting date, the Company reconsiders its primary beneficiary conclusion to determine if its obligation to absorb losses of, or its rights to receive benefits from, the CLO Issuer could potentially be more than insignificant and will consolidate or not consolidate accordingly. The Company’s total assets and total liabilities at June 30, 2017 and December 31, 2016 include VIE assets and liabilities as follows (in thousands): June 30, 2017 December 31, 2016 ASSETS Cash and Cash Equivalents $ — $ 2,133 Accounts Receivable 357 479 Accounts Receivable from Servicer/Trustee 40,085 23,009 Accrued Interest Receivable 1,620 5,714 Loans Held for Investment 183,779 712,158 Total Assets $ 225,841 $ 743,493 LIABILITIES Accrued Interest Payable $ 287 $ 885 Accrued Expenses — 32 Collateralized Loan Obligation 166,077 540,780 Payable to Affiliates 212 933 Deferred Revenue 51 198 Total Liabilities $ 166,627 $ 542,828 Assets held by the CLO Issuer are restricted and can be used only to settle obligations of the entity unless approved for release by the CLO trustee after satisfaction of the corresponding liability. The liabilities of the CLO Issuer are non-recourse to the Company and can only be satisfied from the CLO Issuer’s asset pool. At June 30, 2017, the Company had not provided, and is not required to provide, financial support to the CLO Issuer through a liquidity arrangement or otherwise.

Collateralized Loan Obligation

Collateralized Loan Obligation	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Collateralized Loan Obligation	(6) Collateralized Loan Obligation The following table outlines borrowings and the corresponding collateral under the Company’s consolidated CLO Issuer as of June 30, 2017 and December 31, 2016, respectively (dollars in thousands): As of June 30, 2017 As of December 31, 2016 Debt Collateral (loans) Debt Collateral (loans) Face Value Carrying Value Outstanding Principal Carrying Value Face Value Carrying Value Outstanding Principal Carrying Value $ 167,285 $ 166,077 $ 184,796 $ 183,779 $ 543,320 $ 540,780 $ 712,420 $ 712,158 On December 29, 2014, the Company acquired from German American Capital Corporation (“GACC”) a portfolio of 75% participation interests in loans secured primarily by first mortgages on commercial properties, with a face value of approximately $2.4 billion. To partially fund the investment, on December 18, 2014, the CLO Issuer issued a Class A Note secured by the Company’s 75% participation interests in the portfolio of loans acquired. The Class A Note includes $12.6 million and $56.0 million of additional capacity at June 30, 2017 and December 31, 2016, respectively, to finance future advances related to loans securing the Class A Note and has an interest rate of one-month LIBOR plus 2.75%. We incur a fee of 0.25% on undrawn amounts of the Class A Note while it is outstanding, which is reflected in interest expense in the consolidated statements of income and comprehensive income. The Company incurred approximately $13.2 million of issuance costs which are being amortized on an effective yield basis over the remaining life of the loans collateralizing the Class A Note. As of June 30, 2017 and December 31, 2016, the Company’s remaining unamortized issuance costs were $1.2 million and $2.5 million, respectively. Interest is payable monthly, beginning on December 18, 2014, through September 10, 2023, the stated maturity date of the Class A Note. For the six months ended June 30, 2017 and 2016, Class A Note interest expense (excluding amortization of deferred financing costs) of $8.7 million and $15.0 million, respectively, is included in the Company’s consolidated statements of income as interest expense. The Class A Note indenture contains operating covenants relating to the organization and activities of the CLO Issuer, and two financial covenants: the portfolio overcollateralization ratio test and the underlying aggregate asset over collateralization ratio test. The first is intended to limit the maximum leverage ratio of the CLO Issuer; the second is intended to limit the maximum leverage ratio of individual loans owned by the CLO Issuer. The Company believes it is in compliance with all covenants as of June 30, 2017 and December 31, 2016. See Note 16 for a description of the sale and refinancing of the CLO Issuer’s mortgage loan assets, the retirement in full of the Class A Notes, and the pending termination of the CLO.

Notes Payable, Repurchase Agree

Notes Payable, Repurchase Agreements and Subscription Secured Facility	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Notes Payable, Repurchase Agreements, and Subscription Secured Facility	(7) Notes Payable, Repurchase Agreements, and Subscription Secured Facility At June 30, 2017 and December 31, 2016, the Company had notes payable, repurchase agreements, and a subscription secured credit facility for certain of the Company’s originated loans. These financing agreements bear interest at a rate equal to LIBOR plus a credit spread determined primarily by advance rate and property type, or in the case of the subscription secured facility, the creditworthiness of the irrevocable investor commitments that secure the facility. Except for the subscription secured facility, the agreements contain covenants that include certain financial requirements, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio, current ratio and limitations on capital expenditures, indebtedness, distributions, transactions with affiliates and maintenance of positive net income as defined in the agreements. The following table presents certain information regarding the Company’s notes payable, repurchase agreements, and subscription secured facility as of June 30, 2017 and December 31, 2016, respectively. Except as otherwise noted, all other agreements are held on a non-recourse basis. Amounts included are shown in thousands: As of June 30, 2017 Notes Payable Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Bank of the Ozarks 8/23/2019 1 Month Libor 4.5 % 5.6 % $ 92,400 $ 64,013 $ 28,387 $ 41,241 Bank of the Ozarks 8/31/2018 1 Month Libor 4.0 5.1 68,600 25,867 42,733 61,590 Deutsche Bank 9/25/2019 1 Month Libor 3.5 4.6 64,779 23,137 41,642 69,403 Deutsche Bank 6/29/2018 1 Month Libor 3.3 4.3 49,644 22,362 27,282 41,972 Bank of the Ozarks 5/22/2018 1 Month Libor 4.8 5.8 48,750 25,425 23,325 35,885 Deutsche Bank 12/9/2018 1 Month Libor 3.7 4.7 42,543 1 42,542 60,775 BMO Harris Bank (1) 4/9/2020 1 Month Libor 2.7 3.7 32,500 — 32,500 45,000 399,216 160,805 238,411 355,866 Repurchase Agreements Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Goldman Sachs (1) 8/19/2018 1 Month Libor 2.3 % 3.3 % 750,000 361,777 388,223 556,298 Wells Fargo (1) 5/25/2019 1 Month Libor 2.2 3.4 750,000 508,265 241,735 342,700 JP Morgan (1) 8/20/2018 1 Month Libor 2.5 3.6 313,750 148,861 164,889 234,249 Morgan Stanley (1) 5/3/2019 1 Month Libor 2.4 3.6 250,000 19,768 230,232 311,411 US Bank (1) 10/6/2019 1 Month Libor 2.3 3.3 150,000 129,000 21,000 30,000 Goldman Sachs (CMBS) (2) 9/29/2017 1 Month Libor 0.9 2.0 100,000 36,897 63,103 76,432 Royal Bank of Canada (CMBS) (2) 9/20/2017 1 Month Libor 1.4 2.5 100,000 60,594 39,406 51,918 2,413,750 1,265,162 1,148,588 1,603,008 Subscription Secured Facility Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Lloyds Bank 1/6/2018 1 Month Libor 1.8 % 3.0 % 250,000 107,027 — — Total $ 3,062,966 $ 1,532,994 $ 1,386,999 $ 1,958,874 (1) Borrowings under repurchase agreements and one note payable with a 25% recourse guarantee. (2) Borrowings under repurchase agreements with a 100% recourse guarantee. Maturity Date represents the sooner of the next maturity date of the CMBS repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to June 30, 2017. As of December 31, 2016 Notes Payable Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Bank of the Ozarks 8/23/2019 1 Month Libor 4.5 % 5.1 % $ 92,400 $ 72,544 $ 19,856 $ 28,366 Deutsche Bank 9/25/2019 1 Month Libor 3.5 4.1 64,779 30,207 34,572 57,620 Deutsche Bank 12/9/2018 1 Month Libor 3.3 3.9 49,644 29,293 20,351 31,309 Deutsche Bank 9/29/2018 1 Month Libor 3.7 4.3 42,543 5,940 36,603 52,303 249,366 137,984 111,382 169,598 Repurchase Agreements Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Goldman Sachs (1) 8/19/2017 1 Month Libor 2.2 % 2.9 % 500,000 249,110 250,890 363,146 Wells Fargo (1) 5/25/2019 1 Month Libor 2.2 3.0 500,000 179,729 320,271 461,618 JP Morgan (1) 8/20/2018 1 Month Libor 2.7 3.4 313,750 25,001 288,749 414,269 Morgan Stanley (1) 5/3/2019 1 Month Libor 2.5 3.2 250,000 124,036 125,964 175,884 Goldman Sachs (CMBS) (2) 8/19/2017 1 Month Libor 2.0 2.6 100,000 73,195 26,805 43,500 Royal Bank of Canada (CMBS) (2) 2/9/2021 1 Month Libor 1.0 1.6 100,000 91,150 8,850 9,347 1,763,750 742,221 1,021,529 1,467,764 Subscription Secured Facility Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Lloyds Bank 1/6/2018 1 Month Libor 1.8 % 2.5 % 250,000 109,142 — — Total $ 2,263,116 $ 989,347 $ 1,132,911 $ 1,637,362 (1) Borrowings under repurchase agreements with a 25% recourse guarantee. (2) Borrowings under repurchase agreements with a 100% recourse guarantee. Notes Payable As of June 30, 2017 and December 31, 2016, the Company had seven and four note-on-note loan agreements, respectively, to finance certain of its lending activities. At June 30, 2017 and December 31, 2016, these loans allow for additional advances up to a specified cap and are secured by seven and four loans held for investment, respectively. All seven loans at June 30, 2017 are guaranteed by Holdco, and the agreements include guarantor covenants regarding liquid assets and net worth requirements. The Company believes it is in compliance with all covenants as of June 30, 2017 and December 31, 2016. One of these loans at June 30, 2017 is 25% recourse to Holdco. Repurchase Agreements The Company frequently utilizes repurchase agreements to finance the direct origination or acquisition of commercial real estate mortgage loans and CMBS. Under these repurchase agreements, the Company transfers all of its rights, title and interest in the loans or CMBS to the repurchase counterparty in exchange for cash, and simultaneously agrees to reacquire the asset at a future date for an amount equal to the cash exchanged plus an interest factor. The repurchase counterparty collects all principal and interest on related loans or CMBS and remits to the Company only the net after collecting its interest and other fees. During the six months ended June 30, 2017 and the year ended December 31, 2016, the Company entered into one and two repurchase agreements, respectively, to finance its lending activities. In addition, on June 8, 2017, the Company closed an amendment to its existing repurchase agreement with Wells Fargo Bank, National Association to increase the maximum commitment amount to $750 million from $500 million. Additionally, on June 12, 2017, the Company closed an amendment to its existing repurchase agreement with Goldman Sachs Bank USA to increase the maximum commitment amount to $750 million from $500 million. Credit spreads vary depending on property type and advance rate. Assets pledged are mortgage loans collateralized by commercial properties. These facilities are 25% recourse to Holdco. At June 30, 2017 and December 31, 2016, the Company had two securities repurchase agreements to finance its CMBS investing activities. Credit spreads vary depending upon the CMBS and advance rate. Assets pledged at June 30, 2017 and December 31, 2016 consisted of five and three mortgage-backed securities, respectively. These facilities are 100% recourse to Holdco. The agreements include various covenants covering net worth, liquidity, recourse limitations, and debt coverage. The Company believes it is in compliance with all covenants as of June 30, 2017 and December 31, 2016. The following table summarizes certain characteristics of the Company’s repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at June 30, 2017 (in thousands): June 30, 2017 UPB of Collateral Carrying Value of Collateral (1) Amounts Payable under Repurchase Agreements (2) Net Counterparty Exposure (3) Percent of Stockholders Equity Days to Extended Maturity Goldman Sachs Bank $ 556,298 $ 554,100 $ 389,046 $ 165,054 16 % 780 Wells Fargo Bank 342,700 339,870 241,908 97,962 10 % 1,425 Morgan Stanley Bank (4) 311,411 310,232 230,619 79,613 8 % N/A JP Morgan Chase Bank 234,249 234,655 165,260 69,395 7 % 1,147 US Bank 30,000 29,924 21,057 8,867 1 % 1,559 Total / Weighted Average 1,474,658 1,468,781 1,047,890 420,891 1,065 (1) Amounts shown in the table include interest receivable of $6.5 million, and are net of premium, discount and origination fees of $12.4 million. (2) Amounts shown in the table include interest payable of $1.8 million, and do not reflect unamortized deferred financing fees of $8.9 million. (3) Represents the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. (4) Morgan Stanley Bank credit facility is excluded from the Days to Extended Maturity calculation because it does not have a contractual maturity date. The following table summarizes certain characteristics of the Company’s repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at June 30, 2017 (in thousands): June 30, 2017 UPB of Collateral Carrying Value of Collateral (1) Amounts Payable under Repurchase Agreements (2) Net Counterparty Exposure (3) Percent of Stockholders Equity Days to Extended Maturity (4) Goldman Sachs Bank $ 76,432 $ 76,424 $ 63,417 $ 13,007 1 % 91 Royal Bank of Canada 51,918 52,250 39,624 12,626 1 % 82 Total / Weighted Average 128,350 128,674 103,041 25,633 88 Total / Weighted Average - Loans and CMBS $ 1,603,008 $ 1,597,455 $ 1,150,931 $ 446,524 956 (1) Amounts shown in the table include interest receivable of $0.4 million, and are net of premium, discount, and unrealized gains of $0.1 million. (2) Amounts shown in the table include interest payable of $0.5 million, and do not reflect deferred financing fees of $0.1 million. (3) Represents the net carrying value of available-for-sale securities sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. (4) Represents the sooner of the next maturity date of the CMBS repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to June 30, 2017. The following table summarizes certain characteristics of the Company’s repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at December 31, 2016 (in thousands): December 31, 2016 UPB of Collateral Carrying Value of Collateral (1) Amounts Payable under Repurchase Agreements (2) Net Counterparty Exposure (3) Percent of Stockholders Equity Days to Extended Maturity Wells Fargo Bank $ 461,618 $ 450,338 $ 320,175 $ 130,163 13 % 1,606 JP Morgan Chase Bank 414,269 414,461 289,206 125,255 13 % 1,328 Goldman Sachs Bank 363,146 361,964 251,366 110,598 11 % 961 Morgan Stanley Bank (4) 175,884 175,178 126,152 49,026 5 % N/A Total / Weighted Average 1,414,917 1,401,941 986,899 415,042 3,895 (1) Amounts shown in the table include interest receivable of $0.004 million and are net of premium, discount and origination fees of $0.02 million. (2) Amounts shown in the table include interest payable of $0.001 million, and do not reflect deferred financing fees of $0.01million. (3) Represents the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. (4) Morgan Stanley Bank credit facility is excluded from the Days to Extended Maturity calculation because it does not have a contractual maturity date. The following table summarizes certain characteristics of the Company’s repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at December 31, 2016 (in thousands): December 31, 2016 UPB of Collateral Carrying Value of Collateral(1) Amounts Payable under Repurchase Agreements(2) Net Counterparty Exposure(3) Percent of Stockholders Equity Days to Extended Maturity Goldman Sachs Bank $ 43,500 $ 41,403 $ 26,832 $ 14,571 2 % 1,502 Royal Bank of Canada 9,347 9,932 8,856 1,076 0 % 1,507 Total / Weighted Average 52,847 51,335 35,688 15,647 3,009 Total / Weighted Average - Loans and CMBS $ 1,467,764 $ 1,453,276 $ 1,022,587 $ 430,689 1,331 (1) Amounts shown in the table include interest receivable of $0.03 million, and are net of premium, discount, and unrealized gains of $2.7 million. (2) Amounts shown in the table include interest payable of $0.03 million, and do not reflect deferred financing fees of $0.01 million. (3) Represents the net carrying value of available-for-sale securities sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. See Note 16 for details related to the Company’s upsize of its Morgan Stanley Bank and JP Morgan Chase Bank secured revolving repurchase facilities subsequent to the three months ended June 30, 2017. Subscription Secured Facility On January 6, 2016, the Company entered into a subscription secured revolving credit facility with a commitment of $250 million. Borrowing ability is limited to the lesser of $250 million and 66.67% of unfunded commitments from included investors as defined in the agreement. The credit facility term is two years with a one year extension option at a rate of LIBOR plus 1.75%. At June 30, 2017, there was no balance outstanding. In connection with the completion of the Company’s initial public offering, the Company cancelled the unfunded commitments and terminated this facility.

Schedule of Maturities

Schedule of Maturities	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Maturities	(8) Schedule of Maturities The future principal payments for the five years subsequent to June 30, 2017 and thereafter are as follows (in thousands): CLO Repurchase Agreements Notes Payable 2017 $ 63,760 $ 218,671 $ — 2018 99,676 249,351 135,883 2019 — 489,049 70,028 2020 2,447 191,517 32,500 2021 — — — Thereafter 1,402 — — Total $ 167,285 $ 1,148,588 $ 238,411 The stated maturity date for the Class A Note issued by the CLO Issuer is September 10, 2023; however, principal repayments are required only to the extent of principal payments received on the underlying participation interests held in the CLO trust, subject to compliance with financial covenants. Accordingly, the principal amounts included in this table represent expected repayments based on contractual maturities of such underlying participation interests.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	(9) Fair Value Measurements The Company’s consolidated balance sheet includes Level I nonrecurring fair value measurements related to cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued liabilities. The carrying values of these financial assets and liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The consolidated balance sheet also includes Loans Held for Investment, a collateralized loan obligation, and secured financing arrangements that are considered Level III fair value measurements that are not measured at fair value on a recurring basis, but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment. The Company did not have any significant nonrecurring fair value items as of June 30, 2017 and December 31, 2016. The following tables provide information about financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheet (dollars in thousands): June 30, 2017 Carrying Value Level I Level II Level III Financial Assets Loans Held for Investment $ 2,191,911 $ — $ — $ 2,209,773 Financial Liabilities Collateralized Loan Obligation 166,077 — — 166,077 Secured Financing Arrangements 1,375,174 — — 1,375,174 December 31, 2016 Carrying Value Level I Level II Level III Financial Assets Loans Held for Investment $ 2,449,990 $ — $ — $ 2,469,717 Financial Liabilities Collateralized Loan Obligation 540,780 — — 540,780 Secured Financing Arrangements 1,121,869 — — 1,121,869 Level III fair values were determined based on standardized valuation models and significant unobservable market inputs, including holding period, discount rates based on loan to value, property type and loan pricing expectations developed by the Manager that were corroborated with other institutional lenders to determine a market spread that was added to the one-month LIBOR forward curve. There were no transfers of financial assets or liabilities within the fair value hierarchy during the current period. At June 30, 2017 and December 31, 2016, the estimated fair value of loans held for investment was $2.2 billion and $2.5 billion, respectively. The average gross spread at June 30, 2017 and December 31, 2016 was 5.02% and 5.10%, respectively. The weighted average years to maturity was 3.2 years, assuming full extension of all loans, at June 30, 2017. At June 30, 2017 and December 31, 2016, the carrying value of the CLO obligation and secured financing agreements approximates fair value as current borrowing spreads reflect market terms.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	(10) Income Taxes As of June 30, 2017 and December 31, 2016, the Company indirectly owns 100% of the equity of TPG RE Finance Trust CLO TRS Corp. (“CLO TRS”), TPG RE Finance Trust CLO TRS 1 Corp. (“TRS 1”) and TPG RE Finance Trust CLO TRS 2 Corp. (“TRS 2”), each of which is a taxable REIT subsidiary (collectively, “TRS”). TRS is subject to applicable U.S. federal, state, local and foreign income tax on its taxable income. In addition, as a REIT, the Company also may be subject to a 100% excise tax on certain transactions between it and its TRS that are not conducted on an arm’s-length basis. The Company files income tax returns in the United States federal jurisdiction as well as various state and local jurisdictions. The filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires, with open tax years for all years since the Company’s initial capitalization in 2014. The years open to examination range from 2014 to present. The Company’s TRS had no operations as of June 30, 2017 and December 31, 2016, and accordingly no deferred tax assets or liabilities exist relating to the TRS’s operations. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. As of June 30, 2017 and December 31, 2016, based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of general and administrative expense on its consolidated statements of income. For the periods ended June 30, 2017 and 2016, the Company did not have any interest or penalties associated with the underpayment of any income taxes. For the three and six months ended June 30, 2017 and June 30, 2016, the Company incurred $0.0 million and $0.1 million, respectively, and $0.1 million and $0.2 million, respectively, of federal, state and local tax expense relating to its TRS. At June 30, 2017 and 2016, the Company’s effective tax rate was 0.29% and 0.57%, respectively. At June 30, 2017 and 2016, the Company had no deferred tax assets or liabilities.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	(11) Related Party Transactions Management Agreements The Company is externally managed and advised by the Manager and, as of June 30, 2017, paid the Manager a management fee in accordance with the management agreement which was executed on December 15, 2014 (the “pre-IPO Management Agreement”). The management fee is equal to 1.25% of the Company’s stockholders’ equity per annum, which is calculated and payable quarterly in arrears. For purposes of calculating the management fee, stockholders’ equity means: (i) the sum of (A) the net proceeds received by the Company from all issuances of the Company’s common stock, plus (B) the Company’s cumulative Core Earnings from and after the date of the pre-IPO Management Agreement to the end of the most recently completed calendar quarter, (ii) less (A) any distributions to the Company’s stockholders from and after the date of the pre-IPO Management Agreement, (B) any amount that the Company or any of its subsidiaries has paid to repurchase the Company’s common stock since the date of the pre-IPO Management Agreement, and (C) any incentive management fee paid from and after the date of the pre-IPO Management Agreement. With respect to that portion of the period from and after the date of the pre-IPO Management Agreement that is used in any calculation of the incentive management fee or the management fee, all items in the foregoing sentence (other than clause (i) (B)) are calculated on a daily weighted average basis. In addition, the Manager is entitled to an incentive management fee each calendar quarter in arrears in an amount, not less than zero, equal to the product of (i) 16% and (ii) the positive sum, if any, remaining after (A) Core Earnings of the Company for such calendar quarter are reduced by (B) the product of (1) the Company’s stockholders’ equity as of the end of such calendar quarter, and (2) 7% per annum; provided, however, that no incentive management fee is payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters is greater than zero. The Manager also acts as Collateral Manager for the CLO. The collateral management fee is equal to 0.075% per annum of the aggregate par amount of the loans in the CLO, and is calculated and payable monthly in arrears in cash. Under the pre-IPO Management Agreement, the Manager has agreed with the Company that any amounts collected on account of the collateral management fee related to the CLO shall reduce the management fee payable to the Manager on a dollar-by-dollar basis. As of June 30, 2017 and December 31, 2016, the aggregate par amount of the loans in the CLO was $184.8 million and $712.4 million, respectively. For the three and six months ended June 30, 2017 and 2016, $4.6 million and $3.6 million, respectively, and $8.9 million and $6.7 million, respectively, of management fees and incentive management fees were earned. Management fees and incentive management fees included in payable to affiliates on the consolidated balance sheets at June 30, 2017 and December 31, 2016, is approximately $4.5 million and $2.9 million, respectively. The Company is responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company or for certain services provided by the Manager to the Company. Expenses incurred by the Manager and reimbursed by the Company, are reflected in the respective consolidated statements of income expense category or the consolidated balance sheets based on the nature of the item. For the six months ended June 30, 2017 and 2016, $0.2 million and $0.0 million were incurred by the Manager and reimbursable by the Company, respectively. No amounts were reimbursed, or paid, during these periods. Post-IPO Management Agreement Upon the completion of the Company’s initial public offering on July 25, 2017, the pre-IPO Management Agreement terminated, without payment of any termination fee to the Manager, and the Company entered into a new management agreement with the Manager (the “Management Agreement”). Pursuant to the Management Agreement, the Company will pay the Manager a base management fee equal to the greater of $250,000 per annum ($62,500 per quarter) and 1.50% per annum (0.375% per quarter) of the Company’s “Equity.” The base management fee will be payable in cash, quarterly in arrears. “Equity” means: (1) the sum of (a) the net proceeds received by the Company from all issuances of the Company’s common stock and Class A common stock (for purposes of calculating this amount, the net proceeds received by the Company from all issuances of the Company’s outstanding common stock and Class A common stock prior to the completion of the Company’s initial public offering equals approximately $1.0 billion), plus (b) the Company’s cumulative Core Earnings for the period commencing on the completion of the Company’s initial public offering to the end of the most recently completed calendar quarter, and (2) less (a) any distributions to the Company’s stockholders following the completion of the Company’s initial public offering, (b) any amount that the Company or any of its subsidiaries have paid to repurchase for cash the Company’s common stock or Class A common stock following the completion of the Company’s initial public offering and (c) any incentive compensation earned by the Manager following the completion of the Company’s initial public offering. With respect to that portion of the period from and after the completion of the Company’s initial public offering that is used in the calculation of incentive compensation, which is described below, or the base management fee, all items in the foregoing sentence (other than the Company’s cumulative Core Earnings) will be calculated on a daily weighted average basis. The Manager will be entitled to incentive compensation which will be calculated and payable in cash with respect to each calendar quarter following the completion of the Company’s initial public offering (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the difference between: (1) the product of (a) 20% and (b) the difference between (i) the Company’s Core Earnings for the most recent 12-month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of incentive compensation is being made (the “applicable period”), and (ii) the product of (A) the Company’s Equity in the most recent 12-month period (or such lesser number of completed calendar quarters, if applicable), including the applicable period, and (B) 7% per annum; and (2) the sum of any incentive compensation paid to the Manager with respect to the first three calendar quarters of the most recent 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive compensation will be payable to the Manager with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters following the completion of the Company’s initial public offering) is greater than zero. The Company will be required to reimburse the Manager or its affiliates for documented costs and expenses incurred by it and its affiliates on the Company’s behalf except those specifically required to be borne by the Manager or its affiliates under the Management Agreement. The Company’s reimbursement obligation will not be subject to any dollar limitation. The Manager or its affiliates will be responsible for, and the Company will not reimburse the Manager or its affiliates for, the expenses related to the personnel of the Manager and its affiliates who provide services to the Company. However, the Company will reimburse the Manager for the Company’s allocable share of the compensation (including, without limitation, annual base salary, bonus, any related withholding taxes and employee benefits) paid to (1) the Manager’s personnel serving as the Company’s chief financial officer based on the percentage of his or her time spent managing the Company’s affairs and (2) other corporate finance, tax, accounting, internal audit, legal risk management, operations, compliance and other non-investment personnel of the Manager or its affiliates who spend all or a portion of their time managing the Company’s affairs, based on the percentage of time devoted by such personnel to the Company’s and the Company’s subsidiaries’ affairs. Termination Fee A termination fee will be payable to the Manager upon termination of the Management Agreement by the Company absent a cause event or by the Manager if the Company materially breaches the Management Agreement. The termination fee is equal to three times the sum of (x) the average annual base management fee and (y) the average annual incentive compensation earned by the Manager, in each case during the 24-month period immediately preceding the most recently completed calendar quarter prior to the date of termination or, if such termination occurs prior to July 25, 2019, and such termination fee is payable, the base management fees and the incentive compensation will be annualized for such two-year period based on such fees actually received by the Manager during such period.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	(12) Earnings per Share The following table sets forth the calculation of basic and diluted earnings per common share (common stock and Class A common stock) based on the weighted-average number of shares of common stock and Class A common stock outstanding (In thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net Income Attributable to Common Stockholders $ 25,320 $ 17,108 $ 48,795 $ 33,357 Weighted-Average Common Shares Outstanding, Basic and Diluted 39,482,038 32,708,334 39,355,499 30,900,638 Per Common Share Amount, Basic and Diluted $ 0.64 $ 0.52 $ 1.24 $ 1.08

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Stockholders Equity Note [Abstract]
Stockholders' Equity	(13) Stockholders’ Equity Subscriptions Prior to the completion of the Company’s initial public offering, investors entered into subscriptions agreements for specified capital commitments. As of June 30, 2017, the Company’s authorized common stock consisted of 95,500,000 shares of common stock, and 2,500,000 shares of Class A common stock with $0.001 par value per share. As of June 30, 2017 and December 31, 2016, the Company had total common stock and Class A common stock shares of 40,234,430 and 39,227,553 issued and outstanding, respectively. On July 19, 2017, the Company filed Articles of Amendment and Restatement with the State Department of Assessments and Taxation of Maryland. The Articles of Amendment and Restatement increased the Company’s authorized common stock to 300,000,000 shares of common stock and 2,500,000 shares of Class A common stock with $0.001 par value per share. On June 15, 2017, we completed a drawdown of $25 million of equity capital commitments from our existing stockholders, resulting in the issuance of 992,166 shares of common stock and 14,711 shares of Class A common stock to certain existing stockholders at a price of $24.83 per share, which was the book value per share of our common stock and Class A common stock as of March 31, 2017. Unfunded capital commitments as of June 30, 2017 and December 31, 2016, were $198.9 million and $181.0 million, respectively. In connection with the completion of the Company’s initial public offering, the obligations of all of the Company’s pre-IPO stockholders to purchase additional shares of the Company’s common stock and Class A common stock using the undrawn portion of their capital commitments was terminated. Class A common stock is reserved for purchase by certain individuals or entities affiliated with the Manager, and the sale or conversion to common stock by investors of such Class A common stock is subject to certain restrictions. Dividends Prior to the completion of the Company’s initial public offering, dividends were accrued at the time of approval by the Special Actions Committee (the ”Committee”), a standing committee comprised of directors who are directors, officers or employees of TPG Global, LLC. Upon the approval of the Committee, dividends were paid first to the holders of the Company’s Series A preferred stock at the rate of 12.5% of the total $0.001 million liquidation preference per annum plus all accumulated and unpaid dividends thereon, and second to the holders of the Company’s common stock and Class A common stock. The Company intends to distribute each year substantially all of its taxable income to its stockholders to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended. On June 30, 2017, we declared a dividend for the second quarter of 2017 in the amount of $0.51 per share of common stock and Class A common stock, or $20.5 million in the aggregate, which dividend was payable on July 25, 2017 to holders of record of our common stock and Class A common stock as of June 30, 2017. On April 8, 2016, we declared a dividend associated with the first quarter of 2016 in the amount of $0.53 per share of common stock and Class A common stock, or $15.3 million in the aggregate, which was paid on April 25, 2016. For the six months ended June 30, 2017 and 2016, common and Class A common stock dividends in the amount of $41.8 million and $15.3 million, respectively, were approved by the Committee. During July 2016, we declared a dividend associated with the second quarter of 2016 of $0.49 per share subsequent to period end, or $16.3 million. This dividend was declared on July 22, 2016 and paid on July 26, 2016. As of June 30, 2017 and December 31, 2016, $20.5 million and $18.3 million, respectively, remain unpaid and are reflected in dividends payable on the Company’s consolidated balance sheets. Liquidation Upon liquidation of the Company, subsequent to the redemption of preferred stock, the net assets attributable to all classes of common stock shall be distributed pro rata among the common shareholders in proportion to the number of shares of common stock, regardless of class, held by each. Other Comprehensive Income For the three and six months ended June 30, 2017 and June 30, 2016, other comprehensive income was $0.1 million and $0.8 million, respectively, and $1.3 million and $1.0 million, respectively. Other comprehensive income is a result of unrealized gains on CMBS available-for-sale. 2017 Equity Incentive Plan The Company’s board of directors has adopted and its stockholders have approved the proposed 2017 Equity Incentive Plan, which provides for the grant of equity-based awards to the Company’s, and its affiliates’, directors, officers, employees (if any) and consultants, and the members, officers, directors, employees and consultants of our Manager or its affiliates, as well as to our Manger and other entities that provide services to us and our affiliates and the employees of such entities. The total number of shares of common stock or long term incentive plan (“LTIP”) units that may be awarded under the equity incentive plan is 4,600,463, or 7.5% of the issued and outstanding shares of our common stock after completion of our July 2017 stock dividend, initial public offering and exercise of the greenshoe related thereto. The LTIP will automatically expire on the tenth anniversary of its effective date. No equity grants were awarded in conjunction with the Company’s initial public offering or have been made under this plan. See Note 16 for details about the Company’s initial public offering and resulting changes to stockholders’ equity.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(14) Commitments and Contingencies Unfunded Commitments As of June 30, 2017 and December 31, 2016, the Company had $510.3 million and $574.6 million, respectively, of unfunded commitments related to loans held for investment. Additionally, the Company has a potential $2.0 million deferred purchase price obligation payment that would be due to GACC in the event the Company consummated an initial public offering on or before December 29, 2017. These commitments are not reflected on the consolidated balance sheets. See Note 16 for additional payment details about the GACC deferred purchase price payment of $2.0 million. Litigation From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2017 and December 31, 2016, the Company was not involved in any material legal proceedings.

Concentration of Credit Risk

Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2017
Risks And Uncertainties [Abstract]
Concentration of Credit Risk	(15) Concentration of Credit Risk Property Type A summary of the loan portfolio by property type as of June 30, 2017 and December 31, 2016 based on current unpaid principal balance (“UPB”) and full loan commitment is as follows (amounts in thousands): As of June 30, 2017 Property Type Loan Commitment Unfunded Commitment % of Portfolio Loan UPB % of Portfolio Condominium $ 733,544 $ 245,554 27.0 % $ 487,990 22.1 % Hotel 593,745 36,197 21.9 % 560,608 25.4 % Office 517,777 110,210 19.1 % 407,567 18.3 % Mixed Use 338,000 51,409 12.4 % 286,591 13.0 % Multifamily 238,020 6,586 8.8 % 231,434 10.5 % Retail 196,625 48,868 7.2 % 147,757 6.7 % Industrial 88,208 11,468 3.2 % 76,740 3.5 % Other 10,302 — 0.4 % 10,302 0.5 % Total $ 2,716,221 $ 510,292 100.0 % $ 2,208,989 100.0 % As of December 31, 2016 Property Type Loan Commitment Unfunded Commitment % of Portfolio Loan UPB % of Portfolio Condominium $ 821,411 $ 338,222 27.0 % $ 486,646 19.7 % Hotel 644,459 31,282 21.2 % 615,238 24.9 % Office 538,736 99,953 17.7 % 438,783 17.8 % Mixed Use 527,548 74,100 17.4 % 453,448 18.4 % Multifamily 327,578 11,217 10.8 % 316,360 12.8 % Industrial 131,987 11,468 4.3 % 120,519 4.9 % Other 48,483 8,400 1.6 % 40,083 1.6 % Total $ 3,040,202 $ 574,642 100.0 % $ 2,471,078 100.0 % Geography All of the Company’s loans held for investment are secured by properties within the United States. The geographic composition of loans held for investment based on full loan commitment and current UPB is as follows (dollars in thousands): June 30, 2017 Geographic Region Loan Commitment Unfunded Commitment % Loan Commitment Loan UPB % Loan UPB Carrying Amount East $ 987,383 $ 97,837 36.3 % $ 892,606 40.3 % $ 887,145 South 882,690 308,874 32.5 % 573,816 26.0 % 567,675 West 580,623 89,113 21.4 % 491,510 22.3 % 487,564 Midwest 194,817 3,000 7.2 % 191,817 8.7 % 190,601 Various 70,708 11,468 2.6 % 59,240 2.7 % 58,926 Total $ 2,716,221 $ 510,292 100.0 % $ 2,208,989 100.0 % $ 2,191,911 December 31, 2016 Geographic Region Loan Commitment Unfunded Commitment % Loan Commitment Loan UPB % Loan UPB Carrying Amount East $ 1,330,003 $ 132,951 43.7 % $ 1,197,052 48.4 % $ 1,192,153 West 867,494 116,057 28.5 % 751,437 30.4 % 741,513 South 578,340 311,166 19.0 % 272,692 11.0 % 268,443 Midwest 179,589 3,000 5.9 % 176,589 7.1 % 175,158 Various 84,776 11,468 2.8 % 73,308 3.0 % 72,723 Total $ 3,040,202 $ 574,642 100.0 % $ 2,471,078 100.0 % $ 2,449,990 Loan commitments represent principal commitments made by the Company, and do not include capitalized interest of $3.1 million and $5.5 million at June 30, 2017 and December 31, 2016, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	(16) Subsequent Events The following events occurred subsequent to June 30, 2017: Stock Dividend On July 3, 2017, we declared a stock dividend that resulted in the issuance of 9,224,268 shares of our common stock and 230,815 shares of our Class A common stock upon the completion of our initial public offering. The stock dividend was paid on July 25, 2017 to holders of record of our common stock and Class A common stock as of July 3, 2017. Initial Public Offering On July 25, 2017, the Company completed an initial public offering of 11 million shares of common stock at a price of $20.00 per share. The Company intends to use the net proceeds from the offering of approximately $200 million to originate and acquire commercial mortgage loans and other commercial real estate-related debt instruments consistent with its investment strategy and investment guidelines. On August 17, 2017, the underwriters of the Company’s initial public offering partially exercised their option to purchase up to an additional 1,650,000 shares of common stock. On August 22, 2017, we issued and sold, and the underwriters purchased, 650,000 shares of common stock for net proceeds of approximately $12.2 million. The Company intends to use the net proceeds from the exercise of this option to originate and acquire commercial mortgage loans and other commercial real estate-related debt instruments consistent with its investment strategy and investment guidelines. Cash Dividend On July 25, 2017, the Company paid a cash dividend on its common stock, to stockholders of record as of June 30, 2017, of $0.51 per share, or $20.5 million. GACC Deferred Purchase Price Obligation On July 28, 2017, the Company paid GACC $2.0 million related to its deferred purchase price contractual obligation due in the event that the Company consummated an initial public offering on or before December 29, 2017. Articles of Amendment and Restatement On July 19, 2017, we filed Articles of Amendment and Restatement with the State Department of Assessments and Taxation of Maryland. The Articles of Amendment and Restatement increased our authorized common stock to 300,000,000 shares of common stock and 2,500,000 shares of Class A common stock with $0.001 par value per share. Additionally, the Articles of Amendment and Restatement increased our authorized preferred stock to 100,000,000 shares of preferred stock with a $0.001 par value per share. Termination of Pre-IPO Capital Commitments In connection with the completion of our initial public offering, the obligation of all of our pre-IPO stockholders to purchase additional shares of our common stock and Class A common stock using the undrawn portion of their capital commitments was terminated. Termination of Stockholders Agreement Upon the completion of our initial public offering, the stockholders agreement between us and our pre-IPO stockholders terminated in accordance with its terms. 10b5-1 Purchase Plan We entered into an agreement (the “10b5-1 Purchase Plan”) with Goldman Sachs & Co. LLC, pursuant to which Goldman Sachs & Co. LLC, as our agent, will buy in the open market up to $35.0 million in shares of our common stock in the aggregate during the period beginning on or about August 21, 2017 and ending 12 months thereafter or, if sooner, the date on which all the capital committed to the 10b5-1 Purchase Plan has been exhausted. The 10b5-1 Purchase Plan will require Goldman Sachs & Co. LLC to purchase for us shares of our common stock when the market price per share is below the threshold price specified in the 10b5-1 Purchase Plan which is based on our book value per common share. Upsize of Morgan Stanley Bank, N.A. Secured Revolving Repurchase Facility On July 21, 2017, the Company closed an amendment to its existing secured revolving repurchase facility with Morgan Stanley Bank, N.A. to increase the maximum facility amount to $400 million from $250 million. Additionally, the Company has the right to further upsize the facility to $500 million from $400 million upon at least 5 days’ notice, subject to customary conditions. The facility was also amended to provide for an extended maturity in May 2020, and can be extended by the Company for additional successive one year periods, subject to approval by the lender. As was the case prior to the amendment, the number of extension options is not limited by the terms of this facility. Class A Note Repayment and Termination of Collateralized Loan Obligation As of August 16, 2017, the outstanding principal balance of the Class A Note issued by the CLO Issuer was approximately $118.0 million. On August 16, 2017, the CLO Issuer sold to GACC two first mortgage loan participation interests with an aggregate unpaid principal balance of $12.8 million that collateralized in part the Class A Note issued by the CLO Issuer. The sales price was approximately par value. These loans were sold because they were determined by our management to no longer be consistent with the Company’s current investment strategy. On August 18, 2017, one of the Company’s wholly-owned subsidiaries purchased from the CLO Issuer seven first mortgage loan participation interests with an aggregate unpaid principal balance of $138.5 million that collateralized the Class A Note issued by the CLO Issuer. The first mortgage loan participation interests were sold by the CLO Issuer for approximately par value. Proceeds from both transactions were used in combination with approximately $3.0 million of Company cash on August 23, 2017 to retire all amounts outstanding under the Class A Note issued by the CLO Issuer, which totaled $118.0 million. The collateralized loan obligation will be terminated promptly thereafter. Upsize of JPMorgan Chase Bank, N.A. Secured Revolving Repurchase Facility On August 18, 2017, and in connection with the repayment of the Class A Note and the dissolution of the collateralized loan obligation, the Company closed an amendment to its existing secured revolving repurchase facility with JPMorgan Chase Bank, N.A. to increase the maximum facility amount by $103.5 million, to $417.2 million, and to include as pledged collateral under the facility the seven first mortgage loan participation interests purchased from the CLO Issuer by one of our wholly-owned subsidiaries on August 18, 2017. With respect only to the upsize amount, amounts borrowed may not be repaid and reborrowed. All other material terms of the credit facility remain unchanged. Senior Mortgage Loan Originations Since June 30, 2017 through the date of this filing, we closed four first mortgage loans with an aggregate commitment amount of $447.6 million, an aggregate initial funding amount of $368.7 million, an aggregate deferred funding commitment of $78.9 million, a weighted average credit spread of LIBOR plus 4.2%, a weighted average term to extended maturity of 5.6 years (assuming all extension options will be exercised by borrowers), and a weighted average LTV of 59.6%. These loans were funded with a combination of cash-on-hand and borrowings. The Company has evaluated subsequent events through August 24, 2017, the date which the consolidated financial statements were available to be issued.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The interim consolidated financial statements include the Company’s accounts, the consolidated variable interest entity for which the Company is the primary beneficiary, and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of the interim consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from management’s estimates and such differences could be material. Significant estimates made in the interim consolidated financial statements include, but are not limited to: impairment, adequacy of provisions for loan losses and valuation of financial instruments.
Principles of Consolidation	Principles of Consolidation Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810—Consolidation (“ASC 810”), provides guidance on the identification of a VIE (a variable interest entity for which control is achieved through means other than voting rights) and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. At each reporting date, the Company reconsiders its primary beneficiary conclusion to determine if its obligation to absorb losses of, or its rights to receive benefits from, the VIE could potentially be more than insignificant and will consolidate or not consolidate accordingly.
Revenue Recognition	Revenue Recognition Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for credit impairment, if any. The objective of the interest method is to arrive at periodic interest income including recognition of fees and costs at a constant effective yield. The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of an impairment; (2) the loan becomes 90 days delinquent; or (3) the loan has a maturity default. While on non-accrual status, based on the Company’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for principal and interest payments, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value, and interest income is only recorded when such carrying value has been fully recovered.
Loans Held for Investment	Loans Held for Investment Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any premiums, discounts, loan origination fees and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, or on a straight line method which approximates the interest method, adjusted for actual prepayments. The Company evaluates each loan classified as a loan receivable held for investment for impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate, or the fair value of the collateral, less estimated costs to sell, if recovery of the Company’s investment is expected solely from the sale of the collateral. As part of the quarterly impairment review, we evaluate the risk of each loan and assign a risk rating based on a variety of factors, grouped as follows to include (without limitation): (i) loan and credit structure, including the as-is loan-to-value (“LTV”) and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geographic, property-type and local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; and (iv) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, our loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows: 1- Outperform—Exceeds performance metrics (for example, technical milestones, occupancy, rents, net operating income) included in original or current credit underwriting and business plan; 2- Meets or Exceeds Expectations—Collateral performance meets or exceeds substantially all performance metrics included in original or current underwriting / business plan; 3- Satisfactory—Collateral performance meets or is on track to meet underwriting; business plan is met or can reasonably be achieved; 4- Underperformance—Collateral performance falls short of original underwriting, and material differences exist from business plan; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and, 5- Risk of Impairment/Default—Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable. Since Inception, the Company has not recorded asset-specific loan loss reserves, nor has it recognized any impairments on its loan portfolio. Our determination of asset-specific loan loss reserves, should such reserves be necessary, relies on material estimates regarding the fair value of any loan collateral. Such losses could be caused by various factors, including, but not limited to, unanticipated adverse changes in the economy or events adversely affecting specific assets, borrowers, industries in which our borrowers operate or markets in which our borrowers or their properties are located. Significant judgment is required when evaluating loans for impairment. The Company’s loans are typically collateralized by real estate or a partnership, or similar, equity interest in an entity that owns real estate. As a result, the Company regularly evaluates on a loan-by-loan basis the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial wherewithal of any loan guarantors and the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data.
Commercial Mortgage-Backed Securities	Commercial Mortgage-Backed Securities The Company invests in commercial mortgage-backed securities for cash management and investment purposes. The Company designates as available-for-sale its commercial mortgage-backed securities investments on the date of acquisition of the investment. Commercial mortgage-backed securities that are not classified as held-to-maturity and which the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are also designated as available-for-sale and are carried at estimated fair value. The Company’s recognition of interest income from its commercial mortgage-backed securities, including its amortization of premium and discount, follows the Company’s revenue recognition policy. The Company uses a specific identification method when determining the cost of security sold and the amount reclassified out of accumulated other comprehensive income into earnings. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. Significant valuation inputs are Level II as described under “Fair Value Measurements”.
Portfolio Financing Arrangements	Portfolio Financing Arrangements The Company finances certain of its loan and CMBS investments using secured revolving repurchase agreements, asset-specific financing arrangements (notes payable on the consolidated balance sheets), and its private collateralized loan obligation (“CLO”). The related borrowings are recorded as separate liabilities on its consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the related borrowings are reported separately on the Company’s consolidated statements of income and comprehensive income. In certain instances, the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third party. For all such syndications the Company has completed through June 30, 2017, the Company has transferred 100% of the senior mortgage loan the Company originated on a non-recourse basis to a third-party lender and has retained as a loan investment a separate mezzanine loan investment secured by a pledge of the equity in the mortgage borrower. With respect to the senior mortgage loan transferred, the Company retains: no control over the mortgage loan; no economic interest in the mortgage loan; and no recourse to the purchaser or the borrower. Consequently, based on these circumstances and because the Company does not have any continuing involvement with the transferred senior mortgage loan, these syndications are accounted for as sales under GAAP and are removed from the Company’s consolidated financial statements at the time of transfer. The Company’s consolidated balance sheets only include the separate mezzanine loan remaining after the transfer and not the non-consolidated senior loan interest sold or co-originated that the Company transferred.
Fair Value Measurements	Fair Value Measurements The Company follows ASC 820-10, Fair Value Measurements and Disclosures “ASC 820-10” Level I Level II Level III For certain financial instruments, the various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for such financial instrument is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar assets or liabilities. The income approach uses projections of the future economic benefits of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period.
Income Taxes	Income Taxes The Company qualifies and has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2014. To the extent that it annually distributes at least 90% of its REIT taxable income to stockholders and complies with various other requirements as a REIT, the Company generally will not be subject to U.S. federal income taxes on its distributed REIT taxable income. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Even though the Company currently qualifies for taxation as a REIT, the Company may be subject to certain U.S. federal, state, local and foreign taxes on the Company’s income and property and to U.S. federal income and excise taxes on the Company’s undistributed REIT taxable income. Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC Topic 740, Income Taxes
Earnings per Common Share	Earnings per Common Share The Company utilizes the two-class method when assessing participating securities to calculate earnings per common share. Basic and diluted earnings per common share is computed by dividing net income available to common stockholders (i.e., holders of common stock and Class A common stock), divided by the weighted-average number of common shares (both common stock and Class A common stock) outstanding during the period. The Company’s common stock and Class A common stock have the same preferences and rights to dividends and other distributions. Diluted earnings per common share is calculated by including the effect of dilutive securities. The Company currently does not have any outstanding participating securities.
Loan Origination Fees	Loan Origination Fees Loan origination fees are reflected in loans held for investment on the consolidated balance sheets and include fees charged to borrowers. These fees are amortized into interest income over the life of the related loans held.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are reflected net of collateralized loan obligation and secured financing agreements on the Company’s consolidated balance sheets. These costs are amortized in interest expense using the interest method or on a straight line basis which approximates the interest method over the life of the related obligations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of June 30, 2017 and December 31, 2016. The balances in these accounts may exceed the insured limits.
Restricted Cash	Restricted Cash Restricted cash primarily represents deposit proceeds from potential borrowers which may be returned to borrowers, after deducting transaction costs paid by the Company for the benefit of the borrowers, upon the closing of a loan transaction.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In March 2017, FASB issued ASU 2017-08, Receivables (Topic 310): Receivables – Nonrefundable Fees and Other Costs (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; discounts continue to be amortized through maturity. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The Company early adopted this update during the quarter ended March 31, 2017. There was no effect on our consolidated financial statements.

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Schedule of Loan Investment Portfolio	The following tables present an overview of the loan investment portfolio as of June 30, 2017 and December 31, 2016 (in thousands): June 30, 2017 Loans Receivable Outstanding Principal Unamortized Premium (Discount), Loan Origination Fees, net Carrying Amount Senior loans $ 2,144,683 $ (16,673 ) $ 2,128,010 Subordinated and mezzanine loans 64,306 (405 ) 63,901 Subtotal before allowance 2,208,989 (17,078 ) 2,191,911 Allowance for loan losses — — — Total $ 2,208,989 $ (17,078 ) $ 2,191,911 December 31, 2016 Loans Receivable Outstanding Principal Unamortized Premium (Discount), Loan Origination Fees, net Carrying Amount Senior loans $ 2,429,632 $ (20,931 ) $ 2,408,701 Subordinated and mezzanine loans 41,446 (157 ) 41,289 Subtotal before allowance 2,471,078 (21,088 ) 2,449,990 Allowance for loan losses — — — Total $ 2,471,078 $ (21,088 ) $ 2,449,990
Summary of Loan Portfolio Activity	For the six months ended June 30, 2017, loan portfolio activity was as follows (in thousands): Balance at December 31, 2016 $ 2,449,990 Loans originated 524,725 Additional fundings 156,005 Amortization of discount and origination fees 12,315 Deductions during the period: Collection of principal (948,449 ) Amortization of premium (2,675 ) Balance at June 30, 2017 $ 2,191,911
Summary of Carrying Values and Results of Internal Risk Rating	The table below summarizes the carrying values and results of the Company’s internal risk rating review performed as of June 30, 2017 and December 31, 2016 (dollars in thousands): Carrying Value Rating June 30, 2017 December 31, 2016 1 $ — $ 261,261 2 822,831 745,340 3 1,369,080 1,205,994 4 — 237,395 5 — — Totals $ 2,191,911 $ 2,449,990 Weighted Average Risk Rating 2.6 2.6

Commercial Mortgage-Backed Se25

Commercial Mortgage-Backed Securities (Tables)	6 Months Ended
	Jun. 30, 2017
Investments Debt And Equity Securities [Abstract]
Available-for-Sale Commercial Mortgage-Backed Securities	Detailed information regarding the Company’s available-for-sale CMBS is as follows (dollars in thousands): June 30, 2017 Unamortized Gross Estimated Face Premium Unrealized Fair Amount (Discount) Gain Value Investments, at Fair Value CMBS $ 129,571 $ (2,524 ) $ 2,538 $ 129,585 December 31, 2016 Face Amount Unamortized Premium (Discount) Gross Unrealized Gain Estimated Fair Value Investments, at Fair Value CMBS $ 62,927 $ (2,673 ) $ 1,250 $ 61,504
Available-for-Sale Commercial Mortgage-Backed Securities by Contractual Maturity	The amortized cost and estimated fair value of the Company’s available-for-sale commercial mortgage-backed securities by contractual maturity are shown in the following table (dollars in thousands): June 30, 2017 Amortized Cost Estimated Fair Value Expected Maturity Date After one, within five years $ 36,700 $ 36,697 After five, within ten years 90,347 92,888 Total Investments, at Fair Value $ 127,047 $ 129,585 December 31, 2016 Amortized Cost Estimated Fair Value Expected Maturity Date After one, within five years $ 58,962 $ 60,242 After five, within ten years 1,292 1,262 Total Investments, at Fair Value $ 60,254 $ 61,504

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Variable Interest Entities Assets and Liabilities	The Company’s total assets and total liabilities at June 30, 2017 and December 31, 2016 include VIE assets and liabilities as follows (in thousands): June 30, 2017 December 31, 2016 ASSETS Cash and Cash Equivalents $ — $ 2,133 Accounts Receivable 357 479 Accounts Receivable from Servicer/Trustee 40,085 23,009 Accrued Interest Receivable 1,620 5,714 Loans Held for Investment 183,779 712,158 Total Assets $ 225,841 $ 743,493 LIABILITIES Accrued Interest Payable $ 287 $ 885 Accrued Expenses — 32 Collateralized Loan Obligation 166,077 540,780 Payable to Affiliates 212 933 Deferred Revenue 51 198 Total Liabilities $ 166,627 $ 542,828

Collateralized Loan Obligation

Collateralized Loan Obligation (Tables)	6 Months Ended
	Jun. 30, 2017
Collateralized Loan Obligation
Schedule of Borrowings and Corresponding Collateral	The following table outlines borrowings and the corresponding collateral under the Company’s consolidated CLO Issuer as of June 30, 2017 and December 31, 2016, respectively (dollars in thousands): As of June 30, 2017 As of December 31, 2016 Debt Collateral (loans) Debt Collateral (loans) Face Value Carrying Value Outstanding Principal Carrying Value Face Value Carrying Value Outstanding Principal Carrying Value $ 167,285 $ 166,077 $ 184,796 $ 183,779 $ 543,320 $ 540,780 $ 712,420 $ 712,158

Notes Payable, Repurchase Agr28

Notes Payable, Repurchase Agreements and Subscription Secured Facility (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Instrument [Line Items]
Schedule Of Information Related to Notes Payable and Repurchase Agreement and Subscription Secured Facility	The following table presents certain information regarding the Company’s notes payable, repurchase agreements, and subscription secured facility as of June 30, 2017 and December 31, 2016, respectively. Except as otherwise noted, all other agreements are held on a non-recourse basis. Amounts included are shown in thousands: As of June 30, 2017 Notes Payable Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Bank of the Ozarks 8/23/2019 1 Month Libor 4.5 % 5.6 % $ 92,400 $ 64,013 $ 28,387 $ 41,241 Bank of the Ozarks 8/31/2018 1 Month Libor 4.0 5.1 68,600 25,867 42,733 61,590 Deutsche Bank 9/25/2019 1 Month Libor 3.5 4.6 64,779 23,137 41,642 69,403 Deutsche Bank 6/29/2018 1 Month Libor 3.3 4.3 49,644 22,362 27,282 41,972 Bank of the Ozarks 5/22/2018 1 Month Libor 4.8 5.8 48,750 25,425 23,325 35,885 Deutsche Bank 12/9/2018 1 Month Libor 3.7 4.7 42,543 1 42,542 60,775 BMO Harris Bank (1) 4/9/2020 1 Month Libor 2.7 3.7 32,500 — 32,500 45,000 399,216 160,805 238,411 355,866 Repurchase Agreements Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Goldman Sachs (1) 8/19/2018 1 Month Libor 2.3 % 3.3 % 750,000 361,777 388,223 556,298 Wells Fargo (1) 5/25/2019 1 Month Libor 2.2 3.4 750,000 508,265 241,735 342,700 JP Morgan (1) 8/20/2018 1 Month Libor 2.5 3.6 313,750 148,861 164,889 234,249 Morgan Stanley (1) 5/3/2019 1 Month Libor 2.4 3.6 250,000 19,768 230,232 311,411 US Bank (1) 10/6/2019 1 Month Libor 2.3 3.3 150,000 129,000 21,000 30,000 Goldman Sachs (CMBS) (2) 9/29/2017 1 Month Libor 0.9 2.0 100,000 36,897 63,103 76,432 Royal Bank of Canada (CMBS) (2) 9/20/2017 1 Month Libor 1.4 2.5 100,000 60,594 39,406 51,918 2,413,750 1,265,162 1,148,588 1,603,008 Subscription Secured Facility Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Lloyds Bank 1/6/2018 1 Month Libor 1.8 % 3.0 % 250,000 107,027 — — Total $ 3,062,966 $ 1,532,994 $ 1,386,999 $ 1,958,874 (1) Borrowings under repurchase agreements and one note payable with a 25% recourse guarantee. (2) Borrowings under repurchase agreements with a 100% recourse guarantee. Maturity Date represents the sooner of the next maturity date of the CMBS repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to June 30, 2017. As of December 31, 2016 Notes Payable Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Bank of the Ozarks 8/23/2019 1 Month Libor 4.5 % 5.1 % $ 92,400 $ 72,544 $ 19,856 $ 28,366 Deutsche Bank 9/25/2019 1 Month Libor 3.5 4.1 64,779 30,207 34,572 57,620 Deutsche Bank 12/9/2018 1 Month Libor 3.3 3.9 49,644 29,293 20,351 31,309 Deutsche Bank 9/29/2018 1 Month Libor 3.7 4.3 42,543 5,940 36,603 52,303 249,366 137,984 111,382 169,598 Repurchase Agreements Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Goldman Sachs (1) 8/19/2017 1 Month Libor 2.2 % 2.9 % 500,000 249,110 250,890 363,146 Wells Fargo (1) 5/25/2019 1 Month Libor 2.2 3.0 500,000 179,729 320,271 461,618 JP Morgan (1) 8/20/2018 1 Month Libor 2.7 3.4 313,750 25,001 288,749 414,269 Morgan Stanley (1) 5/3/2019 1 Month Libor 2.5 3.2 250,000 124,036 125,964 175,884 Goldman Sachs (CMBS) (2) 8/19/2017 1 Month Libor 2.0 2.6 100,000 73,195 26,805 43,500 Royal Bank of Canada (CMBS) (2) 2/9/2021 1 Month Libor 1.0 1.6 100,000 91,150 8,850 9,347 1,763,750 742,221 1,021,529 1,467,764 Subscription Secured Facility Maturity Date Index Rate Weighted Average Spread Interest Rate Commitment Amount Maximum Current Availability Balance Outstanding Principal Balance of Collateral Lloyds Bank 1/6/2018 1 Month Libor 1.8 % 2.5 % 250,000 109,142 — — Total $ 2,263,116 $ 989,347 $ 1,132,911 $ 1,637,362 (1) Borrowings under repurchase agreements with a 25% recourse guarantee. (2) Borrowings under repurchase agreements with a 100% recourse guarantee.
Summary of Repurchase Agreements Secured by CMBS, Short-term Borrowings, and Counterparty Concentration	The following table summarizes certain characteristics of the Company’s repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at June 30, 2017 (in thousands): June 30, 2017 UPB of Collateral Carrying Value of Collateral (1) Amounts Payable under Repurchase Agreements (2) Net Counterparty Exposure (3) Percent of Stockholders Equity Days to Extended Maturity (4) Goldman Sachs Bank $ 76,432 $ 76,424 $ 63,417 $ 13,007 1 % 91 Royal Bank of Canada 51,918 52,250 39,624 12,626 1 % 82 Total / Weighted Average 128,350 128,674 103,041 25,633 88 Total / Weighted Average - Loans and CMBS $ 1,603,008 $ 1,597,455 $ 1,150,931 $ 446,524 956 (1) Amounts shown in the table include interest receivable of $0.4 million, and are net of premium, discount, and unrealized gains of $0.1 million. (2) Amounts shown in the table include interest payable of $0.5 million, and do not reflect deferred financing fees of $0.1 million. (3) Represents the net carrying value of available-for-sale securities sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. (4) Represents the sooner of the next maturity date of the CMBS repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to June 30, 2017. The following table summarizes certain characteristics of the Company’s repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at December 31, 2016 (in thousands): December 31, 2016 UPB of Collateral Carrying Value of Collateral(1) Amounts Payable under Repurchase Agreements(2) Net Counterparty Exposure(3) Percent of Stockholders Equity Days to Extended Maturity Goldman Sachs Bank $ 43,500 $ 41,403 $ 26,832 $ 14,571 2 % 1,502 Royal Bank of Canada 9,347 9,932 8,856 1,076 0 % 1,507 Total / Weighted Average 52,847 51,335 35,688 15,647 3,009 Total / Weighted Average - Loans and CMBS $ 1,467,764 $ 1,453,276 $ 1,022,587 $ 430,689 1,331 (1) Amounts shown in the table include interest receivable of $0.03 million, and are net of premium, discount, and unrealized gains of $2.7 million. (2) Amounts shown in the table include interest payable of $0.03 million, and do not reflect deferred financing fees of $0.01 million. (3) Represents the net carrying value of available-for-sale securities sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
Commercial Mortgage Loans
Debt Instrument [Line Items]
Summary of Repurchase Agreements Secured by Commercial Mortgage Loans, Long - term Borrowings, and Counterparty Concentration	The following table summarizes certain characteristics of the Company’s repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at June 30, 2017 (in thousands): June 30, 2017 UPB of Collateral Carrying Value of Collateral (1) Amounts Payable under Repurchase Agreements (2) Net Counterparty Exposure (3) Percent of Stockholders Equity Days to Extended Maturity Goldman Sachs Bank $ 556,298 $ 554,100 $ 389,046 $ 165,054 16 % 780 Wells Fargo Bank 342,700 339,870 241,908 97,962 10 % 1,425 Morgan Stanley Bank (4) 311,411 310,232 230,619 79,613 8 % N/A JP Morgan Chase Bank 234,249 234,655 165,260 69,395 7 % 1,147 US Bank 30,000 29,924 21,057 8,867 1 % 1,559 Total / Weighted Average 1,474,658 1,468,781 1,047,890 420,891 1,065 (1) Amounts shown in the table include interest receivable of $6.5 million, and are net of premium, discount and origination fees of $12.4 million. (2) Amounts shown in the table include interest payable of $1.8 million, and do not reflect unamortized deferred financing fees of $8.9 million. (3) Represents the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. (4) Morgan Stanley Bank credit facility is excluded from the Days to Extended Maturity calculation because it does not have a contractual maturity date. The following table summarizes certain characteristics of the Company’s repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at December 31, 2016 (in thousands): December 31, 2016 UPB of Collateral Carrying Value of Collateral (1) Amounts Payable under Repurchase Agreements (2) Net Counterparty Exposure (3) Percent of Stockholders Equity Days to Extended Maturity Wells Fargo Bank $ 461,618 $ 450,338 $ 320,175 $ 130,163 13 % 1,606 JP Morgan Chase Bank 414,269 414,461 289,206 125,255 13 % 1,328 Goldman Sachs Bank 363,146 361,964 251,366 110,598 11 % 961 Morgan Stanley Bank (4) 175,884 175,178 126,152 49,026 5 % N/A Total / Weighted Average 1,414,917 1,401,941 986,899 415,042 3,895 (1) Amounts shown in the table include interest receivable of $0.004 million and are net of premium, discount and origination fees of $0.02 million. (2) Amounts shown in the table include interest payable of $0.001 million, and do not reflect deferred financing fees of $0.01million. (3) Represents the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. (4) Morgan Stanley Bank credit facility is excluded from the Days to Extended Maturity calculation because it does not have a contractual maturity date.

Schedule of Maturities (Tables)

Schedule of Maturities (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	The future principal payments for the five years subsequent to June 30, 2017 and thereafter are as follows (in thousands): CLO Repurchase Agreements Notes Payable 2017 $ 63,760 $ 218,671 $ — 2018 99,676 249,351 135,883 2019 — 489,049 70,028 2020 2,447 191,517 32,500 2021 — — — Thereafter 1,402 — — Total $ 167,285 $ 1,148,588 $ 238,411

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Not Carried at Fair Value On Recurring Basis	The following tables provide information about financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheet (dollars in thousands): June 30, 2017 Carrying Value Level I Level II Level III Financial Assets Loans Held for Investment $ 2,191,911 $ — $ — $ 2,209,773 Financial Liabilities Collateralized Loan Obligation 166,077 — — 166,077 Secured Financing Arrangements 1,375,174 — — 1,375,174 December 31, 2016 Carrying Value Level I Level II Level III Financial Assets Loans Held for Investment $ 2,449,990 $ — $ — $ 2,469,717 Financial Liabilities Collateralized Loan Obligation 540,780 — — 540,780 Secured Financing Arrangements 1,121,869 — — 1,121,869

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Earnings per Common Share	The following table sets forth the calculation of basic and diluted earnings per common share (common stock and Class A common stock) based on the weighted-average number of shares of common stock and Class A common stock outstanding (In thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net Income Attributable to Common Stockholders $ 25,320 $ 17,108 $ 48,795 $ 33,357 Weighted-Average Common Shares Outstanding, Basic and Diluted 39,482,038 32,708,334 39,355,499 30,900,638 Per Common Share Amount, Basic and Diluted $ 0.64 $ 0.52 $ 1.24 $ 1.08

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2017
Risks And Uncertainties [Abstract]
Summary of Loan Portfolio by Property Type	Property Type A summary of the loan portfolio by property type as of June 30, 2017 and December 31, 2016 based on current unpaid principal balance (“UPB”) and full loan commitment is as follows (amounts in thousands): As of June 30, 2017 Property Type Loan Commitment Unfunded Commitment % of Portfolio Loan UPB % of Portfolio Condominium $ 733,544 $ 245,554 27.0 % $ 487,990 22.1 % Hotel 593,745 36,197 21.9 % 560,608 25.4 % Office 517,777 110,210 19.1 % 407,567 18.3 % Mixed Use 338,000 51,409 12.4 % 286,591 13.0 % Multifamily 238,020 6,586 8.8 % 231,434 10.5 % Retail 196,625 48,868 7.2 % 147,757 6.7 % Industrial 88,208 11,468 3.2 % 76,740 3.5 % Other 10,302 — 0.4 % 10,302 0.5 % Total $ 2,716,221 $ 510,292 100.0 % $ 2,208,989 100.0 % As of December 31, 2016 Property Type Loan Commitment Unfunded Commitment % of Portfolio Loan UPB % of Portfolio Condominium $ 821,411 $ 338,222 27.0 % $ 486,646 19.7 % Hotel 644,459 31,282 21.2 % 615,238 24.9 % Office 538,736 99,953 17.7 % 438,783 17.8 % Mixed Use 527,548 74,100 17.4 % 453,448 18.4 % Multifamily 327,578 11,217 10.8 % 316,360 12.8 % Industrial 131,987 11,468 4.3 % 120,519 4.9 % Other 48,483 8,400 1.6 % 40,083 1.6 % Total $ 3,040,202 $ 574,642 100.0 % $ 2,471,078 100.0 %
Summary of Geographic Composition of Loans Held for Investment Based on Loan Commitment and Current UPB	Geography All of the Company’s loans held for investment are secured by properties within the United States. The geographic composition of loans held for investment based on full loan commitment and current UPB is as follows (dollars in thousands): June 30, 2017 Geographic Region Loan Commitment Unfunded Commitment % Loan Commitment Loan UPB % Loan UPB Carrying Amount East $ 987,383 $ 97,837 36.3 % $ 892,606 40.3 % $ 887,145 South 882,690 308,874 32.5 % 573,816 26.0 % 567,675 West 580,623 89,113 21.4 % 491,510 22.3 % 487,564 Midwest 194,817 3,000 7.2 % 191,817 8.7 % 190,601 Various 70,708 11,468 2.6 % 59,240 2.7 % 58,926 Total $ 2,716,221 $ 510,292 100.0 % $ 2,208,989 100.0 % $ 2,191,911 December 31, 2016 Geographic Region Loan Commitment Unfunded Commitment % Loan Commitment Loan UPB % Loan UPB Carrying Amount East $ 1,330,003 $ 132,951 43.7 % $ 1,197,052 48.4 % $ 1,192,153 West 867,494 116,057 28.5 % 751,437 30.4 % 741,513 South 578,340 311,166 19.0 % 272,692 11.0 % 268,443 Midwest 179,589 3,000 5.9 % 176,589 7.1 % 175,158 Various 84,776 11,468 2.8 % 73,308 3.0 % 72,723 Total $ 3,040,202 $ 574,642 100.0 % $ 2,471,078 100.0 % $ 2,449,990

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Threshold period of delinquency	90 days
Percentage of senior mortgage loan transferred to third-party	100.00%
Maximum insured amount of each cash account	$ 250,000	$ 250,000

Loans Held for Investment - Add

Loans Held for Investment - Additional Information (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)RatingLoan	Jun. 30, 2016USD ($)Loan	Dec. 31, 2016USD ($)RatingLoan
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 2,716,221,000		$ 3,040,202,000
Unfunded loan commitments	510,292,000		574,642,000
Unamortized premium	200,000		2,900,000
Unaccreted discount	$ 4,000,000		$ 12,500,000
Weighted average risk rating | Rating	2.6		2.6
Number of loans on non-accrual status | Loan	0		0
Reserve	$ 0		$ 0
Moved From Four Risk Rating Into Three Risk Rating
Accounts Notes And Loans Receivable [Line Items]
Number of loans selected for risk rate changes | Loan	2		2
Risk Rating One
Accounts Notes And Loans Receivable [Line Items]
Payments received for loans classified with category one risk rating | Loan	3		3
German American Capital Corporation
Accounts Notes And Loans Receivable [Line Items]
Number of loans originated or acquired | Loan	8	13
Total loan commitment amount	$ 675,800,000	$ 728,900,000,000
Unpaid principal balance	488,200,000	628,900,000
Unfunded loan commitments	96,100,000	$ 100,000,000
German American Capital Corporation | Non-recourse Senior Loan
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 91,500,000

Loans Held for Investment - Sch

Loans Held for Investment - Schedule of Loan Investment Portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	$ 2,208,989	$ 2,471,078
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(17,078)	(21,088)
Carrying Amount, before allowance for loan losses	2,191,911	2,449,990
Outstanding Principal, after allowance for loan losses	2,208,989	2,471,078
Unamortized Premium (Discount), Loan Origination Fees net, after allowance for loan losses	(17,078)	(21,088)
Carrying Amount, after allowance for loan losses	2,191,911	2,449,990
Senior Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	2,144,683	2,429,632
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(16,673)	(20,931)
Carrying Amount, before allowance for loan losses	2,128,010	2,408,701
Subordinated and Mezzanine Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	64,306	41,446
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(405)	(157)
Carrying Amount, before allowance for loan losses	$ 63,901	$ 41,289

Loans Held for Investment - Sum

Loans Held for Investment - Summary of Loan Portfolio Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Loans And Leases Receivable Disclosure [Abstract]
Balance at December 31, 2016	$ 2,449,990
Loans originated	524,725
Additional fundings	156,005
Amortization of discount and origination fees	12,315
Collection of principal	(948,449)
Amortization of premium	(2,675)
Balance at June 30, 2017	$ 2,191,911

Loans Held for Investment - S37

Loans Held for Investment - Summary of Carrying Values and Results of Internal Risk Rating Review Performed (Details) $ in Thousands	Jun. 30, 2017USD ($)Rating	Dec. 31, 2016USD ($)Rating
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 2,191,911	$ 2,449,990
Weighted Average Risk Rating | Rating	2.6	2.6
Risk Rating One
Accounts Notes And Loans Receivable [Line Items]
Carrying Value		$ 261,261
Rating 2
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 822,831	745,340
Rating 3
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 1,369,080	1,205,994
Rating 4
Accounts Notes And Loans Receivable [Line Items]
Carrying Value		$ 237,395

Commercial Mortgage-Backed Se38

Commercial Mortgage-Backed Securities - Additional Information (Details) - Commercial Mortgage-Backed Securities	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)Investment	Dec. 31, 2016USD ($)Investment
Schedule Of Available For Sale Securities [Line Items]
Number of Investments | Investment	6	5
Other than temporary loses on available-for-sale | $	$ 0	$ 0

Commercial Mortgage-Backed Se39

Commercial Mortgage-Backed Securities - Available-for-Sale Commercial Mortgage-Backed Securities (Details) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value	[1]	$ 129,585	$ 61,504
Commercial Mortgage-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Face Amount		129,571	62,927
Unamortized Premium (Discount)		(2,524)	(2,673)
Gross Unrealized Gain		2,538	1,250
Estimated Fair Value		$ 129,585	$ 61,504
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Commercial Mortgage-Backed Se40

Commercial Mortgage-Backed Securities - Available-for-Sale Commercial Mortgage-Backed Securities by Contractual Maturity (Details) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Estimated Fair Value
Total Investments, at Fair Value	[1]	$ 129,585	$ 61,504
Commercial Mortgage-Backed Securities
Amortized Cost
After one, within five years		36,700	58,962
After five, within ten years		90,347	1,292
Total Investments, at Fair Value		127,047	60,254
Estimated Fair Value
After one, within five years		36,697	60,242
After five, within ten years		92,888	1,262
Total Investments, at Fair Value		$ 129,585	$ 61,504
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details)	6 Months Ended
	Jun. 30, 2017
Collateralized Loan Obligation
Variable Interest Entity [Line Items]
Variable interest entity ownership percentage	100.00%

Variable Interest Entities - Su

Variable Interest Entities - Summary of Variable Interest Entities Assets and Liabilities (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Total Assets	$ 225,841	$ 743,493
LIABILITIES
Total Liabilities	166,627	542,828
Cash and Cash Equivalents
ASSETS
Total Assets		2,133
Accounts Receivable
ASSETS
Total Assets	357	479
Accounts Receivable from Servicer/Trustee
ASSETS
Total Assets	40,085	23,009
Accrued Interest Receivable
ASSETS
Total Assets	1,620	5,714
Loans Held for Investment
ASSETS
Total Assets	183,779	712,158
Accrued Interest Payable
LIABILITIES
Total Liabilities	287	885
Accrued Expenses
LIABILITIES
Total Liabilities		32
Collateralized Loan Obligation
LIABILITIES
Total Liabilities	166,077	540,780
Payable to Affiliates
LIABILITIES
Total Liabilities	212	933
Deferred Revenue
LIABILITIES
Total Liabilities	$ 51	$ 198

Collateralized Loan Obligatio43

Collateralized Loan Obligation - Schedule of Borrowings and Corresponding Collateral (Details) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt, Carrying Value	[1]	$ 166,077	$ 540,780
Collateralized Loan Obligation
Debt Instrument [Line Items]
Debt, Face Value		167,285	543,320
Debt, Carrying Value		166,077	540,780
Collateral (Loans), Outstanding Principal		184,796	712,420
Collateral (Loans), Carrying Value		$ 183,779	$ 712,158
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Collateralized Loan Obligatio44

Collateralized Loan Obligation - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 29, 2014	Dec. 18, 2014
Class A Senior Secured Note
Debt Instrument [Line Items]
Debt instrument, maturity date	Sep. 10, 2023
Collateralized Loan Obligation
Debt Instrument [Line Items]
Remaining unamortized issuance costs	$ 1,208		$ 2,541
Collateralized Loan Obligation | Class A Senior Secured Note
Debt Instrument [Line Items]
Additional capacity of future advances related to loans	$ 12,600		56,000
Debt instrument, basis spread on variable rate	2.75%
Debt Instrument, undrawn amount fee percentage	0.25%
Debt issuance costs, gross					$ 13,200
Remaining unamortized issuance costs	$ 1,200		$ 2,500
Debt instrument, maturity date	Sep. 10, 2023
Interest expense excluding amortization of deferred financing costs	$ 8,700	$ 15,000
Debt instrument, covenant description	The Class A Note indenture contains operating covenants relating to the organization and activities of the CLO Issuer, and two financial covenants: the portfolio overcollateralization ratio test and the underlying aggregate asset over collateralization ratio test. The first is intended to limit the maximum leverage ratio of the CLO Issuer; the second is intended to limit the maximum leverage ratio of individual loans owned by the CLO Issuer.
Debt instrument, covenant compliance	The Company believes it is in compliance with all covenants as of June 30, 2017 and December 31, 2016
German American Capital Corporation
Debt Instrument [Line Items]
Percentage of interest in loans acquired				75.00%
Loans secured, face value				$ 2,400,000

Notes Payable, Repurchase Agr45

Notes Payable, Repurchase Agreements and Subscription Secured Facility - Summary of Notes Payable, Repurchase Agreements and Subscription Secured Facility (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Index Rate	one-month LIBOR
Subscription Secured Facility
Debt Instrument [Line Items]
Commitment Amount	$ 3,062,966	$ 2,263,116
Maximum Current Availability	1,532,994	989,347
Balance Outstanding	1,386,999	1,132,911
Collateral (Loans), Outstanding Principal	1,958,874	1,637,362
Repurchase Agreements
Debt Instrument [Line Items]
Commitment Amount	2,413,750	1,763,750
Maximum Current Availability	1,265,162	742,221
Balance Outstanding	1,148,588	1,021,529
Collateral (Loans), Outstanding Principal	$ 1,603,008	$ 1,467,764
JP Morgan | Debt Instrument, Interest Rate at 3.6% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Aug. 20, 2018
Index Rate	1 Month Libor
Weighted Average Spread	2.50%
Interest Rate	3.60%
Commitment Amount	$ 313,750
Maximum Current Availability	148,861
Balance Outstanding	164,889
Collateral (Loans), Outstanding Principal	$ 234,249
JP Morgan | Debt Instrument, Interest Rate at 3.4% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Aug. 20, 2018
Index Rate		1 Month Libor
Weighted Average Spread		2.70%
Interest Rate		3.40%
Commitment Amount		$ 313,750
Maximum Current Availability		25,001
Balance Outstanding		288,749
Collateral (Loans), Outstanding Principal		$ 414,269
Goldman Sachs | Debt Instrument, Interest Rate at 3.3% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Aug. 19, 2018
Index Rate	1 Month Libor
Weighted Average Spread	2.30%
Interest Rate	3.30%
Commitment Amount	$ 750,000
Maximum Current Availability	361,777
Balance Outstanding	388,223
Collateral (Loans), Outstanding Principal	$ 556,298
Goldman Sachs | Debt Instrument, Interest Rate at 2.0% | Repurchase Agreements | CMBS
Debt Instrument [Line Items]
Maturity Date	Sep. 29, 2017
Index Rate	1 Month Libor
Weighted Average Spread	0.90%
Interest Rate	2.00%
Commitment Amount	$ 100,000
Maximum Current Availability	36,897
Balance Outstanding	63,103
Collateral (Loans), Outstanding Principal	$ 76,432
Goldman Sachs | Debt Instrument, Interest Rate at 2.9% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Aug. 19, 2017
Index Rate		1 Month Libor
Weighted Average Spread		2.20%
Interest Rate		2.90%
Commitment Amount		$ 500,000
Maximum Current Availability		249,110
Balance Outstanding		250,890
Collateral (Loans), Outstanding Principal		$ 363,146
Goldman Sachs | Debt Instrument, Interest Rate at 2.6% | Repurchase Agreements | CMBS
Debt Instrument [Line Items]
Maturity Date		Aug. 19, 2017
Index Rate		1 Month Libor
Weighted Average Spread		2.00%
Interest Rate		2.60%
Commitment Amount		$ 100,000
Maximum Current Availability		73,195
Balance Outstanding		26,805
Collateral (Loans), Outstanding Principal		$ 43,500
Wells Fargo | Debt Instrument, Interest Rate at 3.4% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	May 25, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.20%
Interest Rate	3.40%
Commitment Amount	$ 750,000
Maximum Current Availability	508,265
Balance Outstanding	241,735
Collateral (Loans), Outstanding Principal	$ 342,700
Wells Fargo | Debt Instrument, Interest Rate at 3.0% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		May 25, 2019
Index Rate		1 Month Libor
Weighted Average Spread		2.20%
Interest Rate		3.00%
Commitment Amount		$ 500,000
Maximum Current Availability		179,729
Balance Outstanding		320,271
Collateral (Loans), Outstanding Principal		$ 461,618
Morgan Stanley | Debt Instrument, Interest Rate at 3.6% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	May 3, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.40%
Interest Rate	3.60%
Commitment Amount	$ 250,000
Maximum Current Availability	19,768
Balance Outstanding	230,232
Collateral (Loans), Outstanding Principal	$ 311,411
Morgan Stanley | Debt Instrument, Interest Rate at 3.2% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		May 3, 2019
Index Rate		1 Month Libor
Weighted Average Spread		2.50%
Interest Rate		3.20%
Commitment Amount		$ 250,000
Maximum Current Availability		124,036
Balance Outstanding		125,964
Collateral (Loans), Outstanding Principal		$ 175,884
US Bank | Debt Instrument, Interest Rate at 3.3% | Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Oct. 6, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.30%
Interest Rate	3.30%
Commitment Amount	$ 150,000
Maximum Current Availability	129,000
Balance Outstanding	21,000
Collateral (Loans), Outstanding Principal	$ 30,000
Royal Bank of Canada | Debt Instrument, Interest Rate at 2.5% | Repurchase Agreements | CMBS
Debt Instrument [Line Items]
Maturity Date	Sep. 20, 2017
Index Rate	1 Month Libor
Weighted Average Spread	1.40%
Interest Rate	2.50%
Commitment Amount	$ 100,000
Maximum Current Availability	60,594
Balance Outstanding	39,406
Collateral (Loans), Outstanding Principal	$ 51,918
Royal Bank of Canada | Debt Instrument, Interest Rate at 1.6% | Repurchase Agreements | CMBS
Debt Instrument [Line Items]
Maturity Date		Feb. 9, 2021
Index Rate		1 Month Libor
Weighted Average Spread		1.00%
Interest Rate		1.60%
Commitment Amount		$ 100,000
Maximum Current Availability		91,150
Balance Outstanding		8,850
Collateral (Loans), Outstanding Principal		$ 9,347
Lloyds Bank | Subscription Secured Facility
Debt Instrument [Line Items]
Maturity Date	Jan. 6, 2018	Jan. 6, 2018
Index Rate	1 Month Libor	1 Month Libor
Weighted Average Spread	1.80%	1.80%
Interest Rate	3.00%	2.50%
Commitment Amount	$ 250,000	$ 250,000
Maximum Current Availability	107,027	109,142
Notes Payable
Debt Instrument [Line Items]
Commitment Amount	399,216	249,366
Maximum Current Availability	160,805	137,984
Balance Outstanding	238,411	111,382
Collateral (Loans), Outstanding Principal	$ 355,866	$ 169,598
Notes Payable | Bank of the Ozarks | Debt Instrument, Interest Rate at 5.6%
Debt Instrument [Line Items]
Maturity Date	Aug. 23, 2019
Index Rate	1 Month Libor
Weighted Average Spread	4.50%
Interest Rate	5.60%
Commitment Amount	$ 92,400
Maximum Current Availability	64,013
Balance Outstanding	28,387
Collateral (Loans), Outstanding Principal	$ 41,241
Notes Payable | Bank of the Ozarks | Debt Instrument, Interest Rate at 5.1%
Debt Instrument [Line Items]
Maturity Date	Aug. 31, 2018	Aug. 23, 2019
Index Rate	1 Month Libor	1 Month Libor
Weighted Average Spread	4.00%	4.50%
Interest Rate	5.10%	5.10%
Commitment Amount	$ 68,600	$ 92,400
Maximum Current Availability	25,867	72,544
Balance Outstanding	42,733	19,856
Collateral (Loans), Outstanding Principal	$ 61,590	$ 28,366
Notes Payable | Bank of the Ozarks | Debt Instrument, Interest Rate at 5.8%
Debt Instrument [Line Items]
Maturity Date	May 22, 2018
Index Rate	1 Month Libor
Weighted Average Spread	4.80%
Interest Rate	5.80%
Commitment Amount	$ 48,750
Maximum Current Availability	25,425
Balance Outstanding	23,325
Collateral (Loans), Outstanding Principal	$ 35,885
Notes Payable | BMO Harris Bank | Debt Instrument, Interest Rate at 3.7%
Debt Instrument [Line Items]
Maturity Date	Apr. 9, 2020
Index Rate	1 Month Libor
Weighted Average Spread	2.70%
Interest Rate	3.70%
Commitment Amount	$ 32,500
Balance Outstanding	32,500
Collateral (Loans), Outstanding Principal	$ 45,000
Notes Payable | Deutsche Bank | Debt Instrument, Interest Rate at 4.6%
Debt Instrument [Line Items]
Maturity Date	Sep. 25, 2019
Index Rate	1 Month Libor
Weighted Average Spread	3.50%
Interest Rate	4.60%
Commitment Amount	$ 64,779
Maximum Current Availability	23,137
Balance Outstanding	41,642
Collateral (Loans), Outstanding Principal	$ 69,403
Notes Payable | Deutsche Bank | Debt Instrument, Interest Rate at 4.3%
Debt Instrument [Line Items]
Maturity Date	Jun. 29, 2018	Sep. 29, 2018
Index Rate	1 Month Libor	1 Month Libor
Weighted Average Spread	3.30%	3.70%
Interest Rate	4.30%	4.30%
Commitment Amount	$ 49,644	$ 42,543
Maximum Current Availability	22,362	5,940
Balance Outstanding	27,282	36,603
Collateral (Loans), Outstanding Principal	$ 41,972	$ 52,303
Notes Payable | Deutsche Bank | Debt Instrument, Interest Rate at 4.7%
Debt Instrument [Line Items]
Maturity Date	Dec. 9, 2018
Index Rate	1 Month Libor
Weighted Average Spread	3.70%
Interest Rate	4.70%
Commitment Amount	$ 42,543
Maximum Current Availability	1
Balance Outstanding	42,542
Collateral (Loans), Outstanding Principal	$ 60,775
Notes Payable | Deutsche Bank | Debt Instrument, Interest Rate at 4.1%
Debt Instrument [Line Items]
Maturity Date		Sep. 25, 2019
Index Rate		1 Month Libor
Weighted Average Spread		3.50%
Interest Rate		4.10%
Commitment Amount		$ 64,779
Maximum Current Availability		30,207
Balance Outstanding		34,572
Collateral (Loans), Outstanding Principal		$ 57,620
Notes Payable | Deutsche Bank | Debt Instrument, Interest Rate at 3.9%
Debt Instrument [Line Items]
Maturity Date		Dec. 9, 2018
Index Rate		1 Month Libor
Weighted Average Spread		3.30%
Interest Rate		3.90%
Commitment Amount		$ 49,644
Maximum Current Availability		29,293
Balance Outstanding		20,351
Collateral (Loans), Outstanding Principal		$ 31,309

Notes Payable, Repurchase Agr46

Notes Payable, Repurchase Agreements and Subscription Secured Facility - Summary of Notes Payable, Repurchase Agreements and Subscription Secured Facility (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Repurchase Agreements and Note Payable
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%
Repurchase Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage	100.00%	100.00%
Repurchase Agreements | Goldman Sachs
Debt Instrument [Line Items]
Recourse guarantee percentage		25.00%

Notes Payable, Repurchase Agr47

Notes Payable, Repurchase Agreements and Subscription Secured Facility - Additional Information (Details)	Jun. 30, 2017USD ($)LoanAgreement	Jan. 06, 2016USD ($)	Jun. 30, 2017USD ($)LoanAgreement	Dec. 31, 2016USD ($)LoanAgreement	Jun. 12, 2017USD ($)	Jun. 11, 2017USD ($)	Jun. 08, 2017USD ($)	Jun. 07, 2017USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Credit agreement initiation date			Jan. 6, 2016
Credit agreement aggregate commitment amount		$ 250,000,000
Credit agreement, Description			Borrowing ability is limited to the lesser of $250 million and 66.67% of unfunded commitments from included investors as defined in the agreement. The credit facility term is two years with a one year extension option at a rate of LIBOR plus 1.75%.
Credit agreement term		2 years
Debt instrument, basis spread on variable rate		1.75%
Credit agreement outstanding amount	$ 0		$ 0
Extension Term Option | Revolving Credit Facility
Debt Instrument [Line Items]
Credit agreement term		1 year
Repurchase Agreements
Debt Instrument [Line Items]
Number of repurchase agreements | Agreement			1	2
Commitment Amount	$ 2,413,750,000		$ 2,413,750,000	$ 1,763,750,000
Recourse guarantee percentage			100.00%	100.00%
Repurchase Agreements | CMBS
Debt Instrument [Line Items]
Number of repurchase agreements | Agreement			2	2
Repurchase Agreements | Mortgage-backed Securities
Debt Instrument [Line Items]
Number of repurchase agreements | Agreement			5	3
Repurchase Agreements | Wells Fargo | Maximum
Debt Instrument [Line Items]
Commitment Amount							$ 750,000,000	$ 500,000,000
Repurchase Agreements | Goldman Sachs | Maximum
Debt Instrument [Line Items]
Commitment Amount					$ 750,000,000	$ 500,000,000
Holdco | Repurchase Agreements
Debt Instrument [Line Items]
Percentage of recourse loans			25.00%	25.00%
Holdco | Repurchase Agreements | CMBS
Debt Instrument [Line Items]
Recourse guarantee percentage			100.00%	100.00%
Holdco | Repurchase Agreements | Mortgage-backed Securities
Debt Instrument [Line Items]
Recourse guarantee percentage			100.00%	100.00%
Notes Payable
Debt Instrument [Line Items]
Number of loan agreements | Agreement	7		7	4
Number of loans held for investment | Loan	7		7	4
Number of loans | Loan	7		7
Commitment Amount	$ 399,216,000		$ 399,216,000	$ 249,366,000
Notes Payable | Holdco
Debt Instrument [Line Items]
Number of recourse loans | Loan	1		1
Percentage of recourse loans	25.00%

Notes Payable, Repurchase Agr48

Notes Payable, Repurchase Agreements and Subscription Secured Facility - Summary of Repurchase Agreements Secured by Commercial Mortgage Loans, Long - term Borrowings, and Counterparty Concentration (Details) - Commercial Mortgage Loans - Long-term Borrowings - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 1,474,658	$ 1,414,917
Carrying Value of Collateral	1,468,781	1,401,941
Amounts Payable under Repurchase Agreements	1,047,890	986,899
Net Counterparty Exposure	$ 420,891	$ 415,042
Days to Extended Maturity	1065 days	3895 days
JP Morgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 234,249	$ 414,269
Carrying Value of Collateral	234,655	414,461
Amounts Payable under Repurchase Agreements	165,260	289,206
Net Counterparty Exposure	$ 69,395	$ 125,255
Percent of Stockholders Equity	7.00%	13.00%
Days to Extended Maturity	1147 days	1328 days
Goldman Sachs Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 556,298	$ 363,146
Carrying Value of Collateral	554,100	361,964
Amounts Payable under Repurchase Agreements	389,046	251,366
Net Counterparty Exposure	$ 165,054	$ 110,598
Percent of Stockholders Equity	16.00%	11.00%
Days to Extended Maturity	780 days	961 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 342,700	$ 461,618
Carrying Value of Collateral	339,870	450,338
Amounts Payable under Repurchase Agreements	241,908	320,175
Net Counterparty Exposure	$ 97,962	$ 130,163
Percent of Stockholders Equity	10.00%	13.00%
Days to Extended Maturity	1425 days	1606 days
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 311,411	$ 175,884
Carrying Value of Collateral	310,232	175,178
Amounts Payable under Repurchase Agreements	230,619	126,152
Net Counterparty Exposure	$ 79,613	$ 49,026
Percent of Stockholders Equity	8.00%	5.00%
US Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 30,000
Carrying Value of Collateral	29,924
Amounts Payable under Repurchase Agreements	21,057
Net Counterparty Exposure	$ 8,867
Percent of Stockholders Equity	1.00%
Days to Extended Maturity	1559 days

Notes Payable, Repurchase Agr49

Notes Payable, Repurchase Agreements and Subscription Secured Facility - Summary of Repurchase Agreements Secured by Commercial Mortgage Loans, Long - term Borrowings, and Counterparty Concentration (Parenthetical) (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Repurchase Agreement Counterparty [Line Items]
Interest receivable	[1]	$ 12,207	$ 14,023
Accrued Interest Payable	[1]	4,620	2,907
Commercial Mortgage Loans | Long-term Borrowings
Repurchase Agreement Counterparty [Line Items]
Interest receivable		6,500	4
Premium, discount and origination fees		12,400	20
Accrued Interest Payable		1,800	1
Unamortized deferred financing fees		$ 8,900	$ 10
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Notes Payable, Repurchase Agr50

Notes Payable, Repurchase Agreements and Subscription Secured Facility - Summary of Repurchase Agreements Secured by CMBS, Short-term Borrowings, and Counterparty Concentration (Details) - Short term Borrowings - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 1,603,008	$ 1,467,764
Carrying Value of Collateral	1,597,455	1,453,276
Amounts Payable under Repurchase Agreements	1,150,931	1,022,587
Net Counterparty Exposure	$ 446,524	$ 430,689
Days to Extended Maturity	956 days	1331 days
CMBS
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 128,350	$ 52,847
Carrying Value of Collateral	128,674	51,335
Amounts Payable under Repurchase Agreements	103,041	35,688
Net Counterparty Exposure	$ 25,633	$ 15,647
Days to Extended Maturity	88 days	3009 days
Goldman Sachs | CMBS
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 76,432	$ 43,500
Carrying Value of Collateral	76,424	41,403
Amounts Payable under Repurchase Agreements	63,417	26,832
Net Counterparty Exposure	$ 13,007	$ 14,571
Percent of Stockholders Equity	1.00%	2.00%
Days to Extended Maturity	91 days	1502 days
Royal Bank of Canada | CMBS
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 51,918	$ 9,347
Carrying Value of Collateral	52,250	9,932
Amounts Payable under Repurchase Agreements	39,624	8,856
Net Counterparty Exposure	$ 12,626	$ 1,076
Percent of Stockholders Equity	1.00%	0.00%
Days to Extended Maturity	82 days	1507 days

Notes Payable, Repurchase Agr51

Notes Payable, Repurchase Agreements and Subscription Secured Facility - Summary of Repurchase Agreements Secured by CMBS, Short-term Borrowings, and Counterparty Concentration (Parenthetical) (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Repurchase Agreement Counterparty [Line Items]
Accrued Interest Receivable	[1]	$ 12,207	$ 14,023
Accrued Interest Payable	[1]	4,620	2,907
Short term Borrowings
Repurchase Agreement Counterparty [Line Items]
Accrued Interest Receivable		400	30
Premium, discount and origination fees		100	2,700
Accrued Interest Payable		500	30
Unamortized deferred financing fees		$ 100	$ 10
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Schedule of Maturities - Schedu

Schedule of Maturities - Schedule of Future Principal Payments (Details) $ in Thousands	Jun. 30, 2017USD ($)
CLO
Debt Instrument [Line Items]
2,017	$ 63,760
2,018	99,676
2,020	2,447
Thereafter	1,402
Total	167,285
Repurchase Agreements
Debt Instrument [Line Items]
2,017	218,671
2,018	249,351
2,019	489,049
2,020	191,517
Total	1,148,588
Notes Payable
Debt Instrument [Line Items]
2,018	135,883
2,019	70,028
2,020	32,500
Total	$ 238,411

Schedule of Maturities - Additi

Schedule of Maturities - Additional Information (Details)	6 Months Ended
	Jun. 30, 2017
Class A Note
Debt Instrument [Line Items]
Debt instrument, maturity date	Sep. 10, 2023

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Not Carried at Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying Value | Loans Held for Investment
Financial Assets
Financial Assets, Nonrecurring	$ 2,191,911	$ 2,449,990
Carrying Value | Collateralized Loan Obligation
Financial Liabilities
Financial Liabilities, Nonrecurring	166,077	540,780
Carrying Value | Secured Financing Arrangements
Financial Liabilities
Financial Liabilities, Nonrecurring	1,375,174	1,121,869
Estimate of Fair Value Measurement | Level III | Loans Held for Investment
Financial Assets
Financial Assets, Nonrecurring	2,209,773	2,469,717
Estimate of Fair Value Measurement | Level III | Collateralized Loan Obligation
Financial Liabilities
Financial Liabilities, Nonrecurring	166,077	540,780
Estimate of Fair Value Measurement | Secured Financing Arrangements | Level III
Financial Liabilities
Financial Liabilities, Nonrecurring	$ 1,375,174	$ 1,121,869

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Market spread	one-month LIBOR
Transfers of financial assets or liabilities with in fair value hierarchy	$ 0
Estimated fair value of loans held for investment	$ 2,200,000,000	$ 2,500,000,000
Average gross spread percentage	5.02%	5.10%
Weighted average maturity period	3 years 2 months 12 days

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income Tax [Line Items]
Deferred tax asset	$ 0	$ 0	$ 0	$ 0
Deferred tax liabilities	0	0	0	0
Reserve for uncertain income tax positions	$ 0		0		$ 0
Interest for underpayment of income taxes			0	0
Penalties for underpayment of income taxes			$ 0	$ 0
Effective income tax rate			0.29%	0.57%
TRS
Income Tax [Line Items]
Equity interest percentage by parent	100.00%		100.00%		100.00%
Deferred tax asset	$ 0		$ 0		$ 0
Deferred tax liabilities	0		0		$ 0
Current portion of income tax expense	$ 0	$ 100,000	$ 100,000	$ 200,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)		Jul. 25, 2017	Dec. 15, 2014	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Management fee and incentive management fee payable	[1]			$ 6,536,000		$ 6,536,000		$ 3,955,000
Termination fee, description						A termination fee will be payable to the Manager upon termination of the Management Agreement by the Company absent a cause event or by the Manager if the Company materially breaches the Management Agreement. The termination fee is equal to three times the sum of (x) the average annual base management fee and (y) the average annual incentive compensation earned by the Manager, in each case during the 24-month period immediately preceding the most recently completed calendar quarter prior to the date of termination or, if such termination occurs prior to July 25, 2019, and such termination fee is payable, the base management fees and the incentive compensation will be annualized for such two-year period based on such fees actually received by the Manager during such period.
Collateralized Loan Obligation
Related Party Transaction [Line Items]
Aggregate par amount of loans				184,796,000		$ 184,796,000		712,420,000
Pre-IPO Management Agreement
Related Party Transaction [Line Items]
Percentage of annual base management fee			1.25%
Incentive management fee, description						Manager is entitled to an incentive management fee each calendar quarter in arrears in an amount, not less than zero, equal to the product of (i) 16% and (ii) the positive sum, if any, remaining after (A) Core Earnings of the Company for such calendar quarter are reduced by (B) the product of (1) the Company’s stockholders’ equity as of the end of such calendar quarter, and (2) 7% per annum; provided, however, that no incentive management fee is payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters is greater than zero.
Incentive management fee percentage of Core Earnings less seven percent of stockholders equity						16.00%
Percentage multiplied by stockholders equity included in incentive management fee						7.00%
Management fee, collateral management fee and incentive fee earned by Manager				4,600,000	$ 3,600,000	$ 8,900,000	$ 6,700,000
Management fee and incentive management fee payable				4,500,000		4,500,000		2,900,000
Amount incurred and reimbursable						200,000	0
Amount reimbursed or paid						0	$ 0
Pre-IPO Management Agreement | Collateralized Loan Obligation
Related Party Transaction [Line Items]
Percentage of collateral management fee			0.075%
Aggregate par amount of loans				$ 184,800,000		$ 184,800,000		$ 712,400,000
Post-IPO Management Agreement
Related Party Transaction [Line Items]
Incentive management fee, description						The Manager will be entitled to incentive compensation which will be calculated and payable in cash with respect to each calendar quarter following the completion of the Company’s initial public offering (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the difference between: (1) the product of (a) 20% and (b) the difference between (i) the Company’s Core Earnings for the most recent 12-month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of incentive compensation is being made (the “applicable period”), and (ii) the product of (A) the Company’s Equity in the most recent 12-month period (or such lesser number of completed calendar quarters, if applicable), including the applicable period, and (B) 7% per annum; and (2) the sum of any incentive compensation paid to the Manager with respect to the first three calendar quarters of the most recent 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive compensation will be payable to the Manager with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters following the completion of the Company’s initial public offering) is greater than zero
Proceeds from Issuance of Common Stock						$ 1,000,000,000
Post-IPO Management Agreement | Subsequent Events
Related Party Transaction [Line Items]
Percentage of annual base management fee		1.50%
Incentive management fee percentage of Core Earnings less seven percent of stockholders equity		20.00%
Percentage multiplied by stockholders equity included in incentive management fee		7.00%
Percentage of quarterly base management fee		0.375%
Post-IPO Management Agreement | Subsequent Events | Minimum
Related Party Transaction [Line Items]
Management fee payable per annum		$ 250,000
Management fee payable per quarter		$ 62,500
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Earnings per Share - Schedule o

Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net Income Attributable to Common Stockholders	$ 25,320	$ 17,108	$ 48,795	$ 33,357
Weighted-Average Common Shares Outstanding, Basic and Diluted	39,482,038	32,708,334	39,355,499	30,900,638
Per Common Share Amount, Basic and Diluted	$ 0.64	$ 0.52	$ 1.24	$ 1.08

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		Jul. 25, 2017	Jul. 03, 2017	Jun. 15, 2017	Jul. 22, 2016	Apr. 08, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jul. 19, 2017	Dec. 31, 2016
Class Of Stock [Line Items]
Common stock, authorized shares							95,500,000		95,500,000			95,500,000
Common stock, par value							$ 0.001		$ 0.001			$ 0.001
Common stock, shares issued							39,252,219		39,252,219			38,260,053
Common stock, shares outstanding							39,252,219		39,252,219			38,260,053
Drawdown of capital commitments				$ 25,000
Share price				$ 24.83
Unfunded capital commitments							$ 198,900		$ 198,900			$ 181,000
Dividend declared per share					$ 0.49
Unpaid dividends	[1]						20,520		20,520			$ 18,346
Dividend payable date					Jul. 26, 2016
Dividends					$ 16,300	$ 15,300			41,800	$ 15,300
Dividend payable declared date					Jul. 22, 2016
Other comprehensive income							$ 56	$ 809	$ 1,288	$ 1,037
Common Stock
Class Of Stock [Line Items]
Number of common shares issued				992,166					992,166	3,987,337
Dividend declared per share						$ 0.53	$ 0.51		$ 0.51
Subsequent Events
Class Of Stock [Line Items]
Common stock, authorized shares											300,000,000
Common stock, par value											$ 0.001
Dividend payable date			Jul. 25, 2017
Dividend payable declared date			Jul. 3, 2017
Subsequent Events | Common Stock
Class Of Stock [Line Items]
Number of common shares issued			9,224,268
Dividend declared per share		$ 0.51
Unpaid dividends		$ 20,500
Dividend payable date		Jul. 25, 2017
Dividend record date		Jun. 30, 2017
Class A Common Stock
Class Of Stock [Line Items]
Common stock, authorized shares							2,500,000		2,500,000			2,500,000
Common stock, par value							$ 0.001		$ 0.001			$ 0.001
Common stock, shares issued							982,211		982,211			967,500
Common stock, shares outstanding							982,211		982,211			967,500
Number of common shares issued				14,711
Dividend declared per share						$ 0.53	$ 0.51		$ 0.51
Class A Common Stock | Subsequent Events
Class Of Stock [Line Items]
Common stock, authorized shares											2,500,000
Common stock, par value											$ 0.001
Number of common shares issued			230,815
Common Stock and Class A Common Stock
Class Of Stock [Line Items]
Common stock, shares issued							40,234,430		40,234,430			39,227,553
Common stock, shares outstanding							40,234,430		40,234,430			39,227,553
Dividend payable date						Apr. 25, 2016			Jul. 25, 2017
Dividend record date									Jun. 30, 2017
Dividend payable declared date						Apr. 8, 2016
Series A Preferred Stock
Class Of Stock [Line Items]
Dividend rate									12.50%
Preferred stock, liquidation preference per annum							$ 1		$ 1
2017 Equity Incentive Plan
Class Of Stock [Line Items]
Number of shares authorized under the plan							4,600,463		4,600,463
Percentage of issued and outstanding ordinary shares authorized for issuance under plan									7.50%
Number of shares awarded for grant									0
[1]	The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Unfunded commitments related to loans held for investment	$ 510.3	$ 574.6
Unfunded commitments related to potential deferred purchase price obligation payment	$ 2

Concentration of Credit Risk -

Concentration of Credit Risk - Summary of Loan Portfolio by Property Type (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 2,716,221	$ 3,040,202
Unfunded Commitment	$ 510,292	$ 574,642
% of Portfolio	100.00%	100.00%
Loan UPB	$ 2,208,989	$ 2,471,078
% of Portfolio	100.00%	100.00%
Condominium
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 733,544	$ 821,411
Unfunded Commitment	$ 245,554	$ 338,222
% of Portfolio	27.00%	27.00%
Loan UPB	$ 487,990	$ 486,646
% of Portfolio	22.10%	19.70%
Hotel
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 593,745	$ 644,459
Unfunded Commitment	$ 36,197	$ 31,282
% of Portfolio	21.90%	21.20%
Loan UPB	$ 560,608	$ 615,238
% of Portfolio	25.40%	24.90%
Office
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 517,777	$ 538,736
Unfunded Commitment	$ 110,210	$ 99,953
% of Portfolio	19.10%	17.70%
Loan UPB	$ 407,567	$ 438,783
% of Portfolio	18.30%	17.80%
Mixed Use
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 338,000	$ 527,548
Unfunded Commitment	$ 51,409	$ 74,100
% of Portfolio	12.40%	17.40%
Loan UPB	$ 286,591	$ 453,448
% of Portfolio	13.00%	18.40%
Multifamily
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 238,020	$ 327,578
Unfunded Commitment	$ 6,586	$ 11,217
% of Portfolio	8.80%	10.80%
Loan UPB	$ 231,434	$ 316,360
% of Portfolio	10.50%	12.80%
Retail
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 196,625
Unfunded Commitment	$ 48,868
% of Portfolio	7.20%
Loan UPB	$ 147,757
% of Portfolio	6.70%
Industrial
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 88,208	$ 131,987
Unfunded Commitment	$ 11,468	$ 11,468
% of Portfolio	3.20%	4.30%
Loan UPB	$ 76,740	$ 120,519
% of Portfolio	3.50%	4.90%
Other
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 10,302	$ 48,483
Unfunded Commitment		$ 8,400
% of Portfolio	0.40%	1.60%
Loan UPB	$ 10,302	$ 40,083
% of Portfolio	0.50%	1.60%

Concentration of Credit Risk 62

Concentration of Credit Risk - Summary of Geographic Composition of Loans Held for Investment Based on Loan Commitment and Current UPB (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 2,716,221	$ 3,040,202
Unfunded Commitment	$ 510,292	$ 574,642
% Loan Commitment	100.00%	100.00%
Loan UPB	$ 2,208,989	$ 2,471,078
% Loan UPB	100.00%	100.00%
Carrying Amount	$ 2,191,911	$ 2,449,990
East
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	987,383	1,330,003
Unfunded Commitment	$ 97,837	$ 132,951
% Loan Commitment	36.30%	43.70%
Loan UPB	$ 892,606	$ 1,197,052
% Loan UPB	40.30%	48.40%
Carrying Amount	$ 887,145	$ 1,192,153
South
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	882,690	578,340
Unfunded Commitment	$ 308,874	$ 311,166
% Loan Commitment	32.50%	19.00%
Loan UPB	$ 573,816	$ 272,692
% Loan UPB	26.00%	11.00%
Carrying Amount	$ 567,675	$ 268,443
West
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	580,623	867,494
Unfunded Commitment	$ 89,113	$ 116,057
% Loan Commitment	21.40%	28.50%
Loan UPB	$ 491,510	$ 751,437
% Loan UPB	22.30%	30.40%
Carrying Amount	$ 487,564	$ 741,513
Midwest
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	194,817	179,589
Unfunded Commitment	$ 3,000	$ 3,000
% Loan Commitment	7.20%	5.90%
Loan UPB	$ 191,817	$ 176,589
% Loan UPB	8.70%	7.10%
Carrying Amount	$ 190,601	$ 175,158
Various
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	70,708	84,776
Unfunded Commitment	$ 11,468	$ 11,468
% Loan Commitment	2.60%	2.80%
Loan UPB	$ 59,240	$ 73,308
% Loan UPB	2.70%	3.00%
Carrying Amount	$ 58,926	$ 72,723

Concentration of Credit Risk 63

Concentration of Credit Risk - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Risks And Uncertainties [Abstract]
Capitalized interest	$ 3.1	$ 5.5

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)

Aug. 23, 2017USD ($)

Aug. 22, 2017USD ($)shares

Aug. 18, 2017USD ($)Loan

Jul. 25, 2017USD ($)$ / sharesshares

Jul. 21, 2017USD ($)

Jul. 03, 2017shares

Jun. 15, 2017shares

Jul. 22, 2016$ / shares

Jan. 06, 2016USD ($)

Aug. 24, 2017USD ($)Loan

Jun. 30, 2017USD ($)$ / sharesshares

Jun. 30, 2016USD ($)shares

Aug. 21, 2017shares

Aug. 17, 2017shares

Aug. 16, 2017USD ($)Loan

Jul. 28, 2017USD ($)

Jul. 20, 2017USD ($)

Jul. 19, 2017$ / sharesshares

Dec. 31, 2016USD ($)$ / sharesshares

Apr. 08, 2016$ / shares

Subsequent Event [Line Items]

Dividend payable declared date

Jul. 22, 2016

Dividend payable date

Jul. 26, 2016

Dividend amount per share | $ / shares

$ 0.49

Dividend Payable

[1]

$ 20,520,000

$ 18,346,000

Common stock, shares authorized | shares

95,500,000

95,500,000

Common stock, par value | $ / shares

$ 0.001

$ 0.001

Preferred stock, authorized shares | shares

125

125

Preferred stock, par value | $ / shares

$ 0.001

$ 0.001

Revolving Credit Facility

Subsequent Event [Line Items]

Line of credit facility, maximum borrowing capacity

$ 250,000,000

Debt instrument, basis spread on variable rate

1.75%

Goldman Sachs & Co. LLC

Subsequent Event [Line Items]

Description on purchase plan agreement

Pursuant to which Goldman Sachs & Co. LLC, as our agent, will buy in the open market up to $35.0 million in shares of our common stock in the aggregate during the period beginning on or about August 21, 2017 and ending 12 months thereafter or, if sooner, the date on which all the capital committed to the 10b5-1 Purchase Plan has been exhausted.

Common Stock

Subsequent Event [Line Items]

Number of common shares issued | shares

992,166

992,166

3,987,337

Dividend amount per share | $ / shares

$ 0.51

$ 0.53

Class A Common Stock

Subsequent Event [Line Items]

Number of common shares issued | shares

14,711

Proceeds from Issuance of Common Stock

$ 365,000

$ 1,832,000

Dividend amount per share | $ / shares

$ 0.51

$ 0.53

Common stock, shares authorized | shares

2,500,000

2,500,000

Common stock, par value | $ / shares

$ 0.001

$ 0.001

Subsequent Events

Subsequent Event [Line Items]

Dividend payable declared date

Jul. 3, 2017

Dividend payable date

Jul. 25, 2017

Proceeds from initial public offering

$ 200,000,000

Unfunded commitments related to deferred purchase price contractual obligations

$ 2,000,000

Common stock, shares authorized | shares

300,000,000

Common stock, par value | $ / shares

$ 0.001

Preferred stock, authorized shares | shares

100,000,000

Preferred stock, par value | $ / shares

$ 0.001

Number of first mortgage loans closed | Loan

4

Aggregate commitment amount

$ 447,600,000

Aggregate initial funding amount

368,700,000

Aggregate deferred funding commitment

$ 78,900,000

Weighted average term to extended maturity

5 years 7 months 6 days

Percentage of weighted average loan-to-value

59.60%

Subsequent event date

Aug. 24, 2017

Subsequent Events | LIBOR

Subsequent Event [Line Items]

Debt instrument, basis spread on variable rate

4.20%

Subsequent Events | CLO Issuer

Subsequent Event [Line Items]

Number of first mortgage loan participation interests sold | Loan

7

2

Subsequent Events | Class A Senior Secured Note | CLO Issuer

Subsequent Event [Line Items]

Outstanding principal balance

$ 118,000,000

Unpaid principal balance of mortgage loan

$ 138,500,000

$ 12,800,000

Cash

$ 3,000,000

Proceeds from sale of first mortgage loan participation interests

$ 118,000,000

Subsequent Events | Revolving Credit Facility | Morgan Stanley

Subsequent Event [Line Items]

Line of credit facility, maximum borrowing capacity

$ 400,000,000

$ 250,000,000

Line of credit facility, maximum borrowing capacity, subject to customary condition

$ 500,000,000

Line of credit facility, extended maturity

2020-05

Subsequent Events | Secured Revolving Repurchase Facility | JP Morgan | Class A Senior Secured Note

Subsequent Event [Line Items]

Line of credit facility, maximum borrowing capacity

417,200,000

Line of credit facility, increase maximum borrowing capacity

$ 103,500,000

Subsequent Events | Goldman Sachs & Co. LLC

Subsequent Event [Line Items]

Number of common shares issued | shares

35,000,000

Subsequent Events | Initial Public Offering

Subsequent Event [Line Items]

Exercise of stock option to purchase additional shares | shares

1,650,000

Shares of common stock purchased by underwriters | shares

650,000

Proceeds from Issuance of Common Stock

$ 12,200,000

Subsequent Events | Common Stock

Subsequent Event [Line Items]

Number of common shares issued | shares

9,224,268

Dividend payable date

Jul. 25, 2017

Dividend record date

Jun. 30, 2017

Dividend amount per share | $ / shares

$ 0.51

Dividend Payable

$ 20,500,000

Subsequent Events | Common Stock | Initial Public Offering

Subsequent Event [Line Items]

Number of common shares issued | shares

11,000,000

Common stock price per share | $ / shares

$ 20

Subsequent Events | Class A Common Stock

Subsequent Event [Line Items]

Number of common shares issued | shares

230,815

Common stock, shares authorized | shares

2,500,000

Common stock, par value | $ / shares

$ 0.001

[1]

The Company’s consolidated Total Assets and Total Liabilities at June 30, 2017 and December 31, 2016 include VIE assets of $225.8 million and $743.5 million, respectively, and VIE liabilities of $166.6 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details