TPG RE Finance Trust (TRTX) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	TPG RE Finance Trust, Inc.
Entity Central Index Key	0001630472
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	MD
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		77,047,966
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-38156
Entity Tax Identification Number	36-4796967
Entity Address, Address Line One	888 Seventh Avenue
Entity Address, Address Line Two	35th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10106
City Area Code	212
Local Phone Number	601-4700
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	TRTX
Security Exchange Name	NYSE
6.25% Series C Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.25% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share
Trading Symbol	TRTX PRC
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and Cash Equivalents	[1]	$ 269,263	$ 319,669
Restricted Cash	[1]	667
Accounts Receivable	[1]	17	785
Collateralized Loan Obligation Proceeds Held at Trustee	[1]	6,870	174
Accounts Receivable from Servicer/Trustee	[1]	8,639	418
Accrued Interest and Fees Receivable	[1]	28,650	27,391
Loans Held for Investment	[1]	4,749,289	4,516,400
Allowance for Credit Losses	[1]	(50,051)	(59,940)
Loans Held for Investment, Net (includes $1,247,516 and $2,259,467, respectively, pledged as collateral under secured credit facilities)	[1]	4,699,238	4,456,460
Loans Held for Sale, Net (includes $86,636 and $0, respectively, pledged as collateral under secured credit facilities)	[1]	86,636
Real Estate Owned	[1]	99,200	99,200
Other Assets	[1]	1,765	4,646
Total Assets	[1]	5,200,945	4,908,743
Liabilities
Accrued Interest Payable	[1]	2,661	2,630
Accrued Expenses and Other Liabilities	[1]	13,019	14,450
Secured Credit Agreements (net of deferred financing costs of $4,377 and $8,831, respectively)	[1]	915,537	1,514,028
Collateralized Loan Obligations (net of deferred financing costs of $12,609 and $9,192, respectively)	[1]	2,749,901	1,825,568
Payable to Affiliates	[1]	5,473	5,570
Deferred Revenue	[1]	934	1,418
Dividends Payable	[1]	18,593	29,481
Total Liabilities	[1]	3,755,478	3,442,292
Commitments and Contingencies—See Note 15	[1]
Permanent Equity
Additional Paid-in-Capital	[1]	1,710,222	1,559,681
Accumulated Deficit	[1]	(264,840)	(292,858)
Total Stockholders' Equity	[1]	1,445,467	1,266,900
Total Permanent Equity	[1]	1,445,467	1,266,900
Total Liabilities and Equity	[1]	5,200,945	4,908,743
Mortgages
Liabilities
Mortgage Loan Payable (net of deferred financing costs of $640 and $853, respectively)	[1]	49,360	49,147
Series B Cumulative Redeemable Preferred Stock
Temporary Equity
Series B Cumulative Redeemable Preferred Stock ($0.001 par value per share; 13,000,000 and 13,000,000 shares authorized, respectively; 0 and 9,000,000 shares issued and outstanding, respectively)	[1]		199,551
Common Stock, Undefined Class
Permanent Equity
Common Stock Value	[1]	77	77
Series A Preferred Stock
Permanent Equity
Preferred Stock Value	[1]
Series C Preferred Stock
Permanent Equity
Preferred Stock Value	[1]	8
Total Stockholders' Equity		$ 8
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Common stock, par value		$ 0.001	$ 0.001
Common stock, authorized shares		302,500,000	302,500,000
Common stock, shares issued		77,047,966	76,787,006
Common stock, shares outstanding		77,047,966	76,787,006
Total assets	[1]	$ 5,200,945	$ 4,908,743
Total liabilities	[1]	3,755,478	3,442,292
Variable Interest Entity, Primary Beneficiary
Total assets		3,451,033	2,278,930
Total liabilities		$ 2,757,636	$ 1,841,526
Series B Cumulative Redeemable Preferred Stock
Temporary equity, par value		$ 0.001	$ 0.001
Temporary equity, shares authorized		13,000,000	13,000,000
Temporary equity, shares issued		0	9,000,000
Temporary equity, shares outstanding		0	9,000,000
Series A Preferred Stock
Preferred stock, par value		$ 0.001	$ 0.001
Preferred stock, authorized shares		100,000,000	100,000,000
Preferred stock, shares issued		125	125
Preferred stock, shares outstanding		125	125
Preferred stock, aggregate liquidation preference		$ 1
Series C Preferred Stock
Preferred stock, par value		$ 0.001	$ 0.001
Preferred stock, authorized shares		8,050,000	8,050,000
Preferred stock, shares issued		8,050,000	0
Preferred stock, shares outstanding		8,050,000	0
Preferred stock, aggregate liquidation preference		$ 201,250
Repurchase Agreements
Loans pledged as collateral		1,247,516	$ 2,259,467
Deferred financing costs		4,377	8,831
Repurchase Agreements | Loans Held for Sale
Loans pledged as collateral		86,636	0
Mortgages
Deferred financing costs		640	853
Collateralized Loan Obligation
Loans pledged as collateral		3,332,085	2,230,276
Deferred financing costs		$ 12,609	$ 9,192
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest Income and Interest Expense
Interest Income	$ 59,984	$ 69,854	$ 180,048	$ 221,654
Interest Expense	(20,979)	(21,450)	(63,286)	(85,772)
Net Interest Income	39,005	48,404	116,762	135,882
Other Revenue
Other Income, net	97	81	350	528
Total Other Revenue	97	81	350	528
Other Expenses
Professional Fees	1,044	1,613	3,380	7,468
General and Administrative	1,173	862	3,285	2,702
Stock Compensation Expense	1,250	1,147	4,099	4,234
Servicing and Asset Management Fees	462	395	1,117	932
Management Fee	5,473	5,293	15,910	15,408
Total Other Expenses	9,402	9,310	27,791	30,744
Securities Impairments				(203,397)
Credit Loss Benefit (Expense)	(139)	(654)	5,751	(53,456)
Income (Loss) Before Income Taxes	29,561	38,521	95,072	(151,187)
Income Tax Expense, net	(236)	(74)	(1,400)	(228)
Net Income (Loss)	29,325	38,447	93,672	(151,415)
Preferred Stock Dividends and Participating Securities Share in Earnings (Loss)	(3,279)	(6,318)	(16,497)	(8,968)
Series B Preferred Stock Redemption Make-Whole Payment			(22,485)
Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs		(1,347)	(25,449)	(1,790)
Net Income (Loss) Attributable to Common Stockholders - See Note 12	$ 26,046	$ 30,782	$ 29,241	$ (162,173)
Earnings (Loss) per Common Share, Basic	$ 0.34	$ 0.40	$ 0.38	$ (2.13)
Earnings (Loss) per Common Share, Diluted	$ 0.32	$ 0.39	$ 0.36	$ (2.13)
Weighted Average Number of Common Shares Outstanding
Basic:	77,060,225	76,756,411	76,952,306	76,622,415
Diluted:	82,028,975	78,254,661	81,575,257	76,622,415
Other Comprehensive Income (Loss)
Net Income (Loss)	$ 29,325	$ 38,447	$ 93,672	$ (151,415)
Unrealized Loss on Available-for-Sale Debt Securities				(1,051)
Comprehensive Net Income (Loss)	$ 29,325	$ 38,447	$ 93,672	$ (152,466)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total		Cumulative Effect of Adoption of ASU 2016-13	Series A Preferred Stock	Series C Preferred Stock	Series B Preferred Stock	Class A Common Stock	Common Stock	Additional Paid-in-Capital	Accumulated Deficit	Accumulated DeficitCumulative Effect of Adoption of ASU 2016-13	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2019	$ 1,503,954		$ (19,645)				$ 1	$ 75	$ 1,530,935	$ (28,108)	$ (19,645)	$ 1,051
Balance, Shares at Dec. 31, 2019				125			1,136,665	74,886,113
Accounting Standards Update Extensible List			ASU 2016-13
Issuance of Common Stock	12,895							$ 1	12,894
Issuance of Common Stock, Shares								628,218
Conversions of Class A Common Stock to Common Stock							$ (1)	$ 1
Conversions of Class A Common Stock to Common Stock, Shares							(1,136,665)	1,136,665
Equity Issuance, Shelf Registration, and Equity Distribution Agreement Transaction Costs	(206)								(206)
Amortization of Share-Based Compensation	1,401								1,401
Net Income (Loss)	(232,790)									(232,790)
Other Comprehensive Loss	(974)											(974)
Dividends on Preferred Stock	(3)									(3)
Dividends on Common Stock (Dividends Declared per Share)	(33,219)									(33,219)
Balance at Mar. 31, 2020	1,231,413							$ 77	1,545,024	(313,765)		77
Balance, Shares at Mar. 31, 2020				125				76,650,996
Balance at Dec. 31, 2019	1,503,954		$ (19,645)				$ 1	$ 75	1,530,935	(28,108)	$ (19,645)	1,051
Balance, Shares at Dec. 31, 2019				125			1,136,665	74,886,113
Issuance of Common Stock, Shares								600,000
Net Income (Loss)	(151,415)
Balance at Sep. 30, 2020	1,287,849							$ 77	1,559,522	(271,750)
Balance, Shares at Sep. 30, 2020				125				76,757,761
Temporary Equity, Balance at Sep. 30, 2020						$ 198,152
Balance at Mar. 31, 2020	1,231,413							$ 77	1,545,024	(313,765)		77
Balance, Shares at Mar. 31, 2020				125				76,650,996
Temporary Equity, Issuance of Series B Preferred Stock						210,598
Series B Preferred Stock Allocated Warrant Fair Value to Purchase Common Stock	14,402								14,402
Issuance of Common Stock, Shares								160,278
Retirement of Common Stock, Shares								(18,842)
Equity Issuance, Shelf Registration, and Equity Distribution Agreement Transaction Costs	(985)								(985)
Temporary Equity, Equity Issuance, Shelf Registration, and Equity Distribution Agreement Transaction Costs						(14,209)
Amortization of Share-Based Compensation	1,686								1,686
Net Income (Loss)	42,928									42,928
Other Comprehensive Loss	(77)											$ (77)
Dividends on Preferred Stock	(2,255)									(2,255)
Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs	(443)								(443)
Temporary Equity, Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs						443
Dividends on Common Stock (Dividends Declared per Share)	(15,448)									(15,448)
Balance at Jun. 30, 2020	1,271,221							$ 77	1,559,684	(288,540)
Balance, Shares at Jun. 30, 2020				125				76,792,432
Temporary Equity, Balance at Jun. 30, 2020						196,832
Issuance of Common Stock, Shares								1,444
Retirement of Common Stock, Shares								(36,115)
Equity Issuance, Shelf Registration, and Equity Distribution Agreement Transaction Costs	38								38
Temporary Equity, Equity Issuance, Shelf Registration, and Equity Distribution Agreement Transaction Costs						(27)
Amortization of Share-Based Compensation	1,147								1,147
Net Income (Loss)	38,447									38,447
Dividends on Preferred Stock	(6,217)									(6,217)
Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs	(1,347)								(1,347)
Temporary Equity, Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs						1,347
Dividends on Common Stock (Dividends Declared per Share)	(15,440)									(15,440)
Balance at Sep. 30, 2020	1,287,849							$ 77	1,559,522	(271,750)
Balance, Shares at Sep. 30, 2020				125				76,757,761
Temporary Equity, Balance at Sep. 30, 2020						198,152
Balance at Dec. 31, 2020	1,266,900	[1]						$ 77	1,559,681	(292,858)
Balance, Shares at Dec. 31, 2020				125				76,787,006
Temporary Equity, Balance at Dec. 31, 2020						199,551
Issuance of Common Stock, Shares								110,096
Amortization of Share-Based Compensation	1,456								1,456
Net Income (Loss)	31,955									31,955
Dividends on Preferred Stock	(6,124)									(6,124)
Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs	(1,452)								(1,452)
Temporary Equity, Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs						1,452
Dividends on Common Stock (Dividends Declared per Share)	(15,507)									(15,507)
Balance at Mar. 31, 2021	1,277,228							$ 77	1,559,685	(282,534)
Balance, Shares at Mar. 31, 2021				125				76,897,102
Temporary Equity, Balance at Mar. 31, 2021						201,003
Balance at Dec. 31, 2020	1,266,900	[1]						$ 77	1,559,681	(292,858)
Balance, Shares at Dec. 31, 2020				125				76,787,006
Temporary Equity, Balance at Dec. 31, 2020						199,551
Net Income (Loss)	93,672
Balance at Sep. 30, 2021	1,445,467	[1]			$ 8			$ 77	1,710,222	(264,840)
Balance, Shares at Sep. 30, 2021				125	8,050,000			77,047,966
Balance at Mar. 31, 2021	1,277,228							$ 77	1,559,685	(282,534)
Balance, Shares at Mar. 31, 2021				125				76,897,102
Temporary Equity, Balance at Mar. 31, 2021						201,003
Issuance of Common Stock, Shares								192,023
Issuance of Series C Preferred Stock	201,250				$ 8				201,242
Issuance of Series C Preferred Stock, Shares					8,050,000
Equity Issuance, Shelf Registration, and Equity Distribution Agreement Transaction Costs	(6,866)								(6,866)
Amortization of Share-Based Compensation	1,393								1,393
Net Income (Loss)	32,391									32,391
Dividends on Preferred Stock	(6,214)									(6,214)
Series B Preferred Stock Redemption at Par Value						(225,000)
Series B Preferred Stock Redemption Make-Whole Payment	(22,485)								(22,485)
Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs	(23,997)								(23,997)
Temporary Equity, Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs						$ 23,997
Dividends on Common Stock (Dividends Declared per Share)	(15,509)									(15,509)
Balance at Jun. 30, 2021	1,437,191				$ 8			$ 77	1,708,972	(271,866)
Balance, Shares at Jun. 30, 2021				125	8,050,000			77,089,125
Issuance of Common Stock, Shares								1,783
Retirement of Common Stock, Shares								(42,942)
Amortization of Share-Based Compensation	1,250								1,250
Net Income (Loss)	29,325									29,325
Dividends on Preferred Stock	(3,708)									(3,708)
Dividends on Common Stock (Dividends Declared per Share)	(18,591)									(18,591)
Balance at Sep. 30, 2021	$ 1,445,467	[1]			$ 8			$ 77	$ 1,710,222	$ (264,840)
Balance, Shares at Sep. 30, 2021				125	8,050,000			77,047,966
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Common stock dividends declared per share	$ 0.24	$ 0.20	$ 0.20	$ 0.20	$ 0.20	$ 0.43

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021		Sep. 30, 2020
Cash Flows from Operating Activities:
Net Income (Loss)	$ 93,672		$ (151,415)
Adjustment to Reconcile Net Income (Loss) to Net Cash Flows from Operating Activities:
Amortization and Accretion of Premiums, Discounts and Loan Origination Fees, Net	(5,448)		(8,515)
Amortization of Deferred Financing Costs	11,258		10,062
Capitalized Accrued Interest	1,209		(3,889)
Loss on Sales of Loans Held for Investment, net	2,109		13,773
Loss on Sales of CRE Debt Securities, net			203,397
Stock Compensation Expense	4,099		4,234
Credit Loss (Benefit) Expense	(7,860)		39,685
Cash Flows Due to Changes in Operating Assets and Liabilities:
Accounts Receivable	768		1,709
Accrued Interest Receivable	(1,021)		(1,367)
Accrued Expenses and Other Liabilities	(4,095)		(416)
Accrued Interest Payable	33		(3,808)
Payable to Affiliates	(98)		(1,530)
Deferred Fee Income	(484)		27
Other Assets	2,881		171
Net Cash Provided by Operating Activities	97,023		102,118
Cash Flows from Investing Activities:
Origination of Loans Held for Investment	(1,062,872)		(351,650)
Advances on Loans Held for Investment	(110,196)		(171,389)
Principal Repayments of Loans Held for Investment	782,144		431,414
Sales of Loans Held for Investment	58,374		131,902
Purchase of Available-for-Sale CRE Debt Securities			(168,888)
Sales and Principal Repayments of Available-for-Sale CRE Debt Securities			766,437
Net Cash (Used in) Provided by Investing Activities	(332,550)		637,826
Cash Flows from Financing Activities:
Payments on Collateralized Loan Obligations	(109,751)
Proceeds from Collateralized Loan Obligation	1,037,500
Payment of Deferred Financing Costs	(9,417)		(2,694)
Proceeds from Issuance of Warrants to Purchase Common Stock			14,402
Proceeds from Issuance of Common Stock			12,895
Payment of Equity Issuance, Shelf Registration, and Equity Distribution Agreement Transaction Costs	(6,824)		(12,342)
Net Cash Provided by (Used in) Financing Activities	185,788		(594,056)
Net Change in Cash, Cash Equivalents, and Restricted Cash	(49,739)		145,888
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	319,669		79,666
Cash, Cash Equivalents and Restricted Cash at End of Period	269,930		225,554
Supplemental Disclosure of Cash Flow Information:
Interest Paid	52,033		79,518
Taxes Paid	1,169		141
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Dividends Declared, not paid	18,593	[1]	15,444
Transfer from Loans Held for Investment to Loans Held for Sale	86,636
Principal Repayments of Loans Held for Investment Held by Servicer/Trustee, Net	15,332		23,478
Accrued Equity Issuance, Shelf Registration, and Equity Distribution Agreement Transaction Costs	42		3,047
Change in Accrued Deferred Financing Costs	593		567
Unrealized Loss on Available-for-Sale CRE Debt Securities			(1,051)
Loans Investment
Cash Flows from Financing Activities:
Payments on Secured Credit Agreements	(1,122,858)		(810,487)
Proceeds from Secured Credit Agreements	519,915		776,343
CRE Debt Securities
Cash Flows from Financing Activities:
Payments on Secured Credit Agreements			(824,920)
Proceeds from Secured Credit Agreements			132,122
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Loss on Available-for-Sale CRE Debt Securities	(203,400)
Series C Preferred Stock
Cash Flows from Financing Activities:
Proceeds from Issuance of Preferred Stock	201,250
Common Stock, Undefined Class
Cash Flows from Financing Activities:
Dividends paid	(60,499)		(81,218)
Series B Preferred Stock
Cash Flows from Financing Activities:
Proceeds from Issuance of Preferred Stock			210,598
Series B Preferred Stock Redemption Make-Whole Payment	(22,485)
Series B Preferred Stock Redemption at Par Value	(225,000)
Class A Common Stock
Cash Flows from Financing Activities:
Dividends paid			(284)
Preferred Stock, Undefined Class
Cash Flows from Financing Activities:
Dividends paid	$ (16,043)		$ (8,471)
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2021
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 organized as a holding company and conducts its operations primarily through TPG RE Finance Trust Holdco, LLC (“Holdco”), a Delaware limited liability company that is wholly owned by the Company, and Holdco’s direct and indirect subsidiaries. The Company conducts its operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is generally not subject to U.S. federal income taxes on its REIT taxable income to the extent that it annually distributes all of its REIT taxable income to stockholders and maintains its qualification as a REIT. The Company also operates its business in a manner that permits it 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, consisting primarily 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. The Company has in the past invested in commercial real estate debt securities (“CRE debt securities”), primarily investment-grade commercial mortgage-backed securities (“CMBS”) and commercial real estate collateralized loan obligation securities (“CRE CLOs”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, consolidated variable interest entities for which the Company is the primary beneficiary, and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. The Company believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing the consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim consolidated financial statements should be read in conjunction with the Company’s Form 10-K filed with the SEC on February 24, 2021. Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the presentation of the Company’s current period consolidated financial statements. These reclassifications had no effect on the Company’s previously reported net income (loss) or total assets in the consolidated statements of income (loss) and comprehensive income (loss) and consolidated balance sheets, respectively. Prior period amounts related to preferred stock dividends and participating securities’ share in earnings (loss) were reclassified to conform with the current period presentation of net (loss) income attributable to common stockholders in the consolidated statements of income (loss) and comprehensive income (loss). Additionally, amounts related to collateralized loan obligation proceeds held at trustee were reclassified from accounts receivable from servicer/trustee in prior period consolidated balance sheets to conform with the current period presentation. 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 interim 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, the adequacy of our allowance for credit losses and the valuation inputs related thereto and the valuation of financial instruments. Actual amounts and values as of the balance sheet dates may be materially different than the amounts and values reported due to the inherent uncertainty in the estimation process and the reduced availability of observable pricing inputs due to market dislocation resulting from the coronavirus pandemic (“COVID-19”). Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date and the limited availability of observable prices. Risks and Uncertainties COVID-19 has had an adverse impact on economic and market conditions and triggered a period of global economic slowdown which has and could continue to have a material adverse effect on the Company’s results and financial condition. As a result of the approval of multiple COVID-19 vaccines for use and the distribution of such vaccines among the general population, many jurisdictions have re-opened and loosened restrictions. However, wide disparities in vaccination rates and continued vaccine hesitancy, combined with the emergence of COVID-19 variants and surges in COVID-19 cases, could trigger the reinstatement of restrictions. Such restrictions could include travel restrictions, reduced business operations and social distancing requirements, which could dampen or delay any economic recovery. Although the Company has observed signs of economic recovery, they are uneven, and the Company cannot predict the time required for a widespread sustainable economic recovery to take place. The full impact of COVID-19 on the real estate industry, the credit markets and consequently on the Company’s financial condition and results of operations is uncertain and cannot be predicted currently since it depends on factors beyond the control of the Company including, but not limited to (i) the uncertainty surrounding the severity and duration of the outbreak, including possible recurrences and differing economic and social impacts of the outbreak in various regions of the United States, (ii) the effectiveness of the United States public health response, (iii) the pandemic’s impact on the United States and global economies, (iv) the availability of a treatment and effectiveness of vaccines approved for COVID-19 and the willingness of individuals to get vaccinated, (v) changes in how certain types of commercial property are used while maintaining social distancing and other techniques intended to control the impact of COVID-19, (vi) the impact of phase out of economic stimulus measures, the inflationary pressure of economic stimulus, and the eventual halt and reversal by the U.S. Treasury of asset purchases and (vii) the impact on the Company’s borrowers, real estate values and cost of capital. Principles of Consolidation Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810— Consolidation (“ASC 810”) At each reporting date, the Company reconsiders its primary beneficiary conclusions for all its VIEs 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 in accordance with GAAP. See Note 6 for details. Revenue Recognition Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for expected or realized credit losses, 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. Premiums, discounts, and origination fees are amortized or accreted into interest income over the lives of the loans using the interest method, or on a straight-line basis when it approximates the interest method. Extension and modification fees are accreted into interest income on a straight-line basis, when it approximates the interest method, over the related extension or modification period. Exit fees are accreted into interest income on a straight-line basis, when it approximates the interest method, over the lives of the loans to which they relate unless they can be waived by the Company or a co-lender in connection with a loan refinancing, or if timely collection of principal and interest is doubtful. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s loan investments have in the past, and may in the future, provide for additional interest based on the borrower’s operating cash flow or appreciation in the value of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon certainty of collection. Certain of the Company’s loan investments have in the past, and may in the future, provide for the accrual of interest (in part, or in whole) instead of its current payment in cash, with the accrued interest (“PIK interest”) added to the unpaid principal balance of the loan. Such PIK interest is recognized currently as interest income unless the Company concludes eventual collection is unlikely, in which case the PIK interest is written off. All interest accrued but not received for loans placed on non-accrual status is subtracted from interest income at the time the loan is placed on non-accrual status . Based on the Company’s judgment as to the collectability of principal, a loan on non-accrual status is either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for interest payments, or on a cost-recovery basis, where all cash receipts reduce the 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 repayment, are reported at their outstanding principal balances net of cumulative charge-offs, interest applied to principal (for loans accounted for using the cost recovery method), unamortized premiums, discounts, loan origination fees and costs. 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 basis when it approximates the interest method, adjusted for actual prepayments. Accrued but not yet collected interest is separately reported as accrued interest and fees receivable on the Company’s consolidated balance sheets. Non-Accrual Loans Loans are placed on non-accrual status when the full and timely collection of principal and interest is doubtful, generally when: management determines that the borrower is incapable of, or has ceased efforts toward, curing the cause of a default; the loan becomes 90 days or more past due for principal and interest; or the loan experiences a maturity default. The Company considers an account past due when an obligor fails to pay substantially all (defined as 90%) of the scheduled contractual payments by the due date. In each case, the period of delinquency is based on the number of days payments are contractually past due. A loan may be returned to accrual status if all delinquent principal and interest payments are brought current, and collectability of the remaining principal and interest payments in accordance with the loan agreement is reasonably assured. Loans that in the judgment of the Company’s external manager, TPG RE Finance Trust Management, L.P., a Delaware limited partnership (the “Manager”), are adequately secured and in the process of collection are maintained on accrual status, even if they are 90 days or more past due. Troubled Debt Restructurings A loan is accounted for and reported as a troubled debt restructuring (“TDR”) when, for economic or legal reasons, the Company grants a concession to a borrower experiencing financial difficulty that the Company would not otherwise consider. The Company does not consider a restructuring that includes an insignificant delay in payment as a concession. A delay may be considered insignificant if the payments subject to the delay are insignificant relative to the unpaid principal balance of the loan or collateral value, and the contractual amount due, or the delay in timing of the restructured payment period, is insignificant relative to the frequency of payments, the debt’s original contractual maturity or original expected duration. TDRs that are performing and on accrual status as of the date of the modification remain on accrual status. TDRs that are non-performing as of the date of modification usually remain on non-accrual status until the prospect of future payments in accordance with the modified loan agreement is reasonably assured, which is generally demonstrated when the borrower maintains compliance with the restructured terms for a predetermined period. TDRs with temporary below-market concessions remain designated as a TDR regardless of the accrual or performance status until the loan is paid off. However, if the TDR loan has been modified in a subsequent restructure with market terms and the borrower is not currently experiencing financial difficulty, then the loan may be de-designated as a TDR. Loans Held for Sale The Company may change its intent, or its assessment of its ability, to hold for the foreseeable future loans held for investment based on changes in the real estate or capital markets, or when a shift in its loan portfolio construction occurs. Once a determination is made to sell a loan, it is transferred to loans held for sale when the Company no longer has the intent and ability to hold a loan for investment for the foreseeable future. In accordance with GAAP, loans classified as held for sale are recorded at the lower of cost or fair value, net of estimated selling costs, and the loan is excluded from the determination of the CECL reserve. Credit Losses Allowance for Credit Losses for Loans Held for Investment On January 1, 2020, the Company adopted Accounting Standard Update (“ASU”) 2016-13, Financial Instruments-Credit Losses, and subsequent amendments, which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss ("CECL") model. The initial CECL reserve recorded on January 1, 2020 is reflected as a direct charge to retained earnings on the Company’s consolidated statements of changes in equity. Subsequent changes to the CECL reserve are recognized through net income on the Company’s consolidated statements of income (loss) and comprehensive income (loss). The allowance for credit losses measured under the CECL accounting framework represents an estimate of current expected losses for the Company’s existing portfolio of loans held for investment, and is presented as a valuation reserve on the Company’s consolidated balance sheets. Expected credit losses related to non-cancelable unfunded loan commitments are accounted for as separate liabilities included in accrued expenses and other liabilities on the consolidated balance sheets. The allowance for credit losses for loans held for investment, as reported in the Company’s consolidated balance sheets, is adjusted by a credit loss benefit (expense), which is reported in earnings in the consolidated statements of income (loss) and comprehensive income (loss) and reduced by the charge-off of loan amounts, net of recoveries and additions related to purchased credit-deteriorated (“PCD”) assets, if relevant. The allowance for credit losses includes a modeled component and an individually-assessed component. The Company has elected to not measure an allowance for credit losses on accrued interest receivables related to all of its loans held for investment because it writes off uncollectable accrued interest receivable in a timely manner pursuant to its non-accrual policy, described above. The Company considers key credit quality indicators in underwriting loans and estimating credit losses, including but not limited to: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; debt service and coverage ratio; the Company’s risk rating for the same and similar loans; and prior experience with the borrower and sponsor. This information is used to assess the financial and operating capability, experience and profitability of the sponsor/borrower. Ultimate repayment of the Company’s loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement short-term or long-term financing. The loans in the Company’s commercial mortgage loan portfolio are secured by collateral of the following property types: office (including life science-related properties); multifamily; hotel; mixed-use; condominium; and retail. The Company’s loans are typically collateralized by real estate, or in the case of mezzanine loans, by a partnership interest or similar equity interest in an entity that owns real estate. The Company regularly evaluates on a loan-by-loan basis, typically no less frequently than quarterly, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, and the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial strength of loan guarantors, if any, and the borrower’s competency in managing and operating the property or properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including, to the extent available (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. Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is LTV structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geography, 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, the Company’s 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, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Default/Possibility of Loss—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; significant risk of principal loss. The Company generally assigns a risk rating of “3” to all loan investments originated during the most recent quarter, except in the case of specific circumstances warranting an exception. The Company’s CECL reserve also reflects its estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing the Company’s loans. These estimations include unemployment rates, inflation rates, interest rates, price indices for commercial property, current and expected future availability of liquidity in the commercial property debt and equity capital markets, and other macroeconomic factors that may influence the likelihood and magnitude of potential credit losses for the Company’s loans during their anticipated term. The Company licenses certain macroeconomic financial forecasts to inform its view of the potential future impact that broader economic conditions may have on its loan portfolio’s performance. Selection of the economic forecast or forecasts used, in conjunction with loan level inputs, to determine the CECL reserve requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty. The actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Due to the COVID-19 pandemic and the dislocation it has caused to the national economy, the commercial real estate markets, and the capital markets, the Company’s ability to estimate key inputs for estimating the allowance for credit losses remains materially and adversely impacted. Key inputs to the estimate include, but are not limited to, LTV, debt service coverage ratio, current and future operating cash flow and performance of collateral properties, the financial strength and liquidity of borrowers and sponsors, capitalization rates and discount rates used to value commercial real estate properties, and market liquidity based on market indices or observable transactions involving the sale or financing of commercial properties. Estimates made by management are necessarily subject to change due to the limited number of observable inputs and uncertainty regarding the duration of the COVID-19 pandemic and its aftereffects. Credit Loss Measurement The amount of allowance for credit losses is influenced by the size of the Company’s loan portfolio, loan asset quality, risk rating, delinquency status, historic loss experience and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The Company employs two methods to estimate credit losses in its loan portfolio: a loss-given-default (“LGD”) model-based approach utilized for substantially all of its loans; and an individually-assessed approach for loans that the Company concludes are ill-suited for use in the model-based approach, or are individually-assessed based on accounting guidance contained in the CECL framework. Once the expected credit loss amount is determined, an allowance for credit losses equal to the calculated expected credit loss is established. Consistent with ASC Topic 326, Financial Instruments-Credit Losses Allowance for Credit Losses for Loans Held for Investment – Model-Based Approach The model-based approach to measure the allowance for credit losses relates to loans which are not individually-assessed. The Company licenses from Trepp, LLC historical loss information, incorporating loan performance data for over 120,000 commercial real estate loans dating back to 1998, in an analytical model to compute statistical credit loss factors (i.e., probability-of-default, loss severity, and loss-given-default). These statistical credit loss factors are utilized together with individual loan information to estimate the allowance for credit losses. This methodology considers the unique characteristics of the Company’s commercial mortgage loan portfolio and individual assets within the portfolio by considering individual loan risk ratings, delinquency statuses and other credit trends and risk characteristics. Further, the Company incorporates its expectations about the impact of current conditions and reasonable and supportable forecasts on expected future credit losses in deriving its estimate. For the period beyond which the Company is able to make reasonable and supportable forecasts, the Company reverts to unadjusted historical loan loss information. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense. Allowance for Credit Losses for Loans Held for Investment – Individually-Assessed Approach In instances where the unique attributes of a loan investment render it ill-suited for the model-based approach because it no longer shares risk characteristics with other loans, or because the Company concludes repayment of the loan is entirely collateral-dependent, or when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan, the Company separately evaluates the amount of expected credit loss using other real estate valuation techniques, considering substantially the same credit factors as utilized in the model-dependent method. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, if repayment is expected solely from the collateral, as determined by management using valuation techniques, frequently discounted cash flow. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than the operation) of the collateral. Unfunded Loan Commitments The Company’s first mortgage loans often contain provisions for future funding conditioned upon the borrower’s execution of its business plan with respect to the underlying collateral property securing the loan. These deferred fundings are typically for base building work, tenant improvement costs and leasing commissions, interest reserves, and occasionally to fund forecasted operating deficits during lease-up. These deferred funding commitments may be for specific periods, often require satisfaction by the borrower of conditions precedent, and may contain termination clauses at the option of the borrower or, more rarely, at the Company’s option. The total amount of unfunded commitments does not necessarily represent actual amounts that may be funded in cash in the future, since commitments may expire without being drawn, may be cancelled if certain conditions are not satisfied by the borrower, or borrowers may elect not to borrow some or all of the unused commitment. The Company does not recognize these unfunded loan commitments in its consolidated financial statements. The Company applies its expected credit loss estimates to all future funding commitments that cannot be contractually terminated at the Company’s option. The Company maintains a separate allowance for credit losses from unfunded loan commitments, which is included in accrued expenses and other liabilities on the consolidated balance sheets. The Company estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by the Company and applies the loss factors used in the allowance for credit loss methodology described above to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan. CRE Debt Securities In the past, the Company acquired CRE debt securities for investment purposes. The Company designated CRE debt securities as available-for-sale (“AFS”) on the acquisition date. CRE debt securities that were classified as AFS were recorded at fair value through other comprehensive income or loss in the Company’s consolidated financial statements. The Company recognized interest income on its CRE debt securities using the interest method, or on a straight-line basis when it approximated the effective interest method, with any premium or discount amortized or accreted into interest income based on the respective outstanding principal balance and corresponding contractual term of the CRE debt security. Accrued but not yet collected interest was separately reported as accrued interest receivable on the Company’s consolidated balance sheets. The Company used a specific identification method when determining the cost of a CRE debt security sold and the amount of unrealized gain or loss reclassified from accumulated other comprehensive income or loss into earnings on the trade date. AFS debt securities in unrealized loss positions were evaluated for impairment related to credit losses at least quarterly . For the purpose of identifying and measuring impairment, any applicable accrued interest was excluded from both the fair value and the amortized cost basis. The Company ha d elected to write off accrued interest by reversing interest income in the event the accrued interest is deemed uncollectible, generally when the security bec a me 90 days or more past due for principal and interest. The Company first assessed whether it intended to sell the debt security or more likely than not was required to sell the debt security before recovery of its amortized cost basis. If either criterion regarding intent or requirement to sell was met, the debt security’s amortized cost basis was written down to its fair value and the write down was charged against the allowance for credit losses, with any incremental impairment reported in earnings as a loss in the consolidated statements of income (loss) and comprehensive income (loss). Any AFS debt security in an unrealized loss position which the Company did not intend to sell or was not more likely than not required to sell before recovery of the amortized cost basis was assessed for expected credit losses. The performance indicators considered for CRE debt securities related to the underlying assets and included default rates, delinquency rates, percentage of nonperforming assets, debt-to-collateral ratios, third-party guarantees, current levels of subordination, vintage, geographic concentration, analyst reports and forecasts, credit ratings and other market data. In assessing whether a credit loss exists, the Company compared the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected was less than the amortized cost basis for the security, a credit loss existed and an allowance for credit losses was recorded, limited by the amount the fair value was less than amortized cost basis. Declines in fair value of AFS debt securities in an unrealized loss position that were not due to credit losses, such as declines due to changes in market interest rates, were recorded through other comprehensive income. Any impairment that had not been recorded through an allowance for credit losses was recognized in other comprehensive income. Unrealized gains and losses on AFS debt securities presented in the consolidated statements of income (loss) and comprehensive income (loss) included the reversal of unrealized gains and losses at the time gains or losses were realized. Real Estate Owned Real estate acquired through a foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned (“REO”) and held for investment on the Company’s consolidated balance sheet until a pending sales transaction meets the criteria of ASC 360-10-45-9 and is considered to be held for sale or is sold. The Company's cost basis in REO is equal to the estimated fair value of the collateral at the date of acquisition, less estimated selling costs. The estimated fair value of REO is determined using a discounted cash flow model and inputs that include the highest and best use for each asset, estimated future values based on extensive discussions with local brokers, investors and other market participants, the estimated holding period for the asset, and discount rates that reflect estimated investor return requirements for the risks associated with the expected use of each asset. If the estimated fair value of REO is lower than the carrying value of the related loan upon acquisition, the difference, along with any previously recorded specific CECL reserve, is recorded through Credit Loss Benefit (Expense) in the consolidated statements of income (loss) and comprehensive income (loss). REO is initially measured at fair value and is thereafter subject to an ongoing impairment analysis. Subsequent to a REO acquisition, events or circumstances may occur that result in a material and sustained decrease in the cash flows generated from the asset. REO is evaluated for recoverability, on a fair value basis, when impairment indicators are identified. Any impairment loss, revenue and expenses from operations of the properties and resulting gains or losses on sale are included within the consolidated statements of income (loss) and comprehensive income (loss). Portfolio Financing Arrangements The Company finances its portfolio of loans, or participation interests therein, and REO using secured credit agreements, including secured credit facilities, mortgage loans payable, and collateralized loan

Loans Held for Investment and t

Loans Held for Investment and the Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Loans Held for Investment and the Allowance for Credit Losses	(3) Loans Held for Investment and the Allowance for Credit Losses The Company originates and acquires first mortgage and mezzanine loans secured by commercial properties. The Company considers these loans to comprise a single portfolio of mortgage loans, and the Company has developed its systematic methodology to determine the allowance for credit losses based on a single portfolio. For purposes of certain disclosures herein, the Company disaggregates this portfolio segment into the following classes of finance receivables: Senior loans; and Subordinated and Mezzanine loans. These loans can potentially subject the Company to concentrations of credit risk as measured by various metrics, including, without limitation, property type collateralizing the loan, loan size, loans to a single sponsor and loans in a single geographic area. The Company’s loans held for investment are accounted for at amortized cost. Interest accrued but not yet collected is separately reported as accrued interest and fees receivable on the Company’s consolidated balance sheets. Amounts within that caption relating to loans held for investment were $14.8 million and $14.0 million as of September 30, 2021 and December 31, 2020, respectively. During the three months ended September 30, 2021, the Company originated seven mortgage loans, with a total commitment of $482.9 million, an initial unpaid principal balance of $433.6 million, and unfunded commitments at closing of $49.3 million. During the nine months ended September 30, 2021, the Company originated 17 mortgage loans, with a total commitment of $1,280.7 million, an initial unpaid principal balance of $1,068.1 million, and unfunded commitments at closing of $212.6 million. The following table details overall statistics for the Company’s loans held for investment portfolio as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Balance sheet portfolio Total loan portfolio Balance sheet portfolio Total loan portfolio Number of loans 65 66 57 58 Floating rate loans 100.0 % 100.0 % 100.0 % 100.0 % Total loan commitment (1) $ 5,240,569 $ 5,372,569 $ 4,943,511 $ 5,075,511 Unpaid principal balance (2) $ 4,757,397 $ 4,757,397 $ 4,524,725 $ 4,524,725 Unfunded loan commitments (3) $ 486,663 $ 486,663 $ 423,487 $ 423,487 Amortized cost $ 4,749,289 $ 4,749,289 $ 4,516,400 $ 4,516,400 Weighted average credit spread (4) 3.3 % 3.3 % 3.2 % 3.2 % Weighted average all-in yield (4) 4.9 % 4.9 % 5.3 % 5.3 % Weighted average term to extended maturity (in years) (5) 2.8 2.8 3.1 3.1 (1) 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. In either case, the senior mortgage loan (i.e., the non-consolidated senior interest) is not included on the Company’s balance sheet. When the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third-party, the Company retains on its balance sheet a mezzanine loan. Total loan commitment encompasses the entire loan portfolio the Company originated, acquired and financed. As of September 30, 2021 and December 31, 2020, the Company had one non-consolidated senior interest outstanding of $132.0 million. (2) Unpaid principal balance includes PIK interest of $3.5 million and $4.7 million as of September 30, 2021 and December 31, 2020, respectively. ( 3 ) Unfunded loan commitments may be funded over the term of each loan, subject in certain cases to an expiration date or a force-funding date, primarily to finance property improvements or lease-related expenditures by the Company’s borrowers, to finance operating deficits during renovation and lease-up, and in limited instances to finance construction. ( 4 ) As of September 30, 2021, all of the Company’s loans were floating rate and were indexed to LIBOR. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price premium and discount if any, loan origination costs and accrual of both extension and exit fees. Credit spread and all-in yield for the total portfolio assumes the applicable floating benchmark rate as of September 30, 2021 for weighted average calculations. ( 5 ) Extended maturity assumes all extension options are exercised by the borrower; provided, however, that the Company’s loans may be repaid prior to such date. As of September 30, 2021, based on the unpaid principal balance of the Company’s total loan exposure, 25.7% of the Company’s loans were subject to yield maintenance or other prepayment restrictions and 74.3% were open to repayment by the borrower without penalty. The following tables present an overview of the Company’s loans held for investment portfolio by loan seniority as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 Loans Held for Investment, Net Outstanding Principal Unamortized Premium (Discount) and Loan Origination Fees, net Amortized Cost Senior loans $ 4,722,397 $ (8,037 ) $ 4,714,360 Subordinated and mezzanine loans 35,000 (71 ) 34,929 Total $ 4,757,397 $ (8,108 ) $ 4,749,289 Allowance for credit losses (50,051 ) Loans held for investment, net $ 4,699,238 December 31, 2020 Loans Held for Investment, Net Outstanding Principal Unamortized Premium (Discount) and Loan Origination Fees, net Amortized Cost Senior loans $ 4,492,209 $ (8,161 ) $ 4,484,048 Subordinated and mezzanine loans 32,516 (164 ) 32,352 Total $ 4,524,725 $ (8,325 ) $ 4,516,400 Allowance for credit losses (59,940 ) Loans held for investment, net $ 4,456,460 For the nine months ended September 30, 2021, the Company’s loans held for investment portfolio activity was as follows (dollars in thousands): Carrying value Balance as of December 31, 2020 $ 4,456,460 Additions during the period: Loans originated and acquired 1,062,872 Additional fundings 111,583 Amortization of origination fees 5,448 Deductions during the period: Collection of principal (799,688 ) Loans held for sale (86,636 ) Loan sale (60,690 ) Change in allowance for credit losses 9,889 Balance as of September 30, 2021 $ 4,699,238 During the three months ended September 30, 2021, the Company transferred a performing hotel loan from loans held for investment to loans held for sale on its consolidated balance sheet. As of September 30, 2021, the Company had an executed purchase and sale agreement with a qualified buyer that included no significant contingencies for the sale to close. The contractual sales price for the first mortgage loan is par, or $87.1 million. As of September 30, 2021, the Company transferred $86.6 million, including the impact of $0.5 million of transaction costs, to loans held for sale on its consolidated balance sheet. As of September 30, 2021, the hotel loan had a risk rating of 4. During the three months ended June 30, 2021, the Company sold one hotel loan with an unpaid principal balance of $60.7 million for $59.5 million, resulting in a loss on sale of $1.6 million, including transaction costs of $0.4 million, As of September 30, 2021 and December 31, 2020, there was $8.1 million and $8.3 million, respectively, of unamortized loan fees and discounts included in loans held for investment, net in the consolidated balance sheets. The Company did not recognize any accelerated fee component of prepayment fees during the three months ended September 30, 2021 and 2020, and recognized $0 million and $0.3 million of such payments, respectively, during the nine months ended September 30, 2021 and 2020. As of September 30, 2021 and December 31, 2020, there were no unamortized loan purchase discounts or premiums included in loans held for investment at amortized cost on the consolidated balance sheets. Loan Risk Rating As discussed in Note 2, the Company evaluates all of its loans to assign risk ratings on a quarterly basis. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are described in Note 2. The Company generally assigns a risk rating of “3” to all loan investments originated during the most recent quarter, except in specific circumstances warranting an exception. The following tables present amortized cost basis by origination year, grouped by risk rating, as of September 30, 2021 and December 31, 2020 for the Company’s loans held for investment portfolio (dollars in thousands): September 30, 2021 Amortized cost by origination year 2021 2020 2019 2018 2017 Prior Total Senior loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 33,590 — — 52,696 — — 86,286 3 1,032,088 255,642 1,556,049 930,927 337,139 23,009 4,134,854 4 — — 198,512 46,966 216,542 — 462,020 5 — — — 31,200 — — 31,200 Total mortgage loans $ 1,065,678 $ 255,642 $ 1,754,561 $ 1,061,789 $ 553,681 $ 23,009 $ 4,714,360 Subordinated and mezzanine loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 34,929 — — — 34,929 4 — — — — — — — 5 — — — — — — — Total subordinated and mezzanine loans — — 34,929 — — — 34,929 Total $ 1,065,678 $ 255,642 $ 1,789,490 $ 1,061,789 $ 553,681 $ 23,009 $ 4,749,289 December 31, 2020 Amortized cost by origination year 2020 2019 2018 2017 2016 Total Senior loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — 2 — — 337,738 — — 337,738 3 247,770 1,705,783 1,099,503 255,255 — 3,308,311 4 — 433,334 46,882 301,628 25,049 806,893 5 — — 31,106 — — 31,106 Total mortgage loans $ 247,770 $ 2,139,117 $ 1,515,229 $ 556,883 $ 25,049 $ 4,484,048 Subordinated and mezzanine loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — 2 — — — — — — 3 — 32,352 — — — 32,352 4 — — — — — — 5 — — — — — — Total subordinated and mezzanine loans — 32,352 — — — 32,352 Total $ 247,770 $ 2,171,469 $ 1,515,229 $ 556,883 $ 25,049 $ 4,516,400 Loans acquired rather than originated are presented in the table above in the column corresponding to the year of origination, not acquisition. The table below summarizes the amortized cost, and results of the Company’s internal risk rating review performed as of September 30, 2021 and December 31, 2020 for the Company’s loans held for investment portfolio (dollars in thousands): Rating September 30, 2021 December 31, 2020 1 $ — $ — 2 86,286 337,738 3 4,169,783 3,340,663 4 462,020 806,893 5 31,200 31,106 Total $ 4,749,289 $ 4,516,400 Allowance for credit losses (50,051 ) (59,940 ) Carrying value $ 4,699,238 $ 4,456,460 Weighted average risk rating (1) 3.1 3.1 (1) Weighted average risk rating calculated based on the amortized cost balance at period end for the Company’s loans held for investment portfolio. The amounts as of September 30, 2021 exclude one hotel loan with a risk category “4” rating that was transferred to loans held for sale at quarter end. The hotel loan that is held for sale is recorded at its sales price (par) less transaction costs, or $86.6 million. The weighted average risk rating of the Company’s loans held for investment portfolio was 3.1 as of September 30, 2021 and December 31, 2020. During the three months ended September 30, 2021, the Company upgraded one hotel loan from risk category “4” to “3” because of continued improvement in property-level operating performance and positive economic trends in the local market. Additionally, the Company received full loan repayments with respect to three loans with a total unpaid principal balance of $418.1 million and a weighted average risk rating of 2.4 at June 30, 2021. The three loans were included in the Company’s multifamily and office property categories. Allowance for Credit Losses The Company’s reserve developed pursuant to ASC 326 reflects its current estimate of potential credit losses related to its loan portfolio as of September 30, 2021. As part of its allowance for credit losses, the Company maintains a separate allowance for credit losses related to unfunded loan commitments, and this amount is included in accrued expenses and other liabilities on the consolidated balance sheets. For further information on the policies that govern the estimation of the allowances for credit loss, see Note 2 The following tables present activity in the allowance for credit losses for the Company’s loans held for investment portfolio by class of finance receivable for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): For the Three Months Ended September 30, 2021 Senior loans Subordinated and mezzanine loans Total Allowance for credit losses for loans held for investment: CECL reserve as of July 1, 2021 $ 51,431 $ 510 $ 51,941 Credit loss expense (benefit) (1,567 ) (323 ) (1,890 ) Subtotal 49,864 187 50,051 Allowance for credit losses on unfunded loan commitments: CECL reserve as of July 1, 2021 3,360 11 3,371 Credit loss expense (benefit) 852 694 1,546 Subtotal 4,212 705 4,917 Total allowance for credit losses $ 54,076 $ 892 $ 54,968 For the Three Months Ended September 30, 2020 Senior loans Subordinated and mezzanine loans Total Allowance for credit losses for loans held for investment: CECL reserve as of July 1, 2020 $ 51,557 $ 2,000 $ 53,557 Credit loss expense (benefit) 3,416 (313 ) 3,103 Subtotal 54,973 1,687 56,660 Allowance for credit losses on unfunded loan commitments: CECL reserve as of July 1, 2020 3,618 1,500 5,118 Credit loss expense (benefit) (1,138 ) (1,311 ) (2,449 ) Subtotal 2,480 189 2,669 Total allowance for credit losses $ 57,453 $ 1,876 $ 59,329 For the Nine Months Ended September 30, 2021 Senior loans Subordinated and mezzanine loans Total Allowance for credit losses for loans held for investment: CECL reserve as of December 31, 2020 $ 58,210 $ 1,730 $ 59,940 Credit loss expense (benefit) (8,346 ) (1,543 ) (9,889 ) Subtotal 49,864 187 50,051 Allowance for credit losses on unfunded loan commitments: CECL reserve as of December 31, 2020 2,756 132 2,888 Credit loss expense (benefit) 1,456 573 2,029 Subtotal 4,212 705 4,917 Total allowance for credit losses $ 54,076 $ 892 $ 54,968 For the Nine Months Ended September 30, 2020 Senior loans Subordinated and mezzanine loans Total Allowance for credit losses for loans held for investment: CECL reserve as of December 31, 2019 $ — $ — $ — Cumulative-effect adjustment upon adoption of ASU 2016-13 16,903 880 17,783 Credit loss expense (benefit) 38,070 807 38,877 Subtotal 54,973 1,687 56,660 Allowance for credit losses on unfunded loan commitments: CECL reserve as of December 31, 2019 — — — Cumulative-effect adjustment upon adoption of ASU 2016-13 1,862 — 1,862 Credit loss expense (benefit) 618 189 807 Subtotal 2,480 189 2,669 Total allowance for credit losses $ 57,453 $ 1,876 $ 59,329 The amount of allowance for credit losses is influenced by the size of the Company’s loan portfolio, loan quality, risk rating, delinquency status, historic loss experience and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. During the three months ended September 30, 2021, the Company recorded a decrease of $0.3 million to its allowance for credit losses. The decline in the Company’s allowance for credit losses was primarily due to an improving macroeconomic outlook based on recent observed economic data, improved property performance of underlying collateral for many of its loan investments that were adversely impacted by COVID-19, repayments and loan sales, a loan transferred from loans held for investment to loans held for sale, and normalizing commercial real estate capital markets activity. While the ultimate impact of these trends remains uncertain, the Company has selected its macroeconomic outlook based on this uncertainty, made specific forward-looking valuation adjustments to the inputs of its calculation of the allowance for credit losses to reflect variability regarding the timing, strength, and distribution of a sustained economic recovery, and unknown post-COVID levels of economic activity that may result. During the nine months ended September 30, 2021, the Company recorded a decrease of $7.9 million to its allowance for credit losses, reducing its CECL reserve to $55.0 million as of September 30, 2021. For the nine months ended September 30, 2021, the Company’s estimate of expected credit losses was impacted by loan originations, sales, and repayments of $1,062.9 million One loan secured by a retail property was on non-accrual status During the three months ended September 30, 2021, the Company executed five loan modifications with four borrowers. As of September 30, 2021, these loans had an aggregate commitment amount of $523.2 million and an aggregate unpaid principal balance of $515.7 million. None of the loan modifications triggered the accounting requirements of a troubled debt restructuring. During the nine months ended September 30, 2021, the Company executed 12 loan modifications. As of September 30, 2021, the aggregate number of loan modifications in effect was 14 with an unpaid principal balance of $1.3 billion. Loan modifications implemented by the Company since January 1, 2021 typically involve the adjustment or waiver of property level or business plan milestones or performance tests that are prerequisite to the extension of a loan maturity, in exchange for borrower concessions that may include any or all of the following: a partial repayment of principal; termination of all or a portion of the remaining unfunded loan commitment; a cash infusion by the sponsor or borrower to replenish loan reserves (interest or capital improvements); additional call protection; and an increase in the loan coupon. Loan modifications implemented by the Company in 2020 typically involved the repurposing of existing reserves to pay interest and other property-level expenses, and providing relief to conditions for extension, such as waiving or reducing debt yield tests or modifying the conditions upon which the underlying borrower may extend the maturity date. In exchange, borrowers and sponsors made partial principal repayments and/or provided additional cash for payment of interest, operating expenses, and replenishment of interest reserves or capital reserves in amounts and combinations acceptable to the Company. The following table presents the activity in the PIK balance for the nine months ended September 30, 2021 for the Company’s loans held for investment portfolio and one loan classified as held for sale as of September 30, 2021 (dollars in thousands): Balance as of December 31, 2020 $ 4,701 PIK accrued 816 PIK repayments and write-off — Balance as of March 31, 2021 $ 5,517 PIK accrued 360 PIK repayments (1,034 ) PIK write-off (690 ) Balance as of June 30, 2021 $ 4,153 PIK accrued 209 PIK repayments (871 ) PIK write-off — Balance as of September 30, 2021 $ 3,491 For the three months ended September 30, 2021, total PIK interest of $0.2 million on an existing modified loan was deferred and added to the outstanding loan principal in accordance with terms of the loan modification. For the nine months ended September 30, 2021, total PIK interest of $1.4 million on two loans was deferred and added to the outstanding loan principal in accordance with terms of the loan modification. PIK interest on six loans was outstanding as of September 30, 2021. The following table presents collections of scheduled interest during the three and nine months ended September 30, 2021 and 2020 and the three months ended June 30, 2021 and March 31, 2021: Three Months Ended Nine Months Ended September 30, 2021 June 30, 2021 March 31, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Scheduled interest, including PIK 99.4 % 99.3 % 99.4 % 100.0 % 99.4 % 100.0 % PIK interest as a percentage of scheduled interest 0.7 % 1.1 % 1.2 % 2.9 % 1.0 % 1.2 % The following table presents an aging analysis for the Company’s loans held for investment portfolio by class of loans as of September 30, 2021 based on amortized cost basis (dollars in thousands): Days outstanding Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans 90 days or more past due and accruing interest Loans Receivable: Senior loans $ 4,683,160 $ — $ — $ 31,200 $ 31,200 $ 4,714,360 $ — Subordinated and mezzanine loans 34,929 — — — — 34,929 — Total $ 4,718,089 $ — $ — $ 31,200 $ 31,200 $ 4,749,289 $ — At December 31, 2020, all loans were current.

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2021
Real Estate Owned Disclosure Of Detailed Components [Abstract]
Real Estate Owned	(4) Real Estate Owned In December 2020, the Company acquired two largely undeveloped commercially-zoned land parcels on the Las Vegas Strip comprising 27 acres (the “REO Property”) pursuant to a negotiated deed-in-lieu of foreclosure. The Company's cost basis in the REO Property was $99.2 million, equal to the estimated fair value of the collateral at the date of acquisition, net of estimated selling costs. The Company’s estimate of the REO Property’s fair value was determined using a discounted cash flow model and Level 3 inputs, which include estimates of parcel-specific cash flows over a specific holding period, at a discount rate that ranges between 8.0% - 17.5% based on the risk profile of estimated cash flows associated with each respective parcel, and an estimated capitalization rate of 6.25%, where applicable. These inputs are based on the highest and best use for each parcel, estimated future values for the parcels based on extensive discussions with local brokers, investors and other market participants, the estimated holding period for the parcels, and discount rates that reflect estimated investor return requirements for the risks associated with the expected use of each sub-parcel. As of September 30, 2021, the Company continued to hold the REO Property at its estimated fair value at the time of acquisition, net of estimated selling costs, of $99.2 million. The Company obtained from a third party a $50.0 million non-recourse first mortgage loan secured by the REO Property, which is classified as Mortgage Loan Payable on the consolidated balance sheets. See Note 7 for details of the Mortgage Loan Payable. For the nine months ended September 30, 2021, operating revenues from the REO Property were sufficient to cover the operating expenses and were immaterial to the financial results of the Company.

Available-for-Sale Debt Securit

Available-for-Sale Debt Securities	9 Months Ended
	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Available-for-Sale Debt Securities	(5) Available-for-Sale Debt Securities As of September 30, 2021, the Company did not own any CRE debt securities. The Company did not acquire any CRE debt securities during the three and nine months ended September 30, 2021. During the three months ended March 31, 2020, the Company sold 11 of its CRE CLO investments for total net proceeds of $151.6 million, recognizing a loss on sale of $36.2 million included in Securities Impairments on the consolidated statement of income (loss) and comprehensive income (loss). Fluctuations in the value of the Company’s CRE debt securities portfolio resulted in the Company being required to post cash collateral with the Company’s lenders under secured credit facilities used to finance these investments. To mitigate the impact to the Company’s business from these developments, the Company decided in late March 2020 to sell its entire CRE debt securities portfolio. Accordingly, as of March 31, 2020, the Company wrote down the entire portfolio to its estimated fair value (on securities where amortized cost basis exceeded fair value), and recorded an impairment charge of $167.3 million, which was recognized as expense in Securities Impairments on the consolidated statement of income (loss) and comprehensive income (loss). In April 2020, the Company sold the remainder of its CRE debt securities portfolio with an aggregate face value of $782.0 million generating gross sales proceeds of $614.8 million. After retiring $581.7 million of repurchase financing and generating net cash proceeds of $33.1 million, the Company recorded aggregate losses from these sales of $167.3 million, equal to the impairment charge recorded during the three months ended March 31, 2020. For the nine months ended September 30, 2020, the Company recorded total impairment charges of $203.4 million recognized as expense in Securities Impairments on the consolidated statement of income (loss) and comprehensive income (loss), offset by a small realized gain.

Variable Interest Entities and

Variable Interest Entities and Collateralized Loan Obligations	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest Entities and Collateralized Loan Obligations	(6) Variable Interest Entities and Collateralized Loan Obligations Subsidiaries of the Company have outstanding as of September 30, 2021 three collateralized loan obligations to finance approximately $3.4 billion, or 70.7%, of the Company’s loans held for investment portfolio, measured by unpaid principal balance. On March 31, 2021 (the “FL4 Closing Date”), TPG RE Finance Trust CLO Sub-REIT (“Sub-REIT”), a subsidiary of the Company, entered into a collateralized loan obligation (“TRTX 2021-FL4” or “FL4”) through its wholly-owned subsidiaries TRTX 2021-FL4 Issuer, Ltd., an exempted company incorporated in the Cayman Islands with limited liability, as issuer (the “FL4 Issuer”), and TRTX 2021-FL4 Co-Issuer, LLC, a Delaware limited liability company, as co-issuer (the “FL4 Co-Issuer” and together with the FL4 Issuer, the “FL4 Issuers”). On the FL4 Closing Date, FL4 Issuer issued $1.25 billion principal amount of notes (the “FL4 Notes”). The FL4 Co-Issuer co-issued $1.04 billion principal amount of investment grade-rated notes which were purchased by third party investors. Concurrently with the issuance of the FL4 Notes, the FL4 Issuer also issued 112,500 preferred shares, par value $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share (the “FL4 Preferred Shares” and, together with the FL4 Notes, the “FL4 Securities”), to TRTX Master Retention Holder, LLC, a Delaware limited liability company and indirect wholly-owned subsidiary of the Company (“FL4 Retention Holder”). Proceeds from the issuance of the FL4 Securities were used to (i) purchase one commercial real estate whole loan (the “FL4 Closing Date Whole Loan”) and 17 pari passu participations in 17 separate commercial real estate whole loans (the “FL4 Closing Date Pari Passu Participations” and, together with the FL4 Closing Date Whole Loan, the “FL4 Closing Date Collateral Interests”), (ii) fund an account (the “FL4 Ramp-Up Account”) in an amount of approximately $308.9 million to be used to purchase eligible collateral interests during a ramp-up period of approximately six months following the Closing Date (the “FL4 Ramp-Up Collateral Interests,” and, together with the FL4 Whole Loans, the “FL4 Initial Collateral Interests”) and (iii) to distribute to the Company $104.8 million of cash for investment or other corporate uses. The FL4 Closing Date Collateral Interests were purchased by the FL4 Issuer from the FL4 Seller, a wholly-owned subsidiary of the Company and an affiliate of the FL4 Issuers. The Company fully invested the FL4 Ramp-Up Account of $308.9 million during the three months ended June 30, 2021. TRTX 2021-FL4 permits the Company, during the 24 months after closing, to contribute eligible new loans or participation interests (the “FL4 Additional Interests”) in loans to TRTX 2021-FL4 in exchange for cash, which provides additional liquidity to the Company to originate new loan investments as underlying loans repay. During the three months ended September 30, 2021, the Company utilized the reinvestment feature five times, contributing $178.2 million of new loans or participation interests, receiving net proceeds of $93.1 million after repaying $85.1 million of existing borrowings, including accrued interest. During the nine months ended September 30, 2021, the Company utilized the reinvestment feature seven times, contributing $255.5 million of new loans or participation interests, receiving net proceeds of $146.9 million after repaying $108.6 million of existing borrowings, including accrued interest. As of September 30, 2021, FL4 Mortgage Assets represented 26.2% of the aggregate unpaid principal balance of the Company’s loans held for investment portfolio and had an aggregate principal balance of approximately $1.2 billion. As of September 30, 2021, TRTX 2019-FL4 had $3.3 million of cash available to acquire eligible assets which is included in Collateralized Loan Obligation Proceeds Held at Trustee on the Company’s consolidated balance sheets. In connection with TRTX 2021-FL4, the Company incurred $8.3 million of deferred financing costs, including issuance, legal, and accounting related costs, which are amortized on an effective yield basis over the expected life of the issued investment-grade notes. The expected life of the issued investment-grade notes is based upon the anticipated repayment behavior of the loans collateralizing the notes after giving effect to the reinvestment period, which was initially assessed on the FL4 Closing Date. On a quarterly basis, the Company reassesses the expected life of the issued investment-grade notes based upon current repayment behavior after giving effect to the reinvestment period and prospectively adjusts its amortization expense, if necessary. For the three and nine months ended September 30, 2021, amortization of deferred financing costs of $0.7 million and $1.2 million, respectively, is included in the Company’s consolidated statements of income (loss) and comprehensive income (loss). As of September 30, 2021, the Company’s unamortized deferred financing costs related to TRTX 2021-FL4 were $7.1 million. Interest expense on the outstanding FL4 Notes is payable monthly. For the three and nine months ended September 30, 2021, interest expense on the outstanding FL4 Notes (excluding amortization of deferred financing costs) of $4.5 million and $9.2 million, respectively, is included in the Company’s consolidated statements of income (loss) and comprehensive income (loss). On October 25, 2019 (the “FL3 Closing Date”), Sub-REIT entered into a collateralized loan obligation (“TRTX 2019-FL3” or “FL3”). TRTX 2019-FL3 provides for reinvestment, during the 24 months after closing of FL3, whereby eligible new loans or participation interests (the “FL3 Additional Interests”) in loans may be contributed to TRTX 2019-FL3 in exchange for cash, which provides liquidity to the Company to originate new loan investments as underlying loans repay. During the three and nine months ended September 30, 2021, the Company utilized the reinvestment feature three times, contributing $189.6 million of new loans or participation interests, receiving net proceeds of $64.7 million after repaying $124.9 million of existing borrowings, including accrued interest. For the three months ended September 30, 2020, the Company did not utilize the reinvestment feature. For the nine months ended September 30, 2020, the Company utilized the reinvestment feature six times, contributing $163.1 million of new loans or participating interests in loans, and receiving $49.3 million of cash, after the repayment of $113.8 million of existing borrowings, including accrued interest. As of September 30, 2021 FL3 Mortgage Assets represented 25.8% of the aggregate unpaid principal balance of the Company’s loans held for investment portfolio and had an aggregate principal balance of approximately $1.2 billion. As of September 30, 2021, TRTX 2019-FL3 had $3.6 million of cash available to acquire eligible assets which is included in Collateralized Loan Obligation Proceeds Held at Trustee on the Company’s consolidated balance sheets. In connection with TRTX 2019-FL3, the Company incurred $7.8 million of deferred financing costs, including issuance, legal, and accounting related costs, which are amortized on an effective yield basis over the expected life of the issued investment-grade notes. The expected life of the issued investment-grade notes is based upon the anticipated repayment behavior of the loans collateralizing the notes after giving effect to the reinvestment period, both of which were initially assessed on the FL3 Closing Date. On a quarterly basis, the Company reassesses the expected life of the issued investment-grade notes based upon current repayment behavior after giving effect to the reinvestment period and prospectively adjusts its amortization expense, if necessary. For the three and nine months ended September 30, 2021, amortization of deferred financing costs of $0.6 million and $1.8 million, respectively, is included in the Company’s consolidated statements of income (loss) and comprehensive income (loss). As of September 30, 2021, the Company’s unamortized deferred financing costs related to TRTX 2019-FL3 were $3.3 million. Interest expense on the outstanding FL3 Notes is payable monthly. On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that all LIBOR tenors relevant to us will cease to be published or will no longer be representative after June 30, 2023. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event, and on May 17, 2021, Wells Fargo Bank, National Association, solely in its capacity as designated transaction representative under the FL3 indenture, determined that a benchmark transition event had occurred with respect to FL3. Accordingly, on June 15, 2021, the benchmark index interest rate for bondholders under FL3 was converted from LIBOR to the Compounded Secured Overnight Financing Rate (“SOFR”) plus a benchmark replacement adjustment of 11.448 basis points, conforming with the FL3 indenture and the recommendation of the ARRC. The designated transaction representative further determined that SOFR for any interest accrual period has been the “30-Day Average SOFR” published on the website of the Federal Reserve Bank of New York on each benchmark determination date. SOFR will be determined by the calculation agent in arrears using a lookback period equal to the number of calendar days in such interest accrual period plus two SOFR Business Days. As of September 30, 2021, the FL3 mortgage assets are indexed to LIBOR and the borrowings under FL3 were indexed to SOFR, creating a difference between benchmark interest rates (a basis difference), for FL3 assets and liabilities, which is meant to be mitigated by the benchmark replacement adjustment described above. The Company has the right to transition the FL3 mortgage assets to SOFR, eliminating the basis difference between FL3 assets and liabilities, and will make its determination taking into account the loan portfolio as a whole. The transition to SOFR is not expected to have a material impact to FL3’s assets and liabilities and related interest expense. On October 1, 2021, based on an ARRC recommendation and the terms of the FL3 indenture, the designated transaction representative further determined that the benchmark index interest rate for bondholders under FL3 was converted from SOFR plus a benchmark replacement adjustment of 11.448 basis points to Term SOFR on the first day of the most recent calendar quarter (October 1, 2021 effective for the three months ended December 31, 2021 and in future periods). The transition to Term SOFR is not expected to have a material impact to FL3’s assets and liabilities and related interest expense. For the three and nine months ended September 30, 2021, interest expense on the outstanding FL3 Notes (excluding amortization of deferred financing costs) of $3.9 million and $11.5 million, respectively, For the three and nine months ended September 30, 2020, interest expense on the outstanding FL3 Notes (excluding amortization of deferred financing costs) of $4.1 million and $16.2 million, respectively, is included in the Company’s consolidated statements of income (loss) and comprehensive income (loss). On November 29, 2018 (the “FL2 Closing Date”), Sub-REIT entered into a collateralized loan obligation (“TRTX 2018-FL2” or “FL2”). TRTX 2018-FL2 provides for reinvestment, during the 24 months after closing of FL2, whereby eligible new loans or participation interests in loans may be contributed to TRTX 2018-FL2 in exchange for cash, which provided additional liquidity to the Company to originate new loan investments as underlying loans repay. The reinvestment period for TRTX 2018-FL2 ended on December 11, 2020. As of September 30, 2021, FL2 Mortgage Assets represented 18.7% of the aggregate unpaid principal balance of the Company’s loans held for investment portfolio and had an aggregate principal balance of approximately $891.0 million. In connection with TRTX 2018-FL2, the Company incurred $8.7 million of deferred financing costs, including issuance, legal, and accounting related costs, which are amortized on an effective yield basis over the expected life of the issued investment-grade notes (the “FL2 Notes”). The expected life of the issued investment-grade notes is based upon the expected repayment behavior of the loans collateralizing the notes and the reinvestment period, both of which were initially assessed on the FL2 Closing Date. On a quarterly basis, the Company reassesses the expected life of the issued investment-grade notes based upon current repayment behavior after giving effect to the reinvestment period and prospectively adjusts its amortization expense, if necessary. For the three and nine months ended September 30, 2021, amortization of deferred financing costs of $0.8 million and $2.0 million, respectively, is included in the Company’s consolidated statements of income (loss) and comprehensive income (loss). As of September 30, 2021, the Company’s unamortized deferred financing costs related to TRTX 2018-FL2 were $1.7. Interest expense on the outstanding FL2 Notes is payable monthly. For the three and nine months ended September 30, 2021, interest expense on the outstanding FL2 Notes (excluding amortization of deferred financing costs) of $2.8 million and $9.0 million, respectively, is included in the Company’s consolidated statements of income (loss) and comprehensive income (loss). For the three and nine months ended September 30, 2020, interest expense on the outstanding FL2 Notes (excluding amortization of deferred financing costs) of $3.3 million and $13.3 million, respectively, is included in the Company’s consolidated statements of income (loss) and comprehensive income (loss). In accordance with ASC 810, the Company evaluated the key attributes of the issuers of the FL4 Notes (the “FL4 Issuers”), FL3 Notes (the “FL3 Issuers”) and FL2 Notes (the “FL2 Issuers”) to determine if they were VIEs and, if so, whether the Company was the primary beneficiary of their operating activities. This analysis caused the Company to conclude that the FL4 Issuers, FL3 Issuers and the FL2 Issuers were VIEs and that the Company was the primary beneficiary. The Company is the primary beneficiary because it has the ability to control the most significant activities of the FL4 Issuers, FL3 Issuers and the FL2 Issuers, the obligation to absorb losses to the extent of its equity investments, and the right to receive benefits, that could potentially be significant to these entities. Accordingly, the Company consolidates the FL4 Issuers, FL3 Issuers and the FL2 Issuers. The Company’s total assets and total liabilities as of September 30, 2021 included VIE assets and liabilities related to TRTX 2021-FL4, TRTX 2019-FL3, TRTX 2018-FL2, and two loans held for investment with an unpaid principal balance of $82.8 million within the Sub-REIT structure. The Company’s total assets and total liabilities as of December 31, 2020 included VIE assets and liabilities related to TRTX 2021-FL4, TRTX 2019-FL3, and TRTX 2018-FL2. The following table outlines the total assets and liabilities within the Sub-REIT structure (dollars in thousands): September 30, 2021 December 31, 2020 Assets Cash and cash equivalents $ 22,979 $ 78,350 Collateralized loan obligation proceeds held at trustee 6,870 174 Accounts receivable from servicer/trustee 1,689 — Accrued interest receivable 6,868 740 Loans held for investment 3,412,627 2,199,666 Total assets $ 3,451,033 $ 2,278,930 Liabilities Accrued interest payable $ 1,998 $ 1,311 Accrued expenses 1,907 630 Collateralized loan obligations 2,749,901 1,825,569 Payable to affiliates 3,830 14,016 Total Liabilities $ 2,757,636 $ 1,841,526 The following tables outline TRTX 2021-FL4, TRTX 2019-FL3 and TRTX 2018-FL2 loan collateral and borrowings under the TRTX 2021-FL4, TRTX 2019-FL3 and TRTX 2018-FL2 collateralized loan obligations as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 Collateral (loan investments) Debt (notes issued) Outstanding principal Carrying value Face value Carrying value $ 3,363,691 $ 3,332,085 $ 2,762,510 $ 2,749,901 December 31, 2020 Collateral (loan investments) Debt (notes issued) Outstanding principal Carrying value Face value Carrying value $ 2,230,276 $ 2,230,276 $ 1,834,760 $ 1,825,568 Assets held by the FL4 Issuers, FL3 Issuers and the FL2 Issuers are restricted and can only be used to settle obligations of the related VIE. The liabilities of the FL4 Issuers, FL3 Issuers and the FL2 Issuers are non-recourse to the Company and can only be satisfied from the then-current assets of the related VIE. The following table outlines the weighted average spreads and maturities for TRTX 2021-FL4, TRTX 2019-FL3 and TRTX 2018-FL2 loan collateral and borrowings under the TRTX 2021-FL4, TRTX 2019-FL3 and TRTX 2018-FL2 collateralized loan obligations as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Weighted average spread (%) (1) Weighted average maturity (years) (2) Weighted average spread (%) (1) Weighted average maturity (years) (2) Collateral (loan investments) TRTX 2018-FL2 3.29 % 2.2 3.33 % 4.9 TRTX 2019-FL3 (3) 3.23 % 2.4 3.20 % 4.1 TRTX 2021-FL4 3.18 % 3.1 — — Debt (notes issued) TRTX 2018-FL2 1.50 % 16.1 1.45 % 16.9 TRTX 2019-FL3 (3) 1.44 % 13.0 1.44 % 13.8 TRTX 2021-FL4 1.60 % 16.4 — — (1) Yield on collateral is based on cash coupon. (2) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CLO notes are dependent on timing of related collateral loan asset repayments post-reinvestment period. The term of the CLO notes represents the rated final distribution date. (3) On June 15, 2021, the benchmark index interest rate for borrowings under TRTX 2019-FL3 was transitioned from LIBOR to SOFR by the designated transaction representative under the FL3 indenture.

Secured Credit Agreements and M

Secured Credit Agreements and Mortgage Loan Payable	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Secured Credit Agreements and Mortgage Loan Payable	(7) Secured Credit Agreements and Mortgage Loan Payable As of September 30, 2021 and December 31, 2020, the Company had secured credit facilities used to finance certain of the Company’s loan investments, and a mortgage loan payable used to finance the Company’s REO Property. These financing arrangements bear interest at rates equal to LIBOR plus a credit spread negotiated between the Company and each lender, often a separate credit spread for each pledge of collateral, which is primarily based on property type and advance rate against the unpaid principal balance of the pledged loan. Except for the mortgage loan payable, these borrowing arrangements contain defined mark-to-market provisions that permit our lenders to issue margin calls to the Company in the event that the collateral properties underlying the Company’s loans pledged to the Company’s lenders experience a non-temporary decline in value (“credit marks”) due to reasons other than capital markets events that result in changing credit spreads for similar borrowing obligations. In connection with one of these borrowing arrangements, the lender is also permitted to issue margin calls to the Company in the event the lender determines capital markets events have caused credit spreads to change for similar borrowing obligations (“spread marks”). The following table presents certain information regarding the Company’s secured credit agreements as of September 30, 2021 and December 31, 2020. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands): September 30, 2021 Secured credit agreements and mortgage loan payable: Initial maturity date Extended maturity date Index rate Weighted average credit spread Interest rate Commitment amount Maximum current availability Balance outstanding Principal balance of collateral Amortized cost of collateral Secured credit facilities (1) Goldman Sachs 08/19/22 08/19/24 1 Month LIBOR 2.0 % 2.1 % $ 250,000 $ 152,012 $ 97,988 $ 164,824 $ 164,134 Wells Fargo 04/18/22 04/18/24 1 Month LIBOR 1.6 % 1.7 % 750,000 489,209 260,791 332,143 329,424 Barclays 08/13/22 08/13/23 1 Month LIBOR 1.5 % 1.6 % 750,000 638,125 111,875 171,223 170,901 Morgan Stanley 05/04/22 05/04/23 1 Month LIBOR 1.8 % 1.9 % 500,000 335,359 164,641 223,685 222,880 JP Morgan 10/30/23 10/30/25 1 Month LIBOR 1.7 % 1.8 % 400,000 258,913 141,087 235,724 234,196 US Bank 07/09/22 07/09/24 1 Month LIBOR 1.4 % 1.7 % 44,730 5,485 39,245 58,752 58,752 Bank of America 09/29/22 09/29/22 1 Month LIBOR 1.8 % 1.9 % 200,000 96,961 31,664 42,352 42,352 Institutional financing 10/30/23 10/30/25 1 Month LIBOR 4.5 % 4.8 % 249,546 176,923 72,623 129,026 128,969 Subtotal $ 3,144,276 $ 2,152,987 $ 919,914 $ 1,357,729 $ 1,351,608 Mortgage loan payable Institutional lender 12/15/21 12/15/22 1 Month LIBOR 4.5 % 5.0 % 50,000 — 50,000 99,200 (2) — Subtotal $ 50,000 $ — $ 50,000 $ 99,200 $ — Total $ 3,194,276 $ 2,152,987 $ 969,914 $ 1,456,929 $ 1,351,608 (1) Borrowings under secured credit facilities with a guarantee for 25% recourse from Holdco. (2) Represents the fair value of the REO Property at the time of acquisition as described in Note 4. December 31, 2020 Secured credit agreements and mortgage loan payable: Initial maturity date Extended maturity date Index rate Weighted average credit spread Interest rate Commitment amount Maximum current availability Balance outstanding Principal balance of collateral Amortized cost of collateral Secured credit facilities (1) Goldman Sachs 08/19/21 08/19/22 1 Month LIBOR 2.7 % 2.9 % $ 250,000 $ 199,113 $ 50,887 $ 96,381 $ 94,971 Wells Fargo 04/18/22 04/18/22 1 Month LIBOR 1.7 % 1.9 % 750,000 533,601 216,399 290,237 288,696 Barclays 08/13/22 08/13/22 1 Month LIBOR 1.5 % 1.7 % 750,000 433,739 316,261 443,845 442,757 Morgan Stanley 05/04/21 05/04/22 1 Month LIBOR 1.8 % 2.0 % 500,000 174,045 325,955 434,630 433,031 JP Morgan 10/30/23 10/30/25 1 Month LIBOR 1.6 % 1.8 % 400,000 192,906 207,094 351,123 347,852 US Bank 07/09/22 07/09/24 1 Month LIBOR 1.5 % 1.8 % 139,960 70,376 69,584 101,372 101,287 Bank of America 09/29/21 09/29/22 1 Month LIBOR 1.8 % 1.9 % 200,000 112,867 87,133 117,393 117,393 Institutional financing 10/30/23 10/30/25 1 Month LIBOR 4.5 % 4.8 % 249,546 — 249,546 427,330 426,984 Subtotal $ 3,239,506 $ 1,716,647 $ 1,522,859 $ 2,262,311 $ 2,252,971 Mortgage loan payable Institutional lender 12/15/21 12/15/22 1 Month LIBOR 4.5 % 5.0 % 50,000 — 50,000 99,200 (2) — Subtotal $ 50,000 $ — $ 50,000 $ 99,200 $ — Total $ 3,289,506 $ 1,716,647 $ 1,572,859 $ 2,361,511 $ 2,252,971 (1) Borrowings under secured credit facilities with a guarantee for 25% recourse from Holdco. (2) Represents the fair value of the REO Property at the time of acquisition as described in Note 4. The Company’s secured credit facilities contain defined mark-to-market provisions that permit the lenders to issue margin calls in the event collateral properties securing the Company’s borrowings experience a non-temporary decline in value or net cash flow (“credit marks”). In connection with one of these borrowing arrangements, the lender is also permitted to issue margin calls to the Company in the event the lender determines capital markets events have caused credit spreads to change for similar borrowing obligations (“spread marks”). Furthermore, in connection with one of these borrowing arrangements, the lender has the right to re-margin the secured credit facility based solely on appraised loan-to-values after the second anniversary date of the facility. The following table presents the recourse and mark-to-market provisions for the Company’s secured credit agreements as of September 30, 2021: Secured credit agreements and mortgage loan payable Basis of margin calls Recourse percentage Initial maturity date Extended maturity date Secured credit agreements - loan investments Goldman Sachs Credit 25.0 % 08/19/22 08/19/24 Wells Fargo Credit 25.0 % 04/18/22 04/18/24 Barclays Credit 25.0 % 08/13/22 08/13/23 Morgan Stanley Credit 25.0 % 05/04/22 05/04/23 JP Morgan Credit and Spread 25.0 % 10/30/23 10/30/25 US Bank Credit 25.0 % 07/09/22 07/09/24 Bank of America Credit 25.0 % 09/29/22 09/29/22 Institutional financing (1) Credit 25.0 % 10/30/23 10/30/25 Mortgage loan payable - real estate owned Institutional lender None n.a. 12/15/21 12/15/22 (1) The secured credit agreement may be re-margined beginning after its second anniversary date based on a LTV test; otherwise, no credit or spread-based margin calls apply. The following table presents the recourse and mark-to-market provisions for the Company’s secured credit agreements as of December 31, 2020: Secured credit agreements and mortgage loan payable Basis of margin calls Recourse percentage Initial maturity date Extended maturity date Secured credit agreements - loan investments Goldman Sachs Credit 25.0 % 08/19/21 08/19/22 Wells Fargo Credit 25.0 % 04/18/22 04/18/22 Barclays Credit 25.0 % 08/13/22 08/13/22 Morgan Stanley Credit 25.0 % 05/04/21 05/04/22 JP Morgan Credit and Spread 25.0 % 10/30/23 10/30/25 US Bank Credit 25.0 % 07/09/22 07/09/24 Bank of America Credit 25.0 % 09/29/21 09/29/22 Institutional financing (1) Credit 25.0 % 10/30/23 10/30/25 Mortgage loan payable - real estate owned Institutional lender None n.a. 12/15/21 12/15/22 (1) The secured credit agreement may be re-margined beginning after its second anniversary date based on a LTV test; otherwise, no credit or spread-based margin calls apply. Secured Credit Facilities As of September 30, 2021 and December 31, 2020, the Company had seven secured credit facilities to finance its loan investing activities. Credit spreads vary depending upon the collateral type, advance rate and other factors. Assets pledged as of September 30, 2021 and December 31, 2020 consisted of 49 and 55 mortgage loans, or participation interests therein, respectively. Under six of the seven secured credit agreements, the Company transfers all of its rights, title and interest in the loans to the secured credit facility 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 secured credit facility lender collects all principal and interest on related loans and remits to the Company the net amount after the lender collects its interest and other fees. For the seventh credit facility, which is a mortgage warehouse facility, the lender receives a security interest (pledge) in the loans financed under the arrangement. The secured credit facilities used to finance loan investments are 25% recourse to Holdco. Under each of the Company’s secured credit facilities, including the mortgage warehouse facility, the Company is required to post margin for changes in conditions to specific loans that serve as collateral for those secured credit facilities. The lender’s margin amount is in all but one instance limited to collateral-specific credit marks based on other-than-temporary declines in the value of the properties securing the underlying loan collateral. Market value determinations and redeterminations may be made by the repurchase lender in its sole discretion subject to certain specified parameters. These considerations include credit-based factors (which are generally based on factors other than those related to the capital markets). In only one instance do the considerations include changes in observable credit spreads in the market for these assets. These factors are described in the immediately preceding table. The following table summarizes certain characteristics of the Company’s secured credit facilities secured by commercial mortgage loans, including counterparty concentration risks, as of September 30, 2021 (dollars in thousands): September 30, 2021 Secured credit facilities Commitment amount UPB of collateral Amortized cost of collateral (1) Amount payable (2) Net counterparty exposure (3) Percent of stockholders' equity Days to extended maturity Goldman Sachs Bank $ 250,000 $ 164,824 $ 165,866 $ 98,052 $ 67,814 4.7 % 1,054 Wells Fargo 750,000 332,143 330,995 261,235 69,760 4.8 % 931 Barclays 750,000 171,223 171,197 111,968 59,229 4.1 % 682 Morgan Stanley Bank 500,000 223,685 223,732 164,662 59,070 4.1 % 581 JP Morgan Chase Bank 649,546 364,750 364,202 213,901 150,301 10.4 % 1,491 US Bank 44,730 58,752 59,119 39,300 19,819 1.4 % 1,013 Bank of America 200,000 42,352 42,739 31,687 11,052 0.8 % 364 Total / weighted average $ 3,144,276 $ 1,357,729 $ 1,357,849 $ 920,805 $ 437,044 965 (1) Loan amounts include interest receivable of $6.2 million and are net of premium, discount and origination fees of $6.1 million. (2) Loan amounts include interest payable of $0.9 million and do not reflect unamortized deferred financing fees of $4.4 million. (3) Loan amounts represent 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. The following table summarizes certain characteristics of the Company’s secured credit facilities secured by commercial mortgage loans, including counterparty concentration risks, as of December 31, 2020 (dollars in thousands): December 31, 2020 Secured credit facilities Commitment amount UPB of collateral Amortized cost of collateral (1) Amount payable (2) Net counterparty exposure (3) Percent of stockholders' equity Days to extended maturity Goldman Sachs Bank (4) $ 250,000 $ 96,381 $ 96,843 $ 50,909 $ 45,934 3.6 % 596 Wells Fargo 750,000 290,237 290,403 216,734 73,669 5.8 % 473 Barclays 750,000 443,845 443,620 316,524 127,096 10.0 % 590 Morgan Stanley Bank 500,000 434,630 433,948 326,199 107,749 8.5 % 489 JP Morgan Chase Bank 649,546 778,453 777,862 457,041 320,821 25.3 % 1,764 US Bank 139,960 101,372 101,599 69,649 31,950 2.5 % 1,286 Bank of America (5) 200,000 117,393 117,637 87,119 30,518 2.4 % 637 Total / weighted average $ 3,239,506 $ 2,262,311 $ 2,261,912 $ 1,524,175 $ 737,737 938 (1) Loan amounts include interest receivable of $10.4 million and are net of premium, discount and origination fees of $11.8 million. (2) Loan amounts include interest payable of $1.0 million and do not reflect unamortized deferred financing fees of $8.3 million. (3) Loan amounts represent 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) Maximum commitment amount was reduced from $750.0 million to $250.0 million at the Company’s election as part of an as-of-right extension executed in June 2020. The secured credit facility has an accordion feature that permits the Company to increase the commitment amount in increments of $50.0 million up to a maximum of $500.0 million. ( 5 ) Maximum commitment amount was reduced from $500.0 million to $200.0 million at the Company’s election as part of an as-of-right extension executed in June 2020. The secured credit facility has an accordion feature that permits the Company to increase the commitment amount in increments of $50.0 million up to a maximum of $500.0 million. Financial Covenant Compliance The financial covenants and guarantees for outstanding borrowings related to the Company’s secured credit facilities require Holdco to maintain compliance with certain financial covenants, which were amended on June 7, 2021. The continuing impact of COVID-19 may make it more difficult to meet or satisfy these covenants, and there can be no assurance that the Company will remain in compliance with these covenants in the future. Financial Covenant relating to the Series B Preferred Stock For as long as the Series B Preferred Stock was outstanding, the Company was required to maintain a debt-to-equity ratio not greater than 3.0 to 1.0. For the purpose of determining this ratio, the aggregate liquidation preference of the outstanding shares of Series B Preferred Stock was excluded from the calculation of total indebtedness of the Company and its subsidiaries, and was included in the calculation of total stockholders’ equity. On June 16, 2021, the Company redeemed all 9,000,000 outstanding shares of the Series B Preferred Stock and this covenant no longer applied. Financial Covenant Compliance The Company was in compliance with all financial covenants to the extent that balances were outstanding as of September 30, 2021 and December 31, 2020. Mortgage Loan Payable The Company through a special purpose entity subsidiary is a borrower under a $50.0 million mortgage loan secured by a first deed of trust against the REO Property. Refer to Note 4 for additional information. The first mortgage loan was provided by an institutional lender, has an initial maturity date of December 15, 2021, and includes an option to extend the maturity for 12 months subject to the satisfaction of customary extension conditions, including (i) the purchase of a new interest rate cap for the extension term, (ii) replenishment of the interest reserve with an amount equal to 12 months of debt service, (iii) payment of a 0.25% extension fee on the outstanding principal balance, and (iv) no event of default. The first mortgage loan permits partial releases of collateral in exchange for payment of a minimum release price equal to the greater of 100% of net sales proceeds (after reasonable transaction expenses) or 115% of the allocated loan amount. The loan bears interest at a rate of LIBOR plus 4.50% subject to a LIBOR interest rate floor of 0.50% and a rate cap of 0.50%. The Company has posted cash of $2.4 million to pre-fund interest payments due under the note during its initial term. As of September 30, 2021, the remaining reserve balance was $0.7 million.

Schedule of Maturities

Schedule of Maturities	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Maturities	(8) Schedule of Maturities The future principal payments for the five years subsequent to September 30, 2021 and thereafter are as follows (in thousands): Total indebtedness Collateralized loan obligations (1) Secured credit facilities (2) Mortgage loan payable (3) 2021 $ 56,985 $ 56,985 $ — $ — 2022 339,872 258,208 31,664 50,000 2023 943,004 452,779 490,225 — 2024 1,468,632 1,070,607 398,025 — 2025 278,457 278,457 — — Thereafter 645,474 645,474 — — Total $ 3,732,424 $ 2,762,510 $ 919,914 $ 50,000 (1) The scheduled maturities for the investment grade bonds issued by TRTX 2018-FL2, TRTX-2019 FL3 and TRTX-2021 FL4 are based upon the fully extended maturity of mortgage loan collateral, considering the reinvestment window of the collateralized loan obligation. (2) The allocation of secured financing liabilities is based on the extended maturity date for those credit facilities where extension options are at the company’s option, subject to no default, or the current maturity date of those facilities where extension options are subject to counterparty approval . (3) The allocation of mortgage loan payable is based on the extended maturity date for the loan.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	(9) Fair Value Measurements The Company’s consolidated balance sheet includes Level I fair value measurements related to cash equivalents, restricted cash, accounts receivable, and accrued liabilities. As of September 30, 2021, the Company had $217.1 million invested in money market funds with original maturities of less than 90 days. 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, the assets and liabilities of TRTX 2018-FL2, TRTX 2019-FL3 and TRTX 2021-FL4, and secured debt agreements 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 and when the loan is dependent solely on the collateral for payment of principal and interest. Additionally, the Company had one loan held for sale as of September 30, 2021 that was recorded at its fair value, less estimated selling costs. The following tables provide information about the fair value of the Company’s financial assets and liabilities on the Company’s consolidated balance sheets as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 Fair value Carrying value Level I Level II Level III Financial assets Loans held for investment $ 4,699,238 $ — $ — $ 4,735,786 Loans held for sale 86,636 — — 86,636 Financial liabilities Collateralized loan obligations 2,749,901 — — 2,741,971 Secured financing agreements 915,537 — — 914,094 Mortgage loan payable 49,360 — — 49,360 December 31, 2020 Fair value Carrying value Level I Level II Level III Financial assets Loans held for investment $ 4,456,460 $ — $ — $ 4,472,984 Financial liabilities Collateralized loan obligations 1,825,568 — — 1,834,760 Secured financing agreements 1,514,028 — — 1,532,910 Mortgage loan payable 49,147 — — 49,147 As of September 30, 2021 and December 31, 2020, the estimated fair value of the Company’s loans held for investment portfolio was $4.7 billion and $4.5 billion, respectively, which approximated carrying value. The weighted average gross credit spread for the Company’s loans held for investment portfolio as of September 30, 2021 and December 31, 2020 was 3.29% and 3.18%, respectively. The weighted average years to maturity as of September 30, 2021 and December 31, 2020 was 2.8 and 3.1 years, respectively, assuming full extension of all loans held for investment. A s of September 30, 2021 and December 31, 2020, the estimated fair value of the secured credit agreements approximated fair value as current borrowing spreads reflect market terms . A s of September 30, 2021 and December 31, 2020, the estimated fair value of the c ollateralized l oan o bligation liabilities approximated carrying value as current borrowing spreads reflect market terms. There were no transfers of financial assets or liabilities within the levels of the fair value hierarchy during the nine months ended September 30, 2021.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	(10) Income Taxes The Company indirectly owns 100% of the equity of multiple taxable REIT subsidiaries (collectively “TRSs”). TRSs are subject to applicable U.S. federal, state, local and foreign income tax on their 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 TRSs 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 tax authorities until the related statute of limitations expires. The years open to examination generally range from 2017 to present. 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 September 30, 2021 and December 31, 2020, based on the Company’s evaluation, the Company did not have any material 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 (loss) and comprehensive income (loss). For the three and nine months ended September 30, 2021, the Company did not have interest or penalties associated with the underpayment of any income taxes. The Company owns, through a tax partnership (“Parent LLC”), 100% of the common equity in Sub-REIT, which qualifies as a REIT for U.S. federal income tax purposes and is a separate taxpayer from both the Company and Parent LLC. Parent LLC is owned by the Company both directly and through a TRS. The Company, through Sub-REIT, issues CRE CLO liabilities (“CLOs”) to finance on a non-recourse, non-mark-to-market basis a large proportion of its loan investment portfolio. Due to unusually low LIBOR rates beginning in March 2020 coupled with the benefit of LIBOR floors relating to the various loans and participation interests pledged to Sub-REIT’s CLOs, certain of Sub-REIT‘s CLOs currently generate excess inclusion income (“EII”), which is treated as unrelated business taxable income (“UBTI”). Published IRS guidance requires that Sub-REIT allocate its EII in accordance with its dividends paid. Accordingly, EII generated by Sub-REIT‘s CLOs is allocated to Parent LLC. Pursuant to the Parent LLC operating agreement, any EII allocated from Sub-REIT to Parent LLC is allocated further to the TRS. Consequently, no EII is allocated to the Company and, as a result, the Company’s shareholders will not be allocated any EII or UBTI by the Company. The tax liability borne by the TRS on the EII is at the highest U.S. federal corporate tax rate (currently 21%). This tax liability is included in the consolidated statements of income (loss) and comprehensive income (loss) and balance sheets of the Company. For the three months ended September 30, 2021 and 2020, the Company recognized $0.2 million and $0.1 million, respectively, of federal, state, and local tax expense. For the nine months ended September 30, 2021 and 2020, the Company recognized $1.4 million and $0.2 million, respectively, of federal, state and local tax expense (benefit). As of September 30, 2021 and 2020, the Company’s effective tax rate was 1.5% and 0.2%, respectively. As of September 30, 2021, the Company had no deferred income tax assets and a $0.2 million deferred income tax liability recorded for the operating activities of the Company’s TRSs. As of December 31, 2020, no deferred income tax assets or liabilities were recorded for the operating activities of the Company’s TRSs. From March 23, 2020 through April 2020, the Company sold all its CRE debt securities with an aggregate face value of $969.8 million, generating gross sales proceeds of $766.4 million. The Company recorded losses from these sales of $203.4 million recognized as expense in Securities Impairments on the consolidated statements of income (loss) and comprehensive income (loss), which are expected to be available to offset any capital gains of the Company in 2020 and, to the extent those capital losses exceed the Company’s capital gains for 2020, such losses would be available to be carried forward to offset capital gains in future years. The Company does not expect these losses to reduce the amount that the Company will be required to distribute under the requirement that the Company distribute to the Company’s stockholders at least 90% of the Company’s REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gain) each year in order to continue to qualify as a REIT.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	(11) Related Party Transactions Management Agreement The Company is externally managed and advised by the Manager pursuant to the terms of a management agreement between the Company and the Manager (as amended, the “Management Agreement”). Pursuant to the Management Agreement, the Company pays the Manager a base management fee equal to the greater of $250,000 per annum ($62,500 per quarter) or 1.50% per annum (0.375% per quarter) of the Company’s “Equity” as defined in the Management Agreement. Net proceeds from the issuance of Series B and Series C Preferred Stock are included in the Company’s Equity for purposes of determining the base management fee using the same daily weighted average method as is utilized for common equity. The base management fee is payable in cash, quarterly in arrears. The Manager is also entitled to incentive compensation which is calculated and payable in cash with respect to each calendar quarter 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, 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, 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. No incentive compensation is payable to the Manager with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters is greater than zero. For purposes of calculating the Manager’s incentive compensation, the Management Agreement specifies that equity securities of the Company or any of the Company’s subsidiaries that are entitled to a specified periodic distribution or have other debt characteristics will not constitute equity securities and will not be included in “Equity” for the purpose of calculating incentive compensation. Instead, the aggregate distribution amount that accrues to such equity securities during the calendar quarter of such calculation will be subtracted from Core Earnings, before incentive compensation for purposes of calculating incentive compensation, unless such distribution is otherwise excluded from Core Earnings. Core Earnings, as defined in the Management Agreement, means the net income (loss) attributable to the holders of the Company’s common stock and Class A common stock (in those periods in which such Class A shares were outstanding) and, without duplication, the holders of the Company’s subsidiaries’ equity securities (other than the Company or any of the Company’s subsidiaries), computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), and excluding (i) non-cash equity compensation expense, (ii) the incentive compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses, including an allowance for credit losses, or other similar non-cash items that are included in net income for the applicable period, regardless of whether such items are included in other comprehensive income or loss or in net income and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the Company’s independent directors. For so long as any shares of Series B Preferred Stock remain issued and outstanding, the Manager agreed to reduce by 50% the base management fee attributable to the Series B Preferred Stock net proceeds included in the Company’s Equity, such that the base management fee rate will equal 0.75% per annum, instead of 1.50% per annum as provided in the Management Agreement. On June 16, 2021, the Company redeemed all 9,000,000 outstanding shares of the Series B Preferred Stock, incorporating the impact of the redemption into its Equity calculation. The reduced base management fee rate will apply until the Series B Preferred Stock issuance and redemption no longer impact the Company’s Equity used to calculate the base management fee payable to its Manager. Management Fees Incurred and Paid for the three and nine months ended September 30, 2021 and 2020 For the three and nine months ended September 30, 2021 and 2020, the Company incurred and paid the following management fees and incentive management fees pursuant to the Management Agreement (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Incurred Management fees $ 5,473 $ 5,293 $ 15,910 $ 15,408 Incentive management fee — — — — Total management and incentive fees incurred $ 5,473 $ 5,293 $ 15,910 $ 15,408 Paid Management fees 5,344 5,115 15,796 12,367 Incentive management fee — — — — Total management and incentive fees paid $ 5,344 $ 5,115 $ 15,796 $ 12,367 Management fees and incentive management fees included in payable to affiliates on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 are $5.5 million and $5.4 million, respectively. No incentive management fee was earned during the three and nine months ended September 30, 2021. Termination Fee A termination fee would be due to the Manager upon termination of the Management Agreement by the Company absent a cause event. The termination fee would also be payable to the Manager upon termination of the Management Agreement 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. Other Related Party Transactions The Manager or its affiliates is responsible for the expenses related to the personnel of the Manager and its affiliates who provide services to the Company. However, the Company does reimburse the Manager for agreed-upon amounts based upon 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. For the three and nine months ended September 30, 2021 and 2020, respectively, the Company reimbursed to the Manager $0.3 million and $0.8 million, respectively, of expenses for services rendered on its behalf by the Manager and its affiliates. For as long as any shares of Series B Preferred Stock remained issued and outstanding, the Manager agreed that it would not seek reimbursement for reimbursable expenses in excess of the greater of (x) $1.0 million per fiscal year and (y) twenty percent (20%) of the Company’s allocable share of such reimbursable expenses pursuant to the Management Agreement per fiscal year. On June 16, 2021, the Company redeemed all 9,000,000 outstanding shares of the Series B Preferred Stock and no shares of Series B Preferred Stock remained outstanding. As a result of the Series B Preferred Stock redemption, this agreement was terminated and there can be no assurance that the Manager will not seek reimbursement of such expenses in future quarters. The Company is required to pay the Manager or its affiliates for documented costs and expenses incurred with third parties by the Manager or its affiliates on behalf of the Company, subject to the Company’s review and approval of such costs and expenses. The Company’s obligation to pay for costs and expenses incurred on its behalf is not subject to a dollar limitation. As of September 30, 2021 and December 31, 2020, $0.0 million and $0.2 million, respectively, remained outstanding and payable to the Manager or its affiliates for third party expenses that were incurred on behalf of the Company. All expenses due and payable to the Manager are reflected in the respective expense category of the consolidated statements of income (loss) and comprehensive income (loss) or consolidated balance sheets based on the nature of the item. In connection with the Series C Preferred Stock issuance as described in Note 13, the Company paid TPG Capital BD, LLC a $ million underwriting discount and commission for its services as joint bookrunner during the three months ended June 30, 2021 . The underwriting discount and commission was settled net of the preferred stock issuance proceeds and recorded as a reduction to additional paid-in-capital in the Company’s consolidated statement of changes in equity at closing.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share	(12) Earnings per Share The Company calculates its basic and diluted earnings (loss) per share using the two-class method for all periods presented, In connection with the issuance of Series B Preferred Stock and the Warrants described in Note 13, the Company elected the accreted redemption value method whereby the discount created based on the relative fair value of the Warrants to the fair value of the Series B Preferred Stock and the related issuance costs were to be accreted as a non-cash dividend on preferred stock over four years using the effective interest method. Such adjustments are included in Accretion of Discount on Series B Cumulative Redeemable Preferred Stock on the Company’s consolidated statements of changes in equity and treated as a deemed dividend on preferred stock for GAAP On June 16, 2021, the Company redeemed all 9,000,000 outstanding shares of Series B Preferred Stock, made a make-whole payment of $22.5 million and wrote-off $22.5 million of unamortized discount, including the unamortized amounts related to the allocated Warrant fair value and transaction costs. The Series B Preferred Stock make-whole payment and write-off of unamortized discount are included in the Company’s consolidated statements of changes in equity and described in Note 13 and are not recognized as an expense for purposes of calculating either taxable income or the Company’s minimum distribution requirement for purposes of maintaining its REIT status. The computation of diluted earnings per common share is based on the weighted average number of participating securities outstanding plus the incremental shares that would be outstanding assuming exercise of the Warrants. The number of incremental common shares is calculated utilizing the treasury stock method. For the three and nine months ended September 30, 2021, the Warrants are included in the calculation of diluted earnings per common share because the Company generated earnings on a per common share basis, and the average market price of the Company’s common stock during the three and nine months ended September 30, 2021 was $12.80 and $12.20, respectively, which exceeds the strike price of $7.50 per common share for Warrants currently outstanding. The following table sets forth the calculation of basic and diluted earnings per common share based on the weighted-average number of shares of common stock outstanding for the three and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income (loss) $ 29,325 $ 38,447 $ 93,672 $ (151,415 ) Preferred stock dividends (1) (3,157 ) (6,217 ) (16,081 ) (8,474 ) Participating securities' share in earnings (loss) (122 ) (101 ) (416 ) (494 ) Series B preferred stock redemption make-whole payment (2) — — (22,485 ) — Series B preferred stock accretion and write-off of discount, including allocated warrant fair value and transaction costs (3) — (1,347 ) (25,449 ) (1,790 ) Net income (loss) attributable to common stockholders $ 26,046 $ 30,782 $ 29,241 $ (162,173 ) Weighted average common shares outstanding, basic 77,060,225 76,756,411 76,952,306 76,622,415 Incremental shares of common stock issued from the assumed exercise of the warrants 4,968,750 1,498,250 4,622,951 — Weighted average common shares outstanding, diluted 82,028,975 78,254,661 $ 81,575,257 $ 76,622,415 Earnings (loss) per common share, basic (4) $ 0.34 $ 0.40 $ 0.38 $ (2.13 ) Earnings (loss) per common share, diluted (4) $ 0.32 $ 0.39 $ 0.36 $ (2.13 ) (1) Includes preferred stock dividends declared and paid for Series A preferred stock, Series C Preferred Stock, and Series B Preferred Stock shares outstanding for the three and nine months ended September 30, 2021 and 2020, respectively. $0.04 (2) Represents the make-whole payment to the holder of the Series B Preferred Stock for an amount equal to the present value of all remaining dividend payments due on such share of Series B Preferred Stock from and after the redemption date (and not including any declared or paid dividends or accrued dividends prior to such redemption date) through the second anniversary of the original issue date, computed in accordance with the terms of the Articles Supplementary. See Note 13 to these consolidated financial statements for details. (3) Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs includes amounts recorded as deemed dividends and the write-off of unamortized transaction costs and the unaccreted portion of the allocated Warrant fair value related to the Company’s Series B Preferred Stock. For the nine months ended September 30, 2021, the write-off of unamortized transaction costs and unaccreted allocated Warrant fair value was $22.5 million. (4) Basic and diluted (loss) earnings per common share are computed independently based on the weighted-average shares of common stock outstanding. Diluted (loss) earnings per common share also includes the impact of participating securities outstanding plus any incremental shares that would be outstanding assuming the exercise of the Warrants. Accordingly, the sum of the quarterly (loss) earnings per common share amounts may not agree to the total for the nine months ended September 30, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders Equity Note [Abstract]
Stockholders' Equity	(13) Stockholders’ Equity Series C Cumulative Redeemable Preferred Stock On June 14, 2021, the Company received net proceeds of $194.4 million from the sale of the 8,050,000 shares of Series C Preferred Stock after deducting the underwriting discount and commissions of $6.3 million and issuance costs of $0.6 million. The Company used the net proceeds from the offering to partially fund the redemption of all of the outstanding shares of the Company’s Series B Preferred Stock. The Series C Preferred Stock is currently listed on the NYSE under the symbol “TRTX PRC.” The Company’s Series C Preferred Stock has a liquidation preference of $25.00 per share. When, as, and if authorized by the Company’s board of directors and declared by the Company, dividends on Series C Preferred Stock will be payable quarterly in arrears on or about March 30, June 30, September 30, and December 30 of each year at a rate per annum equal to 6.25% per annum of the $25.00 per share liquidation preference. Dividends on the Series C Preferred Stock are cumulative. The first dividend on the Series C Preferred Stock was payable on September 30, 2021, and covered the period from, and including, June 14, 2021 to, but not including, September 30, 2021 and was in the amount of $0.4601 per share. On and after June 14, 2026, the Company, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the Series C Preferred Stock, in whole, at any time, or in part, from time to time, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) on such shares of Series C Preferred Stock to, but not including, the redemption date (other than any dividend with a record date before the applicable redemption date and a payment date after the applicable redemption date, which shall be paid on the payment date notwithstanding prior redemption of such shares. Upon the occurrence of a Change of Control event, the holders of Series C Preferred Stock have the right to convert their shares solely into common stock at their request and do not have the right to request that their shares convert into cash or a combination of cash and common stock. The Company, upon the occurrence of a Change of Control event, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the shares of Series C Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date (other than any dividend with a record date before the applicable redemption date and a payment date after the applicable redemption date, which will be paid on the payment date notwithstanding prior redemption of such shares). Holders of Series C Preferred Stock will not have any voting rights except as set forth in the Articles Supplementary. Series B Cumulative Redeemable Preferred Stock and Warrants to Purchase Shares of Common Stock On May 28, 2020, the Company entered into an Investment Agreement (the “Investment Agreement”) with PE Holder L.L.C., a Delaware limited liability company (the “Purchaser”), an affiliate of Starwood Capital Group Global II, L.P., under which the Company agreed to issue and sell to the Purchaser up to 13,000,000 shares of 11.0% Series B Preferred Stock, par value $0.001 per share (plus any additional such shares paid as dividends pursuant to the Articles Supplementary, the “Series B Preferred Stock”), and Warrants to purchase, in the aggregate, up to 15,000,000 shares (subject to adjustment) of the Company’s Common Stock, for an aggregate cash purchase price of up to $325,000,000. Such purchases could occur in up to three tranches prior to December 31, 2020. The Investment Agreement contains market standard provisions regarding board representation, voting agreements, rights to information, and a standstill agreement and registration rights agreement regarding common stock acquired via exercise of Warrants. At closing, the Purchaser acquired the initial tranche consisting of 9,000,000 shares of Series B Preferred Stock and Warrants to purchase up to 12,000,000 shares of Common Stock, for an aggregate price of $225.0 million. The Company allowed its option to issue additional shares of Series B Preferred Stock to expire unused. Series B Preferred Stock The Company’s Series B Preferred Stock had a liquidation preference of $25.00 per share over all other classes of the Company’s equity other than Series A preferred stock, which had liquidation preference over the Series B Preferred Stock. Series B Preferred Stock bore a dividend at 11% per annum, accrued daily and compounded semi-annually, which was payable quarterly in cash; provided that up to 2.0% per annum of the liquidation preference could be paid, at the option of the Company, in the form of additional shares of Series B Preferred Stock. On June 16, 2021, the Company redeemed all 9,000,000 outstanding shares of the Series B Preferred Stock at an aggregate redemption price of approximately $247.5 million. Dividends on all shares of Series B Preferred Stock were paid in full as of the redemption date. As a result of the redemption, dividends will no longer accrue or be declared on any shares of Series B Preferred Stock, and no shares of Series B Preferred Stock remain outstanding. In connection with the redemption, the Company made a make-whole payment to the holder of the Series B Preferred Stock of $22.5 million equal to the present value of all remaining dividend payments due on such shares of Series B Preferred Stock from and after the redemption date (and not including any declared or paid dividends or accrued dividends prior to such redemption date) through the second anniversary of the original issue date, computed in accordance with the terms of the Articles Supplementary. This make-whole payment is recorded as Series B Preferred Stock Redemption Make-Whole Payment on the Company’s consolidated statements of changes in equity. Additionally, the Company accelerated the accretion of $22.5 million related to the remaining unamortized discount, including the unamortized allocated Warrant fair value and transactions costs, which was included in Series B Preferred Stock Accretion of Discount, including Allocated Warrant Fair Value and Transaction Costs on the Company’s consolidated statements of changes in equity. Neither the make-whole payment nor the write-off of unamortized discount are recognized as expense for purposes of calculating either taxable income or the Company’s minimum distribution requirement for purposes of maintaining its qualification as a REIT. Warrants to Purchase Common Stock The Warrants have an initial exercise price of $7.50 per share. The exercise price of the Warrants and shares of Common Stock issuable upon exercise of the Warrants are subject to customary adjustments. The Warrants are exercisable only on a net settlement basis and expire on May 28, 2025. The Warrants are classified as equity and were initially recorded at their estimated fair value of $14.4 million with no subsequent remeasurement. None of the Warrants have been exercised as of September 30, 2021. On the issuance date, the Company retained third party valuation experts to assist with estimating the fair value of the Series B Preferred Stock and the Warrants using a binomial lattice model. Based on the Warrants’ relative fair value to the fair value of the Series B Preferred Stock, approximately $14.4 million of the $225.0 million proceeds was allocated to the Warrants, creating a corresponding preferred stock discount in the same amount. The Company elected the accreted redemption value method whereby this discount was accreted over four years using the effective interest method, resulting in an increase in the carrying value of the Series B Preferred Stock. Additionally, $14.2 million of costs directly related to the issuance was accreted using the effective interest method. Such adjustments were included in Accretion of Discount on Series B Cumulative Redeemable Preferred Stock on the Company’s consolidated statements of changes in equity and treated similarly to a dividend on preferred stock for GAAP purposes, but only the accretion of the Warrant allocated fair value was treated as a dividend for income tax purposes. On June 16, 2021, the Company redeemed all 9,000,000 outstanding shares of the Series B Preferred Stock and no shares of Series B Preferred Stock are outstanding as of June 30, 2021. As a result of the Series B Preferred Stock redemption, $11.2 million of unamortized transaction costs and $11.3 million of unaccreted discount related to the Warrants were written off, and included in Series B Preferred Stock Accretion of Discount, including Allocated Warrant Fair Value and Transaction Costs on the Company’s consolidated statements of changes in equity. Conversion of Class A Shares Between January 22, 2020 and January 24, 2020, the Company received requests to convert all of the outstanding shares of the Company’s Class A common stock into shares of the Company’s common stock. Accordingly, all of the outstanding shares of the Company’s Class A common stock were retired and returned to the authorized but unissued shares of Class A common stock of the Company, and the holders of shares of the Class A common stock were issued an aggregate of 1,136,665 shares of the Company’s common stock. On February 14, 2020, the Company filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland to reclassify and designate all 2,500,000 authorized but unissued shares of the Company’s Class A common stock as additional shares of undesignated common stock of the Company. The Articles Supplementary became effective upon filing on February 14, 2020. As a result, as of September 30, 2021, there are no shares of the Company’s Class A common stock authorized or outstanding. Equity Distribution Agreement On March 7, 2019, the Company and the Manager entered into an equity distribution agreement with each of Citigroup Global Markets Inc., J.P. Morgan Securities LLC, JMP Securities LLC, Wells Fargo Securities, LLC and TPG Capital BD, LLC (each a “Sales Agent” and, collectively, the “Sales Agents”) relating to the issuance and sale by the Company of shares of its common stock pursuant to a continuous offering program. In accordance with the terms of the equity distribution agreement, the Company may, at its discretion and from time to time, offer and sell shares of its common stock having an aggregate gross sales price of up to $125.0 million through the Sales Agents, each acting as the Company’s agent. The offering of shares of the Company’s common stock pursuant to the equity distribution agreement will terminate upon the earlier of (1) the sale of shares of the Company’s common stock subject to the equity distribution agreement having an aggregate gross sales price of $125.0 million and (2) the termination of the equity distribution agreement by the Sales Agents or the Company at any time as set forth in the equity distribution agreement. As of September 30, 2021, cumulative gross proceeds issued under the equity distribution agreement totaled $50.9 million, leaving $74.1 million available for future issuance subject to the direction of management, and market conditions. Each Sales Agent will be entitled to commissions in an amount not to exceed 1.75% of the gross sales prices of shares of the Company’s common stock sold through it, as the Company’s agent. For the three and nine months ended September 30, 2021, the Company sold no shares of common stock under this arrangement. For the nine months ended September 30, 2020, the Company sold 0.6 million shares of common stock at a weighted average price per share of $20.53 for gross proceeds of $12.9 million, and paid commissions totaling $0.2 million. Dividends Upon the approval of the Company’s Board of Directors, the Company accrues dividends. Dividends are 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, then to the holder of the Company’s Series B Preferred Stock at the rate of 11.0% per annum of the $25.00 per share liquidation preference and to the holders of the Company’s Series C Preferred Stock at the rate of 6.25% per annum of the $25.00 per share liquidation preference, and then to the holders of the Company’s common stock, in each case, to the extent outstanding. 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. The Board of Directors will determine whether to pay future dividends, entirely in cash, or in a combination of stock and cash based on facts and circumstances at the time such decisions are made. On September 13, 2021 , the Company’s Board of Directors declared and approved a cash dividend of $ 0.24 per share of common stock, or $ 18.6 million in the aggregate, for the third quarter of 2021. The common stock dividend was paid on October 22, 2021 to the holders of record of the Company’s common stock as of September 29, 2021 . On September 13, 2021, the Company’s Board of Directors declared a cash dividend of $0.4601 per share of Series C Preferred Stock, or $3.7 million in the aggregate, for the period from issuance to, but not including, September 30, 2021. The Series C Preferred Stock dividend was paid on September 30, 2021 to the preferred stockholders of record as of September 20, 2021. On September 15, 2020, the Company’s Board of Directors declared and approved a cash dividend of $0.20 per share of common stock, or $15.4 million in the aggregate, for the third quarter of 2020. The common stock dividend was paid on October 23, 2020 to the holders of record of the Company’s common stock as of September 25, 2020. On September 15, 2020, the Company’s Board of Directors declared a cash dividend of $0.69 per share of Series B Preferred Stock, or $6.2 million in the aggregate, for the third quarter of 2020. The Series B Preferred Stock dividend was paid on September 30, 2020 to the holder of record of the Series B Preferred Stock as of September 15, 2020. For the nine months ended September 30, 2021 and 2020, common stock dividends of $49.6 million and $64.1 million, respectively, were declared and approved. As of September 30, 2021 and December 31, 2020, common stock dividends of $18.6 million and $29.5 million, respectively, were unpaid and are reflected in dividends payable on the Company’s consolidated balance sheets.

Share-Based Incentive Plan

Share-Based Incentive Plan	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Incentive Plan	(14) Share-Based Incentive Plan The Company does not have any employees. As of September 30, 2021, certain individuals employed by an affiliate of the Manager and certain members of the Company’s Board of Directors were compensated, in part, through the issuance of share-based instruments. The Company’s Board of Directors has adopted, and the Company’s stockholders have approved, the TPG RE Finance Trust, Inc. 2017 Equity Incentive Plan (the “Incentive Plan”). The Incentive Plan 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 Manager 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 Incentive Plan is 4,600,463. The Incentive Plan will automatically expire on the tenth anniversary of its effective date, unless terminated earlier by the Company’s Board of Directors. Generally, the shares vest in installments over a four-year Vesting Year Shares of Common Stock 2021 418,345 2022 183,030 2023 145,873 2024 89,548 Total 836,796 As of September 30, 2021, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $5.6 million. This cost is expected to be recognized over a weighted average period of

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(15) Commitments and Contingencies Impact of COVID-19 Due to the current COVID-19 pandemic in the United States and globally, the Company’s borrowers and their tenants, the properties securing the Company’s investments, and the economy as a whole have been, and may continue to be, adversely impacted. The magnitude and duration of COVID-19 and its impact on the Company’s borrowers and their tenants, cash flows and future results of operations could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and its variants, the availability of a treatment or effectiveness of vaccines approved for COVID-19, the distribution of COVID-19 vaccines and wide disparity of global vaccination rates, and reactions by consumers, companies, governmental entities and capital markets. Certain of the adverse impacts from the COVID-19 pandemic to the commercial real estate industry will only be known once firms and employees return to the workplace. The prolonged duration and impact of COVID-19 has and could further materially disrupt the Company’s business operations and impact its financial performance. Unfunded Commitments As part of its lending activities, the Company commits to certain funding obligations which are not advanced at closing and that have not been recognized in the Company’s consolidated financial statements. These commitments to extend credit are made as part of the Company’s portfolio of loans held for investment. The aggregate amount of unrecognized unfunded loan commitments existing as of September 30, 2021 and December 31, 2020 was $486.7 million and $423.5 million, respectively. The Company recorded an allowance for credit losses on loan commitments that are not unconditionally cancellable by the Company of $4.9 million and $2.9 million as of September 30, 2021 and December 31, 2020 which is included in accrued expenses and other liabilities on the Company’s consolidated balance sheets. Litigation From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. The Company establishes an accrued liability for loss contingencies when a settlement arising from a legal proceeding is both probable and reasonably estimable. If a legal matter is not probable and reasonably estimable, no such liability is recorded. Examples of this include (i) early stages of a legal proceeding, (ii) damages that are unspecified or cannot be determined, (iii) discovery has not started or is incomplete or (iv) there is uncertainty as to the outcome of pending appeals or motions. If these items exist, an estimated range of potential loss cannot be determined and as such the Company does not record an accrued liability. As of September 30, 2021 and December 31, 2020, the Company was not involved in any material legal proceedings and has not recorded an accrued liability for loss contingencies.

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2021
Risks And Uncertainties [Abstract]
Concentration of Credit Risk	(16) Concentration of Credit Risk Property Type A summary of the Company’s loans held for investment portfolio by property type as of September 30, 2021 and December 31, 2020 based on total loan commitment and current unpaid principal balance (“UPB”) is as follows (dollars in thousands): September 30, 2021 Property type Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Office $ 2,778,523 $ 386,673 53.1 % $ 2,391,850 50.2 % Multifamily 1,249,025 68,246 23.8 1,181,078 24.8 Hotel 584,943 5,000 11.2 582,792 12.3 Mixed-Use 572,069 24,601 10.9 547,468 11.5 Retail 33,000 2,143 0.6 31,200 0.7 Condominium 23,009 — 0.4 23,009 0.5 Total $ 5,240,569 $ 486,663 100.0 % $ 4,757,397 100.0 % December 31, 2020 Property type Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Office $ 2,756,338 $ 356,034 55.7 % $ 2,400,304 53.0 % Multifamily 804,838 24,001 16.3 781,137 17.3 Hotel 737,293 9,864 14.9 731,487 16.2 Mixed-Use 586,993 31,398 11.9 555,595 12.3 Condominium 25,049 — 0.5 25,049 0.6 Retail 33,000 2,190 0.7 31,153 0.7 Total $ 4,943,511 $ 423,487 100.0 % $ 4,524,725 100.0 % Loan commitments represent principal commitments made by the Company, and do not include capitalized interest resulting from certain loan modifications of $3.5 million and $4.7 million as of September 30, 2021 and December 31, 2020, respectively. 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 total loan commitment and current UPB as of September 30, 2021 and December 31, 2020 is as follows (dollars in thousands): September 30, 2021 Geographic region Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB East $ 2,085,852 $ 114,305 39.8 % $ 1,972,717 41.5 % South 1,313,895 96,114 25.1 1,218,757 25.6 West 1,238,618 220,415 23.6 1,019,248 21.4 Midwest 602,204 55,829 11.5 546,675 11.5 Total $ 5,240,569 $ 486,663 100.0 % $ 4,757,397 100.0 % December 31, 2020 Geographic region Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB East $ 2,009,022 $ 152,487 40.6 % $ 1,856,535 41.0 % South 1,289,141 97,405 26.1 1,192,852 26.4 West 1,128,897 121,738 22.8 1,009,589 22.3 Midwest 428,351 49,478 8.7 379,173 8.4 Various 88,100 2,379 1.8 86,576 1.9 Total $ 4,943,511 $ 423,487 100.0 % $ 4,524,725 100.0 % Loan commitments represent principal commitments made by the Company, and do not include capitalized interest resulting from certain loan modifications of $3.5 million and $4.7 million as of September 30, 2021 and December 31, 2020, respectively. Category A summary of the Company’s loans held for investment portfolio by loan category as of September 30, 2021 and December 31, 2020 based on total loan commitment and current UPB is as follows (dollars in thousands): September 30, 2021 Loan category Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Moderate Transitional $ 1,945,826 $ 326,944 37.1 % $ 1,620,054 34.1 % Light Transitional 1,700,225 129,504 32.4 1,570,720 33.0 Bridge 1,559,518 30,215 29.8 1,531,623 32.2 Construction 35,000 — 0.7 35,000 0.7 Total $ 5,240,569 $ 486,663 100.0 % $ 4,757,397 100.0 % December 31, 2020 Loan category Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Light Transitional $ 1,937,644 $ 173,518 39.2 % $ 1,764,126 39.0 % Moderate Transitional 1,633,131 224,532 33.0 1,410,145 31.2 Bridge 1,337,736 22,953 27.1 1,317,938 29.1 Construction 35,000 2,484 0.7 32,516 0.7 Total $ 4,943,511 $ 423,487 100.0 % $ 4,524,725 100.0 % Loan commitments represent principal commitments made by the Company, and do not include capitalized interest resulting from certain loan modifications of $3.5 million and $4.7 million as of September 30, 2021 and December 31, 2020, respectively. Impact of COVID-19 on Concentration of Credit Risk The potential negative impacts on the Company’s business caused by COVID-19 may be heightened by the fact that the Company is not required to observe specific diversification criteria, which means that the Company’s investments may be concentrated in certain property types, geographical areas or loan categories that are more adversely affected by COVID-19 than other property types, geographical areas or loan categories. For example, certain of the loans in the Company’s loan portfolio are secured by office buildings, hotels and retail properties. Federal and state mandates implemented to control the spread of COVID-19, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, quarantines and shelter-in-place orders, have in the past and may in the future negatively impact the hotel and retail industries, which could adversely affect the Company’s investments in assets secured by properties that operate in these industries. Also, changes in how certain types of commercial properties are used while maintaining social distancing and other techniques intended to control the impact of COVID-19 (for example, office buildings may be adversely impacted by a possible reversal in the recent trend toward increased densification of office space, or a preference by office users for suburban properties less reliant on public transportation to safely deliver their employees to and from the workplace) have and are likely to impact our investments secured by these properties. Additional regional surges in infection rates due to COVID-19 variants, reversed re-openings, uncertainty regarding the effectiveness of vaccines approved for COVID-19 or booster for some, or high proportions of vaccine hesitancy in certain regions, could adversely affect the Company’s loan investments secured by properties in these regions so impacted.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	(17) Subsequent Events The following events occurred subsequent to September 30, 2021: • The Company closed, or is in the process of closing, eight first mortgage loans with a total loan commitment amount of $539.2 million and initial fundings of $465.3 million. • From October 1, 2021 through November 2, 2021, the Company received full loan repayments related to three of its first mortgage loans with a total loan commitment and unpaid principal balance of $262.2 million and $257.1 million, respectively. The first mortgage loans were secured by the following property types (as a percentage of total loan commitments repaid): 85.7% mixed-use and 14.3% multifamily. • On October 4, 2021, the Company closed the sale of a performing hotel loan classified as held for sale as of September 30, 2021. The Company sold the first mortgage loan at par, before including the impact of transaction costs. As of September 30, 2021, the hotel loan had a risk rating of 4.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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, consolidated variable interest entities for which the Company is the primary beneficiary, and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. The Company believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing the consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim consolidated financial statements should be read in conjunction with the Company’s Form 10-K filed with the SEC on February 24, 2021.
Reclassifications	Reclassifications Certain amounts in the Company’s prior period consolidated financial statements have been reclassified to conform to the presentation of the Company’s current period consolidated financial statements. These reclassifications had no effect on the Company’s previously reported net income (loss) or total assets in the consolidated statements of income (loss) and comprehensive income (loss) and consolidated balance sheets, respectively. Prior period amounts related to preferred stock dividends and participating securities’ share in earnings (loss) were reclassified to conform with the current period presentation of net (loss) income attributable to common stockholders in the consolidated statements of income (loss) and comprehensive income (loss). Additionally, amounts related to collateralized loan obligation proceeds held at trustee were reclassified from accounts receivable from servicer/trustee in prior period consolidated balance sheets to conform with the current period presentation.
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 interim 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, the adequacy of our allowance for credit losses and the valuation inputs related thereto and the valuation of financial instruments. Actual amounts and values as of the balance sheet dates may be materially different than the amounts and values reported due to the inherent uncertainty in the estimation process and the reduced availability of observable pricing inputs due to market dislocation resulting from the coronavirus pandemic (“COVID-19”). Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date and the limited availability of observable prices.
Risks and Uncertainties	Risks and Uncertainties COVID-19 has had an adverse impact on economic and market conditions and triggered a period of global economic slowdown which has and could continue to have a material adverse effect on the Company’s results and financial condition. As a result of the approval of multiple COVID-19 vaccines for use and the distribution of such vaccines among the general population, many jurisdictions have re-opened and loosened restrictions. However, wide disparities in vaccination rates and continued vaccine hesitancy, combined with the emergence of COVID-19 variants and surges in COVID-19 cases, could trigger the reinstatement of restrictions. Such restrictions could include travel restrictions, reduced business operations and social distancing requirements, which could dampen or delay any economic recovery. Although the Company has observed signs of economic recovery, they are uneven, and the Company cannot predict the time required for a widespread sustainable economic recovery to take place. The full impact of COVID-19 on the real estate industry, the credit markets and consequently on the Company’s financial condition and results of operations is uncertain and cannot be predicted currently since it depends on factors beyond the control of the Company including, but not limited to (i) the uncertainty surrounding the severity and duration of the outbreak, including possible recurrences and differing economic and social impacts of the outbreak in various regions of the United States, (ii) the effectiveness of the United States public health response, (iii) the pandemic’s impact on the United States and global economies, (iv) the availability of a treatment and effectiveness of vaccines approved for COVID-19 and the willingness of individuals to get vaccinated, (v) changes in how certain types of commercial property are used while maintaining social distancing and other techniques intended to control the impact of COVID-19, (vi) the impact of phase out of economic stimulus measures, the inflationary pressure of economic stimulus, and the eventual halt and reversal by the U.S. Treasury of asset purchases and (vii) the impact on the Company’s borrowers, real estate values and cost of capital.
Principles of Consolidation	Principles of Consolidation Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810— Consolidation (“ASC 810”) At each reporting date, the Company reconsiders its primary beneficiary conclusions for all its VIEs 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 in accordance with GAAP. See Note 6 for details.
Revenue Recognition	Revenue Recognition Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for expected or realized credit losses, 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. Premiums, discounts, and origination fees are amortized or accreted into interest income over the lives of the loans using the interest method, or on a straight-line basis when it approximates the interest method. Extension and modification fees are accreted into interest income on a straight-line basis, when it approximates the interest method, over the related extension or modification period. Exit fees are accreted into interest income on a straight-line basis, when it approximates the interest method, over the lives of the loans to which they relate unless they can be waived by the Company or a co-lender in connection with a loan refinancing, or if timely collection of principal and interest is doubtful. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s loan investments have in the past, and may in the future, provide for additional interest based on the borrower’s operating cash flow or appreciation in the value of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon certainty of collection. Certain of the Company’s loan investments have in the past, and may in the future, provide for the accrual of interest (in part, or in whole) instead of its current payment in cash, with the accrued interest (“PIK interest”) added to the unpaid principal balance of the loan. Such PIK interest is recognized currently as interest income unless the Company concludes eventual collection is unlikely, in which case the PIK interest is written off. All interest accrued but not received for loans placed on non-accrual status is subtracted from interest income at the time the loan is placed on non-accrual status . Based on the Company’s judgment as to the collectability of principal, a loan on non-accrual status is either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for interest payments, or on a cost-recovery basis, where all cash receipts reduce the 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 repayment, are reported at their outstanding principal balances net of cumulative charge-offs, interest applied to principal (for loans accounted for using the cost recovery method), unamortized premiums, discounts, loan origination fees and costs. 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 basis when it approximates the interest method, adjusted for actual prepayments. Accrued but not yet collected interest is separately reported as accrued interest and fees receivable on the Company’s consolidated balance sheets.
Non-Accrual Loans	Non-Accrual Loans Loans are placed on non-accrual status when the full and timely collection of principal and interest is doubtful, generally when: management determines that the borrower is incapable of, or has ceased efforts toward, curing the cause of a default; the loan becomes 90 days or more past due for principal and interest; or the loan experiences a maturity default. The Company considers an account past due when an obligor fails to pay substantially all (defined as 90%) of the scheduled contractual payments by the due date. In each case, the period of delinquency is based on the number of days payments are contractually past due. A loan may be returned to accrual status if all delinquent principal and interest payments are brought current, and collectability of the remaining principal and interest payments in accordance with the loan agreement is reasonably assured. Loans that in the judgment of the Company’s external manager, TPG RE Finance Trust Management, L.P., a Delaware limited partnership (the “Manager”), are adequately secured and in the process of collection are maintained on accrual status, even if they are 90 days or more past due.
Troubled Debt Restructurings	Troubled Debt Restructurings A loan is accounted for and reported as a troubled debt restructuring (“TDR”) when, for economic or legal reasons, the Company grants a concession to a borrower experiencing financial difficulty that the Company would not otherwise consider. The Company does not consider a restructuring that includes an insignificant delay in payment as a concession. A delay may be considered insignificant if the payments subject to the delay are insignificant relative to the unpaid principal balance of the loan or collateral value, and the contractual amount due, or the delay in timing of the restructured payment period, is insignificant relative to the frequency of payments, the debt’s original contractual maturity or original expected duration. TDRs that are performing and on accrual status as of the date of the modification remain on accrual status. TDRs that are non-performing as of the date of modification usually remain on non-accrual status until the prospect of future payments in accordance with the modified loan agreement is reasonably assured, which is generally demonstrated when the borrower maintains compliance with the restructured terms for a predetermined period. TDRs with temporary below-market concessions remain designated as a TDR regardless of the accrual or performance status until the loan is paid off. However, if the TDR loan has been modified in a subsequent restructure with market terms and the borrower is not currently experiencing financial difficulty, then the loan may be de-designated as a TDR.
Loans Held for Sale	Loans Held for Sale
Allowance for Credit Losses for Loans Held for Investment	Credit Losses Allowance for Credit Losses for Loans Held for Investment On January 1, 2020, the Company adopted Accounting Standard Update (“ASU”) 2016-13, Financial Instruments-Credit Losses, and subsequent amendments, which replaced the incurred loss methodology with an expected loss model known as the Current Expected Credit Loss ("CECL") model. The initial CECL reserve recorded on January 1, 2020 is reflected as a direct charge to retained earnings on the Company’s consolidated statements of changes in equity. Subsequent changes to the CECL reserve are recognized through net income on the Company’s consolidated statements of income (loss) and comprehensive income (loss). The allowance for credit losses measured under the CECL accounting framework represents an estimate of current expected losses for the Company’s existing portfolio of loans held for investment, and is presented as a valuation reserve on the Company’s consolidated balance sheets. Expected credit losses related to non-cancelable unfunded loan commitments are accounted for as separate liabilities included in accrued expenses and other liabilities on the consolidated balance sheets. The allowance for credit losses for loans held for investment, as reported in the Company’s consolidated balance sheets, is adjusted by a credit loss benefit (expense), which is reported in earnings in the consolidated statements of income (loss) and comprehensive income (loss) and reduced by the charge-off of loan amounts, net of recoveries and additions related to purchased credit-deteriorated (“PCD”) assets, if relevant. The allowance for credit losses includes a modeled component and an individually-assessed component. The Company has elected to not measure an allowance for credit losses on accrued interest receivables related to all of its loans held for investment because it writes off uncollectable accrued interest receivable in a timely manner pursuant to its non-accrual policy, described above. The Company considers key credit quality indicators in underwriting loans and estimating credit losses, including but not limited to: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; debt service and coverage ratio; the Company’s risk rating for the same and similar loans; and prior experience with the borrower and sponsor. This information is used to assess the financial and operating capability, experience and profitability of the sponsor/borrower. Ultimate repayment of the Company’s loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement short-term or long-term financing. The loans in the Company’s commercial mortgage loan portfolio are secured by collateral of the following property types: office (including life science-related properties); multifamily; hotel; mixed-use; condominium; and retail. The Company’s loans are typically collateralized by real estate, or in the case of mezzanine loans, by a partnership interest or similar equity interest in an entity that owns real estate. The Company regularly evaluates on a loan-by-loan basis, typically no less frequently than quarterly, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, and the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial strength of loan guarantors, if any, and the borrower’s competency in managing and operating the property or properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including, to the extent available (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. Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is LTV structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geography, 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, the Company’s 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, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5- Default/Possibility of Loss—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; significant risk of principal loss. The Company generally assigns a risk rating of “3” to all loan investments originated during the most recent quarter, except in the case of specific circumstances warranting an exception. The Company’s CECL reserve also reflects its estimation of the current and future economic conditions that impact the performance of the commercial real estate assets securing the Company’s loans. These estimations include unemployment rates, inflation rates, interest rates, price indices for commercial property, current and expected future availability of liquidity in the commercial property debt and equity capital markets, and other macroeconomic factors that may influence the likelihood and magnitude of potential credit losses for the Company’s loans during their anticipated term. The Company licenses certain macroeconomic financial forecasts to inform its view of the potential future impact that broader economic conditions may have on its loan portfolio’s performance. Selection of the economic forecast or forecasts used, in conjunction with loan level inputs, to determine the CECL reserve requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty. The actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented. Due to the COVID-19 pandemic and the dislocation it has caused to the national economy, the commercial real estate markets, and the capital markets, the Company’s ability to estimate key inputs for estimating the allowance for credit losses remains materially and adversely impacted. Key inputs to the estimate include, but are not limited to, LTV, debt service coverage ratio, current and future operating cash flow and performance of collateral properties, the financial strength and liquidity of borrowers and sponsors, capitalization rates and discount rates used to value commercial real estate properties, and market liquidity based on market indices or observable transactions involving the sale or financing of commercial properties. Estimates made by management are necessarily subject to change due to the limited number of observable inputs and uncertainty regarding the duration of the COVID-19 pandemic and its aftereffects.
Credit Loss Measurement	Credit Loss Measurement The amount of allowance for credit losses is influenced by the size of the Company’s loan portfolio, loan asset quality, risk rating, delinquency status, historic loss experience and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The Company employs two methods to estimate credit losses in its loan portfolio: a loss-given-default (“LGD”) model-based approach utilized for substantially all of its loans; and an individually-assessed approach for loans that the Company concludes are ill-suited for use in the model-based approach, or are individually-assessed based on accounting guidance contained in the CECL framework. Once the expected credit loss amount is determined, an allowance for credit losses equal to the calculated expected credit loss is established. Consistent with ASC Topic 326, Financial Instruments-Credit Losses Allowance for Credit Losses for Loans Held for Investment – Model-Based Approach The model-based approach to measure the allowance for credit losses relates to loans which are not individually-assessed. The Company licenses from Trepp, LLC historical loss information, incorporating loan performance data for over 120,000 commercial real estate loans dating back to 1998, in an analytical model to compute statistical credit loss factors (i.e., probability-of-default, loss severity, and loss-given-default). These statistical credit loss factors are utilized together with individual loan information to estimate the allowance for credit losses. This methodology considers the unique characteristics of the Company’s commercial mortgage loan portfolio and individual assets within the portfolio by considering individual loan risk ratings, delinquency statuses and other credit trends and risk characteristics. Further, the Company incorporates its expectations about the impact of current conditions and reasonable and supportable forecasts on expected future credit losses in deriving its estimate. For the period beyond which the Company is able to make reasonable and supportable forecasts, the Company reverts to unadjusted historical loan loss information. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense. Allowance for Credit Losses for Loans Held for Investment – Individually-Assessed Approach In instances where the unique attributes of a loan investment render it ill-suited for the model-based approach because it no longer shares risk characteristics with other loans, or because the Company concludes repayment of the loan is entirely collateral-dependent, or when it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan, the Company separately evaluates the amount of expected credit loss using other real estate valuation techniques, considering substantially the same credit factors as utilized in the model-dependent method. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral, if repayment is expected solely from the collateral, as determined by management using valuation techniques, frequently discounted cash flow. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than the operation) of the collateral.
Unfunded Loan Commitments	Unfunded Loan Commitments The Company’s first mortgage loans often contain provisions for future funding conditioned upon the borrower’s execution of its business plan with respect to the underlying collateral property securing the loan. These deferred fundings are typically for base building work, tenant improvement costs and leasing commissions, interest reserves, and occasionally to fund forecasted operating deficits during lease-up. These deferred funding commitments may be for specific periods, often require satisfaction by the borrower of conditions precedent, and may contain termination clauses at the option of the borrower or, more rarely, at the Company’s option. The total amount of unfunded commitments does not necessarily represent actual amounts that may be funded in cash in the future, since commitments may expire without being drawn, may be cancelled if certain conditions are not satisfied by the borrower, or borrowers may elect not to borrow some or all of the unused commitment. The Company does not recognize these unfunded loan commitments in its consolidated financial statements. The Company applies its expected credit loss estimates to all future funding commitments that cannot be contractually terminated at the Company’s option. The Company maintains a separate allowance for credit losses from unfunded loan commitments, which is included in accrued expenses and other liabilities on the consolidated balance sheets. The Company estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by the Company and applies the loss factors used in the allowance for credit loss methodology described above to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan.
CRE Debt Securities	CRE Debt Securities In the past, the Company acquired CRE debt securities for investment purposes. The Company designated CRE debt securities as available-for-sale (“AFS”) on the acquisition date. CRE debt securities that were classified as AFS were recorded at fair value through other comprehensive income or loss in the Company’s consolidated financial statements. The Company recognized interest income on its CRE debt securities using the interest method, or on a straight-line basis when it approximated the effective interest method, with any premium or discount amortized or accreted into interest income based on the respective outstanding principal balance and corresponding contractual term of the CRE debt security. Accrued but not yet collected interest was separately reported as accrued interest receivable on the Company’s consolidated balance sheets. The Company used a specific identification method when determining the cost of a CRE debt security sold and the amount of unrealized gain or loss reclassified from accumulated other comprehensive income or loss into earnings on the trade date. AFS debt securities in unrealized loss positions were evaluated for impairment related to credit losses at least quarterly . For the purpose of identifying and measuring impairment, any applicable accrued interest was excluded from both the fair value and the amortized cost basis. The Company ha d elected to write off accrued interest by reversing interest income in the event the accrued interest is deemed uncollectible, generally when the security bec a me 90 days or more past due for principal and interest. The Company first assessed whether it intended to sell the debt security or more likely than not was required to sell the debt security before recovery of its amortized cost basis. If either criterion regarding intent or requirement to sell was met, the debt security’s amortized cost basis was written down to its fair value and the write down was charged against the allowance for credit losses, with any incremental impairment reported in earnings as a loss in the consolidated statements of income (loss) and comprehensive income (loss). Any AFS debt security in an unrealized loss position which the Company did not intend to sell or was not more likely than not required to sell before recovery of the amortized cost basis was assessed for expected credit losses. The performance indicators considered for CRE debt securities related to the underlying assets and included default rates, delinquency rates, percentage of nonperforming assets, debt-to-collateral ratios, third-party guarantees, current levels of subordination, vintage, geographic concentration, analyst reports and forecasts, credit ratings and other market data. In assessing whether a credit loss exists, the Company compared the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected was less than the amortized cost basis for the security, a credit loss existed and an allowance for credit losses was recorded, limited by the amount the fair value was less than amortized cost basis. Declines in fair value of AFS debt securities in an unrealized loss position that were not due to credit losses, such as declines due to changes in market interest rates, were recorded through other comprehensive income. Any impairment that had not been recorded through an allowance for credit losses was recognized in other comprehensive income. Unrealized gains and losses on AFS debt securities presented in the consolidated statements of income (loss) and comprehensive income (loss) included the reversal of unrealized gains and losses at the time gains or losses were realized.
Real Estate Owned	Real Estate Owned Real estate acquired through a foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned (“REO”) and held for investment on the Company’s consolidated balance sheet until a pending sales transaction meets the criteria of ASC 360-10-45-9 and is considered to be held for sale or is sold. The Company's cost basis in REO is equal to the estimated fair value of the collateral at the date of acquisition, less estimated selling costs. The estimated fair value of REO is determined using a discounted cash flow model and inputs that include the highest and best use for each asset, estimated future values based on extensive discussions with local brokers, investors and other market participants, the estimated holding period for the asset, and discount rates that reflect estimated investor return requirements for the risks associated with the expected use of each asset. If the estimated fair value of REO is lower than the carrying value of the related loan upon acquisition, the difference, along with any previously recorded specific CECL reserve, is recorded through Credit Loss Benefit (Expense) in the consolidated statements of income (loss) and comprehensive income (loss). REO is initially measured at fair value and is thereafter subject to an ongoing impairment analysis. Subsequent to a REO acquisition, events or circumstances may occur that result in a material and sustained decrease in the cash flows generated from the asset. REO is evaluated for recoverability, on a fair value basis, when impairment indicators are identified. Any impairment loss, revenue and expenses from operations of the properties and resulting gains or losses on sale are included within the consolidated statements of income (loss) and comprehensive income (loss).
Portfolio Financing Arrangements	Portfolio Financing Arrangements The Company finances its portfolio of loans, or participation interests therein, and REO using secured credit agreements, including secured credit facilities, mortgage loans payable, and collateralized loan obligations. The related borrowings are recorded as separate liabilities on the Company’s 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 (loss) and comprehensive income (loss). 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 September 30, 2021, the Company transferred, on a non-recourse basis, 100% of the senior mortgage loan that the Company originated to a third-party lender, and 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 loans 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 . For more information regarding the Company’s portfolio financing arrangements, see Note 7.
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. The following methods and assumptions are used by our Manager to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: • Cash and cash equivalents: the carrying amount of cash and cash equivalents approximates fair value. • Loans held for investment, net: using a discounted cash flow methodology employing a discount rate for loans of comparable credit quality, structure, and LTV based upon appraisal information and current estimates of the value of collateral property performed by the Manager, and credit spreads for loans of comparable risk (as determined by the Manager based on the factors previously described) as corroborated by inquiry of other market participants. • Loans held for sale: estimated fair market value based on sale comparables as corroborated by inquiry of other market participants or independent market data providers, less estimated selling costs. • Secured credit facilities and mortgage loan payable: based on the rate at which a similar secured credit facility or mortgage loan payable would currently be priced, as corroborated by inquiry of other market participants. • CRE Collateralized Loan Obligations, net: utilizing indications of value from dealers active in trading similar or substantially similar securities, observable quotes from market data services, reported prices and spreads for recent new issues, and Manager estimates of the credit spread on which similar bonds would be issued, or traded, in the new issue and secondary markets. • Other assets and liabilities subject to fair value measurement, including receivables, payables and accrued liabilities have carrying values that approximate fair value due to their short-term nature. As discussed above, market-based or observable inputs are generally the preferred source of values for purposes of measuring the fair value of the Company’s assets under GAAP. The commercial property investment sales and commercial mortgage loan markets continue to experience uneven liquidity as a result of COVID-19, which has made it more difficult to rely on market-based inputs in connection with the valuation of the Company’s assets under GAAP. Key valuation inputs include, but are not limited to, future operating cash flow and performance of collateral properties, the financial strength and liquidity of borrowers and sponsors, capitalization rates and discount rates used to value commercial real estate properties, and observable transactions involving the sale or financing of commercial properties. In the absence of market inputs, GAAP permits the use of management assumptions to measure fair value. However, the considerable market volatility and disruption caused by COVID-19 and the considerable uncertainty regarding the ultimate impact and duration of the pandemic have made it more difficult for the Company’s management to formulate assumptions to measure the fair value of the Company’s assets.
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 initial 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. In 2017, the Internal Revenue Service issued a revenue procedure permitting “publicly offered” REITs to make elective stock dividends (i.e., dividends paid in a mixture of stock and cash), with at least 20% of the total distribution being paid in cash, to satisfy their REIT distribution requirements. Pursuant to this revenue procedure, the Company may elect to make future distributions of its taxable income in a mixture of stock and cash. 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 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. In certain instances, the Company may generate excess inclusion income (“EII”) within its corporate entity structure, specifically in its sub-REIT and taxable partnership entities. EII is present in certain of the Company’s CRE CLOs as a result of a sharp decline in LIBOR after issuance, loans with high interest rate floors, and liabilities largely based on unfloored LIBOR or Compounded Secured Overnight Financing Rate (“SOFR”). EII, which is treated as unrelated business taxable income, is an obligation of the Company and is allocated only to its taxable REIT subsidiaries and not to its common stockholders. 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 calculates basic earnings per share using the two-class method which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed under the more dilutive of the treasury stock method or the two-class method . The computation of diluted earnings per share is based on the weighted average number of participating securities outstanding plus the incremental shares that would be outstanding assuming exercise of warrants (the “Warrants”, see Note 1 3 ) issued in connection with the Company’s Ser ies B Cumulative Redeemable Preferred Stock ( the “Series B Preferred Stock ”) , which are exercisable only on a net- share settlement basis . The number of incremental shares is calculated utilizing the treasury stock method. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. The Company exclude s participating securities and warrants from the calculation of diluted weighted average shares outstanding in periods of net losses since their effect would be anti-dilutive .
Share-Based Compensation	Share-Based Compensation Share-based compensation consists of awards issued by the Company to certain employees of affiliates of the Manager and certain members of the Company’s Board of Directors. These share-based awards generally vest in installments over a fixed period. Deferred stock units granted to the Company’s Board of Directors fully vest on the grant date and accrue dividends that are paid-in kind through additional deferred stock units on a quarterly basis. Compensation expense is recognized in net income on a straight-line basis over the applicable award’s vesting period. Forfeitures of share-based awards are recognized as they occur.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are reflected net of the collateralized loan obligations, secured credit arrangements, and mortgage loan payable on the Company’s consolidated balance sheets. These costs are amortized in interest expense using the interest method, or on a straight-line basis when it approximates the interest method, as follows: (a) for secured credit arrangements other than our CRE CLOs, the initial term of the financing arrangement, or in case of costs directly associated with the loan, over the life of the facility or the loan, whichever is shorter; (b) for deferred financing costs related to mortgage loan payable, the initial maturities of the underlying loan(s) pledged to support the specific borrowing; and (c) for our CRE CLOs, over the estimated life of the liabilities issued based on the underlying loans’ initial maturity dates, considering the expected repayment behavior of the loans collateralizing the notes and the impact of any reinvestment periods, as of the closing date.
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 September 30, 2021 and December 31, 2020. The balances in these accounts may exceed the insured limits. Pursuant to financial covenants applicable to Holdco, which is the guarantor of the Company’s recourse indebtedness, the Company is required to maintain minimum cash equal to the greater of (i) $15 million or (ii) the product of 5% and the aggregate recourse indebtedness of the Company. To comply with this covenant, the Company held as part of its total cash balances $15.0 million and $19.1 million, respectively, as of September 30, 2021 and December 31, 2020.
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.
Collateralized Loan Obligation Proceeds Held at Trustee	Collateralized Loan Obligation Proceeds Held at Trustee Collateralized Loan Obligation Proceeds Held at Trustee represent the TRTX 2021-FL4 Ramp-Up Account available to purchase eligible collateral interests from the Company during a ramp-up period of approximately six months following the FL4 Closing Date, and cash held by the Company’s CLOs pending reinvestment in eligible collateral. The Company fully utilized the TRTX 2021-FL4 Ramp-Up Account during the three months ended June 30, 2021. See Note 6 for additional details related to the issuance of TRTX 2021-FL4 on March 31, 2021.
Accounts Receivable from Servicer/Trustee	Accounts Receivable from Servicer/Trustee Accounts receivable from Servicer/Trustee represents cash proceeds from loan activities that have not been remitted to the Company based on established servicing and borrowing procedures. Such amounts are generally held by the Servicer/Trustee for less than 30 days before being remitted to the Company.
Stockholders’ Equity	Stockholders’ Equity Total Stockholders’ Equity includes preferred stock, common stock, and warrants classified as temporary equity or permanent equity. Common shares generally represent a basic ownership interest in an entity and a residual corporate interest in liquidation, bearing the ultimate risk of loss and receiving the benefit of success. Common shares are usually perpetual in nature with voting rights and dividend rights. Preferred shares are usually characterized by the life of the instrument (i.e., perpetual or redeemable) and the ability of a holder to convert the equity instrument into cash, common shares, or a combination thereof. The terms of preferred shares can vary significantly, including but not limited to, an equity instrument’s dividend rate, term (e.g., inclusion of a stated redemption date), conversion features, voting rights, and liquidation preferences.
Temporary Equity	Temporary Equity Equity instruments that are redeemable for cash or other assets are classified as temporary equity if the instrument is redeemable, at the option of the holder, at a fixed or determinable price on a fixed or determinable date or upon the occurrence of an event that is not solely within the control of the issuer. Redeemable equity instruments are initially carried at the relative fair value of the equity instrument at the issuance date, which is subsequently adjusted at each balance sheet date if the instrument is currently redeemable or probable of becoming redeemable. The Series B Preferred Stock issued in connection with the Investment Agreement described in Note 13 is classified as temporary equity in the accompanying financial statements.
Permanent Equity	Permanent Equity The Company has preferred stock, common stock, and warrants outstanding that are classified as permanent equity. The Company’s common stock is perpetual in nature with voting rights and dividend rights. On June 14, 2021, the Company issued 8,050,000 shares of Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) that is classified as permanent equity. The outstanding shares of Series C Preferred Stock have a 6.25% dividend rate and may be redeemed by the Company at its option on and after June 14, 2026. The Series C Preferred Stock issuance is described in Note 13.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Guidance In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional expedients and exceptions to GAAP requirements for modifications to debt agreements, leases, derivatives, and other contracts, related to the expected market transition from LIBOR, and certain other floating rate benchmark indices, or collectively, IBORs, to alternative reference rates. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. In January 2021, the FASB clarified the scope of that guidance with the issuance of ASU 2021-01, “Reference Rate Reform: Scope.” This ASU provides optional guidance for a limited period of time to ease the burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. This would apply to companies meeting certain criteria that have contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This standard is effective for the Company immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company continues to evaluate the documentation and control processes associated with its assets and liabilities to manage the transition away from LIBOR to an alternative rate endorsed by the Alternative Reference Rates Committee of the Federal Reserve System, and continues to utilize required resources to revise its control and risk management systems to ensure there is no disruption to our day-to-day operations from the transition, when it does occur. The Company will continue to employ prudent risk management as it relates to the potential financial, operational and legal risks associated with the expected cessation of LIBOR, and to ensure that its assets and liabilities generally remain match-indexed following this event. The Company is currently evaluating the impact of ASU 2020-04 on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements. In April 2021, the FASB issued ASU 2021-04, which included Topic 260 “Earnings Per Share”. This guidance clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options due to a lack of explicit guidance in the FASB Codification. The ASU 2021-04 is effective for all entities for fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2021-04 on its consolidated financial statements.

Loans Held for Investment and_2

Loans Held for Investment and the Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Schedule of Overall Statistics for Loan Held for Investment Portfolio	The following table details overall statistics for the Company’s loans held for investment portfolio as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Balance sheet portfolio Total loan portfolio Balance sheet portfolio Total loan portfolio Number of loans 65 66 57 58 Floating rate loans 100.0 % 100.0 % 100.0 % 100.0 % Total loan commitment (1) $ 5,240,569 $ 5,372,569 $ 4,943,511 $ 5,075,511 Unpaid principal balance (2) $ 4,757,397 $ 4,757,397 $ 4,524,725 $ 4,524,725 Unfunded loan commitments (3) $ 486,663 $ 486,663 $ 423,487 $ 423,487 Amortized cost $ 4,749,289 $ 4,749,289 $ 4,516,400 $ 4,516,400 Weighted average credit spread (4) 3.3 % 3.3 % 3.2 % 3.2 % Weighted average all-in yield (4) 4.9 % 4.9 % 5.3 % 5.3 % Weighted average term to extended maturity (in years) (5) 2.8 2.8 3.1 3.1 (1) 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. In either case, the senior mortgage loan (i.e., the non-consolidated senior interest) is not included on the Company’s balance sheet. When the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third-party, the Company retains on its balance sheet a mezzanine loan. Total loan commitment encompasses the entire loan portfolio the Company originated, acquired and financed. As of September 30, 2021 and December 31, 2020, the Company had one non-consolidated senior interest outstanding of $132.0 million. (2) Unpaid principal balance includes PIK interest of $3.5 million and $4.7 million as of September 30, 2021 and December 31, 2020, respectively. ( 3 ) Unfunded loan commitments may be funded over the term of each loan, subject in certain cases to an expiration date or a force-funding date, primarily to finance property improvements or lease-related expenditures by the Company’s borrowers, to finance operating deficits during renovation and lease-up, and in limited instances to finance construction. ( 4 ) As of September 30, 2021, all of the Company’s loans were floating rate and were indexed to LIBOR. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price premium and discount if any, loan origination costs and accrual of both extension and exit fees. Credit spread and all-in yield for the total portfolio assumes the applicable floating benchmark rate as of September 30, 2021 for weighted average calculations. ( 5 ) Extended maturity assumes all extension options are exercised by the borrower; provided, however, that the Company’s loans may be repaid prior to such date. As of September 30, 2021, based on the unpaid principal balance of the Company’s total loan exposure, 25.7% of the Company’s loans were subject to yield maintenance or other prepayment restrictions and 74.3% were open to repayment by the borrower without penalty.
Schedule of Loans Held for Investment Portfolio by Loan Seniority	The following tables present an overview of the Company’s loans held for investment portfolio by loan seniority as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 Loans Held for Investment, Net Outstanding Principal Unamortized Premium (Discount) and Loan Origination Fees, net Amortized Cost Senior loans $ 4,722,397 $ (8,037 ) $ 4,714,360 Subordinated and mezzanine loans 35,000 (71 ) 34,929 Total $ 4,757,397 $ (8,108 ) $ 4,749,289 Allowance for credit losses (50,051 ) Loans held for investment, net $ 4,699,238 December 31, 2020 Loans Held for Investment, Net Outstanding Principal Unamortized Premium (Discount) and Loan Origination Fees, net Amortized Cost Senior loans $ 4,492,209 $ (8,161 ) $ 4,484,048 Subordinated and mezzanine loans 32,516 (164 ) 32,352 Total $ 4,524,725 $ (8,325 ) $ 4,516,400 Allowance for credit losses (59,940 ) Loans held for investment, net $ 4,456,460
Summary of Loans Held for Investment Portfolio Activity	For the nine months ended September 30, 2021, the Company’s loans held for investment portfolio activity was as follows (dollars in thousands): Carrying value Balance as of December 31, 2020 $ 4,456,460 Additions during the period: Loans originated and acquired 1,062,872 Additional fundings 111,583 Amortization of origination fees 5,448 Deductions during the period: Collection of principal (799,688 ) Loans held for sale (86,636 ) Loan sale (60,690 ) Change in allowance for credit losses 9,889 Balance as of September 30, 2021 $ 4,699,238
Summary of Amortized Cost by Origination Year Grouped by Risk Rating for Loans Held for Investment Portfolio	The following tables present amortized cost basis by origination year, grouped by risk rating, as of September 30, 2021 and December 31, 2020 for the Company’s loans held for investment portfolio (dollars in thousands): September 30, 2021 Amortized cost by origination year 2021 2020 2019 2018 2017 Prior Total Senior loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 33,590 — — 52,696 — — 86,286 3 1,032,088 255,642 1,556,049 930,927 337,139 23,009 4,134,854 4 — — 198,512 46,966 216,542 — 462,020 5 — — — 31,200 — — 31,200 Total mortgage loans $ 1,065,678 $ 255,642 $ 1,754,561 $ 1,061,789 $ 553,681 $ 23,009 $ 4,714,360 Subordinated and mezzanine loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 34,929 — — — 34,929 4 — — — — — — — 5 — — — — — — — Total subordinated and mezzanine loans — — 34,929 — — — 34,929 Total $ 1,065,678 $ 255,642 $ 1,789,490 $ 1,061,789 $ 553,681 $ 23,009 $ 4,749,289 December 31, 2020 Amortized cost by origination year 2020 2019 2018 2017 2016 Total Senior loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — 2 — — 337,738 — — 337,738 3 247,770 1,705,783 1,099,503 255,255 — 3,308,311 4 — 433,334 46,882 301,628 25,049 806,893 5 — — 31,106 — — 31,106 Total mortgage loans $ 247,770 $ 2,139,117 $ 1,515,229 $ 556,883 $ 25,049 $ 4,484,048 Subordinated and mezzanine loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — 2 — — — — — — 3 — 32,352 — — — 32,352 4 — — — — — — 5 — — — — — — Total subordinated and mezzanine loans — 32,352 — — — 32,352 Total $ 247,770 $ 2,171,469 $ 1,515,229 $ 556,883 $ 25,049 $ 4,516,400
Summary of Amortized Cost and Results of Internal Risk Rating Review Performed for Loans Held for Investment Portfolio	The table below summarizes the amortized cost, and results of the Company’s internal risk rating review performed as of September 30, 2021 and December 31, 2020 for the Company’s loans held for investment portfolio (dollars in thousands): Rating September 30, 2021 December 31, 2020 1 $ — $ — 2 86,286 337,738 3 4,169,783 3,340,663 4 462,020 806,893 5 31,200 31,106 Total $ 4,749,289 $ 4,516,400 Allowance for credit losses (50,051 ) (59,940 ) Carrying value $ 4,699,238 $ 4,456,460 Weighted average risk rating (1) 3.1 3.1 (1) Weighted average risk rating calculated based on the amortized cost balance at period end for the Company’s loans held for investment portfolio. The amounts as of September 30, 2021 exclude one hotel loan with a risk category “4” rating that was transferred to loans held for sale at quarter end. The hotel loan that is held for sale is recorded at its sales price (par) less transaction costs, or $86.6 million.
Summary of Activity in Allowance for Credit Losses for Loans Held for Investment Portfolio by Class of Financing Receivable	The following tables present activity in the allowance for credit losses for the Company’s loans held for investment portfolio by class of finance receivable for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands): For the Three Months Ended September 30, 2021 Senior loans Subordinated and mezzanine loans Total Allowance for credit losses for loans held for investment: CECL reserve as of July 1, 2021 $ 51,431 $ 510 $ 51,941 Credit loss expense (benefit) (1,567 ) (323 ) (1,890 ) Subtotal 49,864 187 50,051 Allowance for credit losses on unfunded loan commitments: CECL reserve as of July 1, 2021 3,360 11 3,371 Credit loss expense (benefit) 852 694 1,546 Subtotal 4,212 705 4,917 Total allowance for credit losses $ 54,076 $ 892 $ 54,968 For the Three Months Ended September 30, 2020 Senior loans Subordinated and mezzanine loans Total Allowance for credit losses for loans held for investment: CECL reserve as of July 1, 2020 $ 51,557 $ 2,000 $ 53,557 Credit loss expense (benefit) 3,416 (313 ) 3,103 Subtotal 54,973 1,687 56,660 Allowance for credit losses on unfunded loan commitments: CECL reserve as of July 1, 2020 3,618 1,500 5,118 Credit loss expense (benefit) (1,138 ) (1,311 ) (2,449 ) Subtotal 2,480 189 2,669 Total allowance for credit losses $ 57,453 $ 1,876 $ 59,329 For the Nine Months Ended September 30, 2021 Senior loans Subordinated and mezzanine loans Total Allowance for credit losses for loans held for investment: CECL reserve as of December 31, 2020 $ 58,210 $ 1,730 $ 59,940 Credit loss expense (benefit) (8,346 ) (1,543 ) (9,889 ) Subtotal 49,864 187 50,051 Allowance for credit losses on unfunded loan commitments: CECL reserve as of December 31, 2020 2,756 132 2,888 Credit loss expense (benefit) 1,456 573 2,029 Subtotal 4,212 705 4,917 Total allowance for credit losses $ 54,076 $ 892 $ 54,968 For the Nine Months Ended September 30, 2020 Senior loans Subordinated and mezzanine loans Total Allowance for credit losses for loans held for investment: CECL reserve as of December 31, 2019 $ — $ — $ — Cumulative-effect adjustment upon adoption of ASU 2016-13 16,903 880 17,783 Credit loss expense (benefit) 38,070 807 38,877 Subtotal 54,973 1,687 56,660 Allowance for credit losses on unfunded loan commitments: CECL reserve as of December 31, 2019 — — — Cumulative-effect adjustment upon adoption of ASU 2016-13 1,862 — 1,862 Credit loss expense (benefit) 618 189 807 Subtotal 2,480 189 2,669 Total allowance for credit losses $ 57,453 $ 1,876 $ 59,329
Schedule of Paid-in-Kind Interest	The following table presents the activity in the PIK balance for the nine months ended September 30, 2021 for the Company’s loans held for investment portfolio and one loan classified as held for sale as of September 30, 2021 (dollars in thousands): Balance as of December 31, 2020 $ 4,701 PIK accrued 816 PIK repayments and write-off — Balance as of March 31, 2021 $ 5,517 PIK accrued 360 PIK repayments (1,034 ) PIK write-off (690 ) Balance as of June 30, 2021 $ 4,153 PIK accrued 209 PIK repayments (871 ) PIK write-off — Balance as of September 30, 2021 $ 3,491
Schedule of Collections of Scheduled Interest	The following table presents collections of scheduled interest during the three and nine months ended September 30, 2021 and 2020 and the three months ended June 30, 2021 and March 31, 2021: Three Months Ended Nine Months Ended September 30, 2021 June 30, 2021 March 31, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Scheduled interest, including PIK 99.4 % 99.3 % 99.4 % 100.0 % 99.4 % 100.0 % PIK interest as a percentage of scheduled interest 0.7 % 1.1 % 1.2 % 2.9 % 1.0 % 1.2 %
Summary of Aging Analysis for Loans Held for Investment Portfolio by Class of Loans	The following table presents an aging analysis for the Company’s loans held for investment portfolio by class of loans as of September 30, 2021 based on amortized cost basis (dollars in thousands): Days outstanding Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans 90 days or more past due and accruing interest Loans Receivable: Senior loans $ 4,683,160 $ — $ — $ 31,200 $ 31,200 $ 4,714,360 $ — Subordinated and mezzanine loans 34,929 — — — — 34,929 — Total $ 4,718,089 $ — $ — $ 31,200 $ 31,200 $ 4,749,289 $ —

Variable Interest Entities an_2

Variable Interest Entities and Collateralized Loan Obligations (Tables)	9 Months Ended
	Sep. 30, 2021
Summary of Variable Interest Entities Assets and Liabilities	The Company’s total assets and total liabilities as of September 30, 2021 included VIE assets and liabilities related to TRTX 2021-FL4, TRTX 2019-FL3, TRTX 2018-FL2, and two loans held for investment with an unpaid principal balance of $82.8 million within the Sub-REIT structure. The Company’s total assets and total liabilities as of December 31, 2020 included VIE assets and liabilities related to TRTX 2021-FL4, TRTX 2019-FL3, and TRTX 2018-FL2. The following table outlines the total assets and liabilities within the Sub-REIT structure (dollars in thousands): September 30, 2021 December 31, 2020 Assets Cash and cash equivalents $ 22,979 $ 78,350 Collateralized loan obligation proceeds held at trustee 6,870 174 Accounts receivable from servicer/trustee 1,689 — Accrued interest receivable 6,868 740 Loans held for investment 3,412,627 2,199,666 Total assets $ 3,451,033 $ 2,278,930 Liabilities Accrued interest payable $ 1,998 $ 1,311 Accrued expenses 1,907 630 Collateralized loan obligations 2,749,901 1,825,569 Payable to affiliates 3,830 14,016 Total Liabilities $ 2,757,636 $ 1,841,526
Collateralized Loan Obligation
Schedule of Borrowings and Corresponding Collateral	The following tables outline TRTX 2021-FL4, TRTX 2019-FL3 and TRTX 2018-FL2 loan collateral and borrowings under the TRTX 2021-FL4, TRTX 2019-FL3 and TRTX 2018-FL2 collateralized loan obligations as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 Collateral (loan investments) Debt (notes issued) Outstanding principal Carrying value Face value Carrying value $ 3,363,691 $ 3,332,085 $ 2,762,510 $ 2,749,901 December 31, 2020 Collateral (loan investments) Debt (notes issued) Outstanding principal Carrying value Face value Carrying value $ 2,230,276 $ 2,230,276 $ 1,834,760 $ 1,825,568
Schedule of Weighted Average Spreads and Maturities for Loan Collateral and Borrowings	The following table outlines the weighted average spreads and maturities for TRTX 2021-FL4, TRTX 2019-FL3 and TRTX 2018-FL2 loan collateral and borrowings under the TRTX 2021-FL4, TRTX 2019-FL3 and TRTX 2018-FL2 collateralized loan obligations as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 December 31, 2020 Weighted average spread (%) (1) Weighted average maturity (years) (2) Weighted average spread (%) (1) Weighted average maturity (years) (2) Collateral (loan investments) TRTX 2018-FL2 3.29 % 2.2 3.33 % 4.9 TRTX 2019-FL3 (3) 3.23 % 2.4 3.20 % 4.1 TRTX 2021-FL4 3.18 % 3.1 — — Debt (notes issued) TRTX 2018-FL2 1.50 % 16.1 1.45 % 16.9 TRTX 2019-FL3 (3) 1.44 % 13.0 1.44 % 13.8 TRTX 2021-FL4 1.60 % 16.4 — — (1) Yield on collateral is based on cash coupon. (2) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CLO notes are dependent on timing of related collateral loan asset repayments post-reinvestment period. The term of the CLO notes represents the rated final distribution date. (3) On June 15, 2021, the benchmark index interest rate for borrowings under TRTX 2019-FL3 was transitioned from LIBOR to SOFR by the designated transaction representative under the FL3 indenture.

Secured Credit Agreements and_2

Secured Credit Agreements and Mortgage Loan Payable (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Instrument [Line Items]
Schedule of Information Related to Secured Credit Agreements	The following table presents certain information regarding the Company’s secured credit agreements as of September 30, 2021 and December 31, 2020. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands): September 30, 2021 Secured credit agreements and mortgage loan payable: Initial maturity date Extended maturity date Index rate Weighted average credit spread Interest rate Commitment amount Maximum current availability Balance outstanding Principal balance of collateral Amortized cost of collateral Secured credit facilities (1) Goldman Sachs 08/19/22 08/19/24 1 Month LIBOR 2.0 % 2.1 % $ 250,000 $ 152,012 $ 97,988 $ 164,824 $ 164,134 Wells Fargo 04/18/22 04/18/24 1 Month LIBOR 1.6 % 1.7 % 750,000 489,209 260,791 332,143 329,424 Barclays 08/13/22 08/13/23 1 Month LIBOR 1.5 % 1.6 % 750,000 638,125 111,875 171,223 170,901 Morgan Stanley 05/04/22 05/04/23 1 Month LIBOR 1.8 % 1.9 % 500,000 335,359 164,641 223,685 222,880 JP Morgan 10/30/23 10/30/25 1 Month LIBOR 1.7 % 1.8 % 400,000 258,913 141,087 235,724 234,196 US Bank 07/09/22 07/09/24 1 Month LIBOR 1.4 % 1.7 % 44,730 5,485 39,245 58,752 58,752 Bank of America 09/29/22 09/29/22 1 Month LIBOR 1.8 % 1.9 % 200,000 96,961 31,664 42,352 42,352 Institutional financing 10/30/23 10/30/25 1 Month LIBOR 4.5 % 4.8 % 249,546 176,923 72,623 129,026 128,969 Subtotal $ 3,144,276 $ 2,152,987 $ 919,914 $ 1,357,729 $ 1,351,608 Mortgage loan payable Institutional lender 12/15/21 12/15/22 1 Month LIBOR 4.5 % 5.0 % 50,000 — 50,000 99,200 (2) — Subtotal $ 50,000 $ — $ 50,000 $ 99,200 $ — Total $ 3,194,276 $ 2,152,987 $ 969,914 $ 1,456,929 $ 1,351,608 (1) Borrowings under secured credit facilities with a guarantee for 25% recourse from Holdco. (2) Represents the fair value of the REO Property at the time of acquisition as described in Note 4. December 31, 2020 Secured credit agreements and mortgage loan payable: Initial maturity date Extended maturity date Index rate Weighted average credit spread Interest rate Commitment amount Maximum current availability Balance outstanding Principal balance of collateral Amortized cost of collateral Secured credit facilities (1) Goldman Sachs 08/19/21 08/19/22 1 Month LIBOR 2.7 % 2.9 % $ 250,000 $ 199,113 $ 50,887 $ 96,381 $ 94,971 Wells Fargo 04/18/22 04/18/22 1 Month LIBOR 1.7 % 1.9 % 750,000 533,601 216,399 290,237 288,696 Barclays 08/13/22 08/13/22 1 Month LIBOR 1.5 % 1.7 % 750,000 433,739 316,261 443,845 442,757 Morgan Stanley 05/04/21 05/04/22 1 Month LIBOR 1.8 % 2.0 % 500,000 174,045 325,955 434,630 433,031 JP Morgan 10/30/23 10/30/25 1 Month LIBOR 1.6 % 1.8 % 400,000 192,906 207,094 351,123 347,852 US Bank 07/09/22 07/09/24 1 Month LIBOR 1.5 % 1.8 % 139,960 70,376 69,584 101,372 101,287 Bank of America 09/29/21 09/29/22 1 Month LIBOR 1.8 % 1.9 % 200,000 112,867 87,133 117,393 117,393 Institutional financing 10/30/23 10/30/25 1 Month LIBOR 4.5 % 4.8 % 249,546 — 249,546 427,330 426,984 Subtotal $ 3,239,506 $ 1,716,647 $ 1,522,859 $ 2,262,311 $ 2,252,971 Mortgage loan payable Institutional lender 12/15/21 12/15/22 1 Month LIBOR 4.5 % 5.0 % 50,000 — 50,000 99,200 (2) — Subtotal $ 50,000 $ — $ 50,000 $ 99,200 $ — Total $ 3,289,506 $ 1,716,647 $ 1,572,859 $ 2,361,511 $ 2,252,971 (1) Borrowings under secured credit facilities with a guarantee for 25% recourse from Holdco. (2) Represents the fair value of the REO Property at the time of acquisition as described in Note 4.
Summary of Recourse and Market-to-Market Provisions	The following table presents the recourse and mark-to-market provisions for the Company’s secured credit agreements as of September 30, 2021: Secured credit agreements and mortgage loan payable Basis of margin calls Recourse percentage Initial maturity date Extended maturity date Secured credit agreements - loan investments Goldman Sachs Credit 25.0 % 08/19/22 08/19/24 Wells Fargo Credit 25.0 % 04/18/22 04/18/24 Barclays Credit 25.0 % 08/13/22 08/13/23 Morgan Stanley Credit 25.0 % 05/04/22 05/04/23 JP Morgan Credit and Spread 25.0 % 10/30/23 10/30/25 US Bank Credit 25.0 % 07/09/22 07/09/24 Bank of America Credit 25.0 % 09/29/22 09/29/22 Institutional financing (1) Credit 25.0 % 10/30/23 10/30/25 Mortgage loan payable - real estate owned Institutional lender None n.a. 12/15/21 12/15/22 (1) The secured credit agreement may be re-margined beginning after its second anniversary date based on a LTV test; otherwise, no credit or spread-based margin calls apply. The following table presents the recourse and mark-to-market provisions for the Company’s secured credit agreements as of December 31, 2020: Secured credit agreements and mortgage loan payable Basis of margin calls Recourse percentage Initial maturity date Extended maturity date Secured credit agreements - loan investments Goldman Sachs Credit 25.0 % 08/19/21 08/19/22 Wells Fargo Credit 25.0 % 04/18/22 04/18/22 Barclays Credit 25.0 % 08/13/22 08/13/22 Morgan Stanley Credit 25.0 % 05/04/21 05/04/22 JP Morgan Credit and Spread 25.0 % 10/30/23 10/30/25 US Bank Credit 25.0 % 07/09/22 07/09/24 Bank of America Credit 25.0 % 09/29/21 09/29/22 Institutional financing (1) Credit 25.0 % 10/30/23 10/30/25 Mortgage loan payable - real estate owned Institutional lender None n.a. 12/15/21 12/15/22 (1) The secured credit agreement may be re-margined beginning after its second anniversary date based on a LTV test; otherwise, no credit or spread-based margin calls apply.
Commercial Mortgage Loans
Debt Instrument [Line Items]
Summary of Secured Credit Facilities Secured by Commercial Mortgage Loans, CRE Debt Securities and Counterparty Concentration Risks	The following table summarizes certain characteristics of the Company’s secured credit facilities secured by commercial mortgage loans, including counterparty concentration risks, as of September 30, 2021 (dollars in thousands): September 30, 2021 Secured credit facilities Commitment amount UPB of collateral Amortized cost of collateral (1) Amount payable (2) Net counterparty exposure (3) Percent of stockholders' equity Days to extended maturity Goldman Sachs Bank $ 250,000 $ 164,824 $ 165,866 $ 98,052 $ 67,814 4.7 % 1,054 Wells Fargo 750,000 332,143 330,995 261,235 69,760 4.8 % 931 Barclays 750,000 171,223 171,197 111,968 59,229 4.1 % 682 Morgan Stanley Bank 500,000 223,685 223,732 164,662 59,070 4.1 % 581 JP Morgan Chase Bank 649,546 364,750 364,202 213,901 150,301 10.4 % 1,491 US Bank 44,730 58,752 59,119 39,300 19,819 1.4 % 1,013 Bank of America 200,000 42,352 42,739 31,687 11,052 0.8 % 364 Total / weighted average $ 3,144,276 $ 1,357,729 $ 1,357,849 $ 920,805 $ 437,044 965 (1) Loan amounts include interest receivable of $6.2 million and are net of premium, discount and origination fees of $6.1 million. (2) Loan amounts include interest payable of $0.9 million and do not reflect unamortized deferred financing fees of $4.4 million. (3) Loan amounts represent 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. The following table summarizes certain characteristics of the Company’s secured credit facilities secured by commercial mortgage loans, including counterparty concentration risks, as of December 31, 2020 (dollars in thousands): December 31, 2020 Secured credit facilities Commitment amount UPB of collateral Amortized cost of collateral (1) Amount payable (2) Net counterparty exposure (3) Percent of stockholders' equity Days to extended maturity Goldman Sachs Bank (4) $ 250,000 $ 96,381 $ 96,843 $ 50,909 $ 45,934 3.6 % 596 Wells Fargo 750,000 290,237 290,403 216,734 73,669 5.8 % 473 Barclays 750,000 443,845 443,620 316,524 127,096 10.0 % 590 Morgan Stanley Bank 500,000 434,630 433,948 326,199 107,749 8.5 % 489 JP Morgan Chase Bank 649,546 778,453 777,862 457,041 320,821 25.3 % 1,764 US Bank 139,960 101,372 101,599 69,649 31,950 2.5 % 1,286 Bank of America (5) 200,000 117,393 117,637 87,119 30,518 2.4 % 637 Total / weighted average $ 3,239,506 $ 2,262,311 $ 2,261,912 $ 1,524,175 $ 737,737 938 (1) Loan amounts include interest receivable of $10.4 million and are net of premium, discount and origination fees of $11.8 million. (2) Loan amounts include interest payable of $1.0 million and do not reflect unamortized deferred financing fees of $8.3 million. (3) Loan amounts represent 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) Maximum commitment amount was reduced from $750.0 million to $250.0 million at the Company’s election as part of an as-of-right extension executed in June 2020. The secured credit facility has an accordion feature that permits the Company to increase the commitment amount in increments of $50.0 million up to a maximum of $500.0 million. ( 5 ) Maximum commitment amount was reduced from $500.0 million to $200.0 million at the Company’s election as part of an as-of-right extension executed in June 2020. The secured credit facility has an accordion feature that permits the Company to increase the commitment amount in increments of $50.0 million up to a maximum of $500.0 million.

Schedule of Maturities (Tables)

Schedule of Maturities (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	The future principal payments for the five years subsequent to September 30, 2021 and thereafter are as follows (in thousands): Total indebtedness Collateralized loan obligations (1) Secured credit facilities (2) Mortgage loan payable (3) 2021 $ 56,985 $ 56,985 $ — $ — 2022 339,872 258,208 31,664 50,000 2023 943,004 452,779 490,225 — 2024 1,468,632 1,070,607 398,025 — 2025 278,457 278,457 — — Thereafter 645,474 645,474 — — Total $ 3,732,424 $ 2,762,510 $ 919,914 $ 50,000 (1) The scheduled maturities for the investment grade bonds issued by TRTX 2018-FL2, TRTX-2019 FL3 and TRTX-2021 FL4 are based upon the fully extended maturity of mortgage loan collateral, considering the reinvestment window of the collateralized loan obligation. (2) The allocation of secured financing liabilities is based on the extended maturity date for those credit facilities where extension options are at the company’s option, subject to no default, or the current maturity date of those facilities where extension options are subject to counterparty approval . (3) The allocation of mortgage loan payable is based on the extended maturity date for the loan.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value of Financial Assets and Liabilities	The following tables provide information about the fair value of the Company’s financial assets and liabilities on the Company’s consolidated balance sheets as of September 30, 2021 and December 31, 2020 (dollars in thousands): September 30, 2021 Fair value Carrying value Level I Level II Level III Financial assets Loans held for investment $ 4,699,238 $ — $ — $ 4,735,786 Loans held for sale 86,636 — — 86,636 Financial liabilities Collateralized loan obligations 2,749,901 — — 2,741,971 Secured financing agreements 915,537 — — 914,094 Mortgage loan payable 49,360 — — 49,360 December 31, 2020 Fair value Carrying value Level I Level II Level III Financial assets Loans held for investment $ 4,456,460 $ — $ — $ 4,472,984 Financial liabilities Collateralized loan obligations 1,825,568 — — 1,834,760 Secured financing agreements 1,514,028 — — 1,532,910 Mortgage loan payable 49,147 — — 49,147

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Summary of Management Fees and Incentive Management Fees Incurred and Paid Pursuant to Management Agreement	For the three and nine months ended September 30, 2021 and 2020, the Company incurred and paid the following management fees and incentive management fees pursuant to the Management Agreement (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Incurred Management fees $ 5,473 $ 5,293 $ 15,910 $ 15,408 Incentive management fee — — — — Total management and incentive fees incurred $ 5,473 $ 5,293 $ 15,910 $ 15,408 Paid Management fees 5,344 5,115 15,796 12,367 Incentive management fee — — — — Total management and incentive fees paid $ 5,344 $ 5,115 $ 15,796 $ 12,367

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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 based on the weighted-average number of shares of common stock outstanding for the three and nine months ended September 30, 2021 and 2020 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income (loss) $ 29,325 $ 38,447 $ 93,672 $ (151,415 ) Preferred stock dividends (1) (3,157 ) (6,217 ) (16,081 ) (8,474 ) Participating securities' share in earnings (loss) (122 ) (101 ) (416 ) (494 ) Series B preferred stock redemption make-whole payment (2) — — (22,485 ) — Series B preferred stock accretion and write-off of discount, including allocated warrant fair value and transaction costs (3) — (1,347 ) (25,449 ) (1,790 ) Net income (loss) attributable to common stockholders $ 26,046 $ 30,782 $ 29,241 $ (162,173 ) Weighted average common shares outstanding, basic 77,060,225 76,756,411 76,952,306 76,622,415 Incremental shares of common stock issued from the assumed exercise of the warrants 4,968,750 1,498,250 4,622,951 — Weighted average common shares outstanding, diluted 82,028,975 78,254,661 $ 81,575,257 $ 76,622,415 Earnings (loss) per common share, basic (4) $ 0.34 $ 0.40 $ 0.38 $ (2.13 ) Earnings (loss) per common share, diluted (4) $ 0.32 $ 0.39 $ 0.36 $ (2.13 ) (1) Includes preferred stock dividends declared and paid for Series A preferred stock, Series C Preferred Stock, and Series B Preferred Stock shares outstanding for the three and nine months ended September 30, 2021 and 2020, respectively. $0.04 (2) Represents the make-whole payment to the holder of the Series B Preferred Stock for an amount equal to the present value of all remaining dividend payments due on such share of Series B Preferred Stock from and after the redemption date (and not including any declared or paid dividends or accrued dividends prior to such redemption date) through the second anniversary of the original issue date, computed in accordance with the terms of the Articles Supplementary. See Note 13 to these consolidated financial statements for details. (3) Series B Preferred Stock Accretion and Write-off of Discount, including Allocated Warrant Fair Value and Transaction Costs includes amounts recorded as deemed dividends and the write-off of unamortized transaction costs and the unaccreted portion of the allocated Warrant fair value related to the Company’s Series B Preferred Stock. For the nine months ended September 30, 2021, the write-off of unamortized transaction costs and unaccreted allocated Warrant fair value was $22.5 million. (4) Basic and diluted (loss) earnings per common share are computed independently based on the weighted-average shares of common stock outstanding. Diluted (loss) earnings per common share also includes the impact of participating securities outstanding plus any incremental shares that would be outstanding assuming the exercise of the Warrants. Accordingly, the sum of the quarterly (loss) earnings per common share amounts may not agree to the total for the nine months ended September 30, 2021.

Share-Based Incentive Plan (Tab

Share-Based Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Awarded Shares Vesting Period	Generally, the shares vest in installments over a four-year Vesting Year Shares of Common Stock 2021 418,345 2022 183,030 2023 145,873 2024 89,548 Total 836,796

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	9 Months Ended
	Sep. 30, 2021
Loans And Leases Receivable Disclosure [Line Items]
Summary of Loans Held for Investment Portfolio by Property/ Loan Category Type	A summary of the Company’s loans held for investment portfolio by property type as of September 30, 2021 and December 31, 2020 based on total loan commitment and current unpaid principal balance (“UPB”) is as follows (dollars in thousands): September 30, 2021 Property type Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Office $ 2,778,523 $ 386,673 53.1 % $ 2,391,850 50.2 % Multifamily 1,249,025 68,246 23.8 1,181,078 24.8 Hotel 584,943 5,000 11.2 582,792 12.3 Mixed-Use 572,069 24,601 10.9 547,468 11.5 Retail 33,000 2,143 0.6 31,200 0.7 Condominium 23,009 — 0.4 23,009 0.5 Total $ 5,240,569 $ 486,663 100.0 % $ 4,757,397 100.0 % December 31, 2020 Property type Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Office $ 2,756,338 $ 356,034 55.7 % $ 2,400,304 53.0 % Multifamily 804,838 24,001 16.3 781,137 17.3 Hotel 737,293 9,864 14.9 731,487 16.2 Mixed-Use 586,993 31,398 11.9 555,595 12.3 Condominium 25,049 — 0.5 25,049 0.6 Retail 33,000 2,190 0.7 31,153 0.7 Total $ 4,943,511 $ 423,487 100.0 % $ 4,524,725 100.0 %
Summary of Geographic Composition of Loans Held for Investment Based on Current UPB and Loan Commitment	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 total loan commitment and current UPB as of September 30, 2021 and December 31, 2020 is as follows (dollars in thousands): September 30, 2021 Geographic region Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB East $ 2,085,852 $ 114,305 39.8 % $ 1,972,717 41.5 % South 1,313,895 96,114 25.1 1,218,757 25.6 West 1,238,618 220,415 23.6 1,019,248 21.4 Midwest 602,204 55,829 11.5 546,675 11.5 Total $ 5,240,569 $ 486,663 100.0 % $ 4,757,397 100.0 % December 31, 2020 Geographic region Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB East $ 2,009,022 $ 152,487 40.6 % $ 1,856,535 41.0 % South 1,289,141 97,405 26.1 1,192,852 26.4 West 1,128,897 121,738 22.8 1,009,589 22.3 Midwest 428,351 49,478 8.7 379,173 8.4 Various 88,100 2,379 1.8 86,576 1.9 Total $ 4,943,511 $ 423,487 100.0 % $ 4,524,725 100.0 %
Loan Category
Loans And Leases Receivable Disclosure [Line Items]
Summary of Loans Held for Investment Portfolio by Property/ Loan Category Type	A summary of the Company’s loans held for investment portfolio by loan category as of September 30, 2021 and December 31, 2020 based on total loan commitment and current UPB is as follows (dollars in thousands): September 30, 2021 Loan category Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Moderate Transitional $ 1,945,826 $ 326,944 37.1 % $ 1,620,054 34.1 % Light Transitional 1,700,225 129,504 32.4 1,570,720 33.0 Bridge 1,559,518 30,215 29.8 1,531,623 32.2 Construction 35,000 — 0.7 35,000 0.7 Total $ 5,240,569 $ 486,663 100.0 % $ 4,757,397 100.0 % December 31, 2020 Loan category Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Light Transitional $ 1,937,644 $ 173,518 39.2 % $ 1,764,126 39.0 % Moderate Transitional 1,633,131 224,532 33.0 1,410,145 31.2 Bridge 1,337,736 22,953 27.1 1,317,938 29.1 Construction 35,000 2,484 0.7 32,516 0.7 Total $ 4,943,511 $ 423,487 100.0 % $ 4,524,725 100.0 %

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Jun. 16, 2021shares	Jun. 14, 2021shares	Sep. 30, 2021USD ($)Loanshares	Jun. 30, 2021shares	Dec. 31, 2020USD ($)shares
Significant Accounting Policies [Line Items]
Percentage of senior mortgage loan transferred to third-party			100.00%
Maximum insured amount of each cash account | $			$ 250,000		$ 250,000
Cash | $			$ 15,000,000		$ 19,100,000
Series B Preferred Stock
Significant Accounting Policies [Line Items]
Temporary equity, shares redeemed	9,000,000
Temporary equity, shares outstanding	0		0	0
Series C Preferred Stock
Significant Accounting Policies [Line Items]
Preferred stock, shares issued		8,050,000	8,050,000		0
Preferred stock, dividend rate		6.25%
Commercial Real Estate Loans | Minimum
Significant Accounting Policies [Line Items]
Number of performance loan | Loan			120,000

Loans Held for Investment and_3

Loans Held for Investment and the Allowance for Credit Losses - Additional Information (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2021USD ($)RatingLoanBorrowerLoanModification	Jun. 30, 2021USD ($)Rating	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)Rating	Sep. 30, 2021USD ($)RatingLoanLoanModification	Sep. 30, 2020USD ($)Rating	Dec. 31, 2020USD ($)RatingLoan
Accounts Notes And Loans Receivable [Line Items]
Loans Held for Investment, Net (includes $1,305,947 and $2,259,467, respectively, pledged as collateral under secured credit facilities)	$ 4,699,238,000				$ 4,699,238,000		$ 4,456,460,000
Total loan commitment amount	5,240,569,000				5,240,569,000		4,943,511,000
Unfunded loan commitments	486,663,000				486,663,000		423,487,000
Contractual sales price for the first mortgage loan					87,100,000
Mortgage loan transferred to loans held for sale					$ 86,600,000
Risk rating of hotel loan | Rating					4
Unamortized loan fees and discounts included in Loans Held for Investment	8,100,000				$ 8,100,000		$ 8,300,000
Accelerated fee component of prepayment fees	$ 0			$ 0
Accelerated fee component of prepayment fees recognized					$ 0	$ 300,000
Weighted Average Risk Rating | Rating	3.1				3.1		3.1
Allowance for credit loss increase (decrease)	$ (300,000)				$ (7,900,000)	59,300,000
Allowance for credit loss reserve	54,968,000			$ 59,329,000	54,968,000	59,329,000
Estimate of expected credit losses impacted by loan originations	$ 1,062,900,000				1,062,900,000
Estimate of expected credit losses impacted sales					60,700,000
Estimate of expected credit losses impacted repayments					799,700,000
Number of borrowers | Borrower	4
Loans and leases, unpaid principal balance	$ 4,749,289,000				$ 4,749,289,000		$ 4,516,400,000
Number of loan modification | LoanModification	5				12
Aggregate unpaid principal balance of loan modifications outstanding	$ 1,300,000,000				$ 1,300,000,000
Number of loans held for sale | Loan	1				1
Total PIK interest	$ 209,000	$ 360,000	$ 816,000		$ 1,400,000
Real Estate
Accounts Notes And Loans Receivable [Line Items]
Allowance for credit loss reserve	$ 10,000,000				$ 10,000,000		$ 10,000,000
Number of loans on non-accrual status | Loan	1				1		1
Amortized cost of loan	$ 31,200,000				$ 31,200,000		$ 31,100,000
Fair market value, discount rate	12.50%				12.50%
Fair market value, terminal capitalization rate	7.50%				7.50%
ASU 2016-13
Accounts Notes And Loans Receivable [Line Items]
Allowance for credit loss increase (decrease)						$ 19,600,000
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 523,200,000				$ 523,200,000
Weighted Average Risk Rating | Rating	3.1	3.1		3.1	3.1	3.1	3.1
Allowance for credit loss increase (decrease)						$ 39,700,000
Loans and leases, unpaid principal balance	$ 515,700,000				$ 515,700,000
Hotel
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	584,943,000				584,943,000		$ 737,293,000
Unfunded loan commitments	5,000,000				$ 5,000,000		9,864,000
Multi Family and Office Property
Accounts Notes And Loans Receivable [Line Items]
Number of first mortgage loans originated | Loan					3
Moved from Category 4 Risk Rating to Category 3 Risk Rating | Hotel
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 418,100,000				$ 418,100,000
Weighted Average Risk Rating | Rating		2.4
Number of loans selected for risk rate changes | Loan	1
Number of first mortgage loans originated | Loan	3
Seven Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | Loan	7
Total loan commitment amount	$ 482,900,000				482,900,000
Loans and leases receivable unpaid principal balance	433,600,000				433,600,000
Unfunded loan commitments	49,300,000				$ 49,300,000
Seventeen Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | Loan					17
Total loan commitment amount	1,280,700,000				$ 1,280,700,000
Loans and leases receivable unpaid principal balance	1,068,100,000				1,068,100,000
Unfunded loan commitments	212,600,000				212,600,000
One Loan
Accounts Notes And Loans Receivable [Line Items]
Loan commitment principal amount		$ 60,700,000
Loans and leases receivable loans sold		59,500,000
Impairment of investment		1,600,000
Transaction cost		$ 400,000
Loans Held for Sale
Accounts Notes And Loans Receivable [Line Items]
Transaction cost					500,000
Accrued Interest and Fees Receivable
Accounts Notes And Loans Receivable [Line Items]
Loans Held for Investment, Net (includes $1,305,947 and $2,259,467, respectively, pledged as collateral under secured credit facilities)	$ 14,800,000				$ 14,800,000		$ 14,000,000

Loans Held for Investment and_4

Loans Held for Investment and the Allowance for Credit Losses - Schedule of Overall Statistics for Loan Held for Investment Portfolio (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Loans And Leases Receivable Disclosure [Line Items]
Total loan commitment amount	$ 5,240,569	$ 4,943,511
Unpaid principal balance	4,757,397	4,524,725
Unfunded loan commitments	486,663	423,487
Amortized cost	$ 4,749,289	$ 4,516,400
Balance Sheet Portfolio
Loans And Leases Receivable Disclosure [Line Items]
Number of loans | Loan	65	57
Floating rate loans	100.00%	100.00%
Total loan commitment amount	$ 5,240,569	$ 4,943,511
Unpaid principal balance	4,757,397	4,524,725
Unfunded loan commitments	486,663	423,487
Amortized cost	$ 4,749,289	$ 4,516,400
Weighted average credit spread	3.30%	3.20%
Weighted average all-in yield	4.90%	5.30%
Weighted average term to extended maturity (in years)	2 years 9 months 18 days	3 years 1 month 6 days
Loan Portfolio
Loans And Leases Receivable Disclosure [Line Items]
Number of loans | Loan	66	58
Floating rate loans	100.00%	100.00%
Total loan commitment amount	$ 5,372,569	$ 5,075,511
Unpaid principal balance	4,757,397	4,524,725
Unfunded loan commitments	486,663	423,487
Amortized cost	$ 4,749,289	$ 4,516,400
Weighted average credit spread	3.30%	3.20%
Weighted average all-in yield	4.90%	5.30%
Weighted average term to extended maturity (in years)	2 years 9 months 18 days	3 years 1 month 6 days

Loans Held for Investment and_5

Loans Held for Investment and the Allowance for Credit Losses - Schedule of Overall Statistics for Loan Held for Investment Portfolio (Parenthetical) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Loans And Leases Receivable Disclosure [Abstract]
Non-consolidated senior interest outstanding	$ 132	$ 132
PIK interest	$ 3.5	$ 4.7
Percentage of loans subject to yield maintenance or other prepayment restrictions	25.70%
Percentage of loans open to repayment by borrower without penalty	74.30%

Loans Held for Investment and_6

Loans Held for Investment and the Allowance for Credit Losses - Schedule of Loans Held for Investment Portfolio by Loan Seniority (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal		$ 4,757,397	$ 4,524,725
Unamortized Premium (Discount) and Loan Origination Fees, net		(8,108)	(8,325)
Amortized Cost	[1]	4,749,289	4,516,400
Allowance for Credit Losses	[1]	(50,051)	(59,940)
Loans held for investment, net	[1]	4,699,238	4,456,460
Senior Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal		4,722,397	4,492,209
Unamortized Premium (Discount) and Loan Origination Fees, net		(8,037)	(8,161)
Amortized Cost		4,714,360	4,484,048
Subordinated and Mezzanine Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal		35,000	32,516
Unamortized Premium (Discount) and Loan Origination Fees, net		(71)	(164)
Amortized Cost		$ 34,929	$ 32,352
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Loans Held for Investment and_7

Loans Held for Investment and the Allowance for Credit Losses - Summary of Loans Held for Investment Portfolio Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Loans And Leases Receivable Disclosure [Abstract]
Balance as of December 31, 2020	$ 4,456,460
Loans originated and acquired	1,062,872
Additional fundings	111,583
Amortization of origination fees	5,448
Collection of principal	(799,688)
Loans held for sale	(86,636)
Loan sale	(60,690)
Change in allowance for credit losses	9,889
Balance as of September 30, 2021	$ 4,699,238

Loans Held For Investment And_8

Loans Held For Investment And The Allowance For Credit Losses - Summary Of Amortized Cost By Origination Year Grouped By Risk Rating for Loans Held for Investment Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One	$ 1,065,678	$ 247,770
Amortized cost basis of loans by origination year, Two	255,642	2,171,469
Amortized cost basis of loans by origination year, Three	1,789,490	1,515,229
Amortized cost basis of loans by origination year, Four	1,061,789	556,883
Amortized cost basis of loans by origination year, Five	553,681	25,049
Amortized cost basis of loans by origination year, Prior	23,009
Amortized cost basis of loans by origination year, Total	4,749,289	4,516,400
Rating 2
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, Total	86,286	337,738
Rating 3
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, Total	4,169,783	3,340,663
Rating 4
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, Total	462,020	806,893
Rating 5
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, Total	31,200	31,106
Senior Loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One	1,065,678	247,770
Amortized cost basis of loans by origination year, Two	255,642	2,139,117
Amortized cost basis of loans by origination year, Three	1,754,561	1,515,229
Amortized cost basis of loans by origination year, Four	1,061,789	556,883
Amortized cost basis of loans by origination year, Five	553,681	25,049
Amortized cost basis of loans by origination year, Prior	23,009
Amortized cost basis of loans by origination year, Total	4,714,360	4,484,048
Senior Loans | Rating 2
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One	33,590
Amortized cost basis of loans by origination year, Three		337,738
Amortized cost basis of loans by origination year, Four	52,696
Amortized cost basis of loans by origination year, Total	86,286	337,738
Senior Loans | Rating 3
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One	1,032,088	247,770
Amortized cost basis of loans by origination year, Two	255,642	1,705,783
Amortized cost basis of loans by origination year, Three	1,556,049	1,099,503
Amortized cost basis of loans by origination year, Four	930,927	255,255
Amortized cost basis of loans by origination year, Five	337,139
Amortized cost basis of loans by origination year, Prior	23,009
Amortized cost basis of loans by origination year, Total	4,134,854	3,308,311
Senior Loans | Rating 4
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, Two		433,334
Amortized cost basis of loans by origination year, Three	198,512	46,882
Amortized cost basis of loans by origination year, Four	46,966	301,628
Amortized cost basis of loans by origination year, Five	216,542	25,049
Amortized cost basis of loans by origination year, Total	462,020	806,893
Senior Loans | Rating 5
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, Three		31,106
Amortized cost basis of loans by origination year, Four	31,200
Amortized cost basis of loans by origination year, Total	31,200	31,106
Subordinated and Mezzanine Loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, Two		32,352
Amortized cost basis of loans by origination year, Three	34,929
Amortized cost basis of loans by origination year, Total	34,929	32,352
Subordinated and Mezzanine Loans | Rating 3
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, Two		32,352
Amortized cost basis of loans by origination year, Three	34,929
Amortized cost basis of loans by origination year, Total	$ 34,929	$ 32,352

Loans Held for Investment and_9

Loans Held for Investment and the Allowance for Credit Losses - Summary of Amortized Cost and Results of Internal Risk Rating Review Performed for Loans Held for Investment Portfolio (Details) $ in Thousands	Sep. 30, 2021USD ($)Rating	Dec. 31, 2020USD ($)Rating
Accounts Notes And Loans Receivable [Line Items]
Carrying Value, Gross	$ 4,749,289	$ 4,516,400
Allowance for credit losses	(50,051)	(59,940)
Carrying value	$ 4,699,238	$ 4,456,460
Weighted Average Risk Rating | Rating	3.1	3.1
Rating 2
Accounts Notes And Loans Receivable [Line Items]
Carrying Value, Gross	$ 86,286	$ 337,738
Rating 3
Accounts Notes And Loans Receivable [Line Items]
Carrying Value, Gross	4,169,783	3,340,663
Rating 4
Accounts Notes And Loans Receivable [Line Items]
Carrying Value, Gross	462,020	806,893
Rating 5
Accounts Notes And Loans Receivable [Line Items]
Carrying Value, Gross	$ 31,200	$ 31,106

Loans Held for Investment an_10

Loans Held for Investment and the Allowance for Credit Losses - Summary of Amortized Cost and Results of Internal Risk Rating Review Performed for Loans Held for Investment Portfolio (Parenthetical) (Details) - Hotel $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Loan held for sale price | $	$ 86.6
Rating 4
Accounts Notes And Loans Receivable [Line Items]
Number of loan excluded with risk category that was transferred to loans held for sale | Loan	1

Loans Held for Investment an_11

Loans Held for Investment and the Allowance for Credit Losses - Summary of Activity in Allowance for Credit Losses for Loans Held for Investment Portfolio by Class of Financing Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounts Notes And Loans Receivable [Line Items]
Beginning balance			$ 59,940
Allowance for credit losses for loans held for investment	$ 50,051		50,051
Total allowance for credit losses	54,968	$ 59,329	54,968	$ 59,329
Loans Held for Investment
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	51,941	53,557	59,940
Credit loss expense (benefit)	(1,890)	3,103	(9,889)	38,877
Allowance for credit losses for loans held for investment	50,051	56,660	50,051	56,660
Loans Held for Investment | ASU 2016-13
Accounts Notes And Loans Receivable [Line Items]
Cumulative-effect adjustment upon adoption of ASU 2016-13				17,783
Unfunded Loan Commitment
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	3,371	5,118	2,888
Credit loss expense (benefit)	1,546	(2,449)	2,029	807
Allowance for credit losses on unfunded loan commitments	4,917	2,669	4,917	2,669
Unfunded Loan Commitment | ASU 2016-13
Accounts Notes And Loans Receivable [Line Items]
Cumulative-effect adjustment upon adoption of ASU 2016-13				1,862
Senior Loans
Accounts Notes And Loans Receivable [Line Items]
Total allowance for credit losses	54,076	57,453	54,076	57,453
Senior Loans | Loans Held for Investment
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	51,431	51,557	58,210
Credit loss expense (benefit)	(1,567)	3,416	(8,346)	38,070
Allowance for credit losses for loans held for investment	49,864	54,973	49,864	54,973
Senior Loans | Loans Held for Investment | ASU 2016-13
Accounts Notes And Loans Receivable [Line Items]
Cumulative-effect adjustment upon adoption of ASU 2016-13				16,903
Senior Loans | Unfunded Loan Commitment
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	3,360	3,618	2,756
Credit loss expense (benefit)	852	(1,138)	1,456	618
Allowance for credit losses on unfunded loan commitments	4,212	2,480	4,212	2,480
Senior Loans | Unfunded Loan Commitment | ASU 2016-13
Accounts Notes And Loans Receivable [Line Items]
Cumulative-effect adjustment upon adoption of ASU 2016-13				1,862
Subordinated and Mezzanine Loans
Accounts Notes And Loans Receivable [Line Items]
Total allowance for credit losses	892	1,876	892	1,876
Subordinated and Mezzanine Loans | Loans Held for Investment
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	510	2,000	1,730
Credit loss expense (benefit)	(323)	(313)	(1,543)	807
Allowance for credit losses for loans held for investment	187	1,687	187	1,687
Subordinated and Mezzanine Loans | Loans Held for Investment | ASU 2016-13
Accounts Notes And Loans Receivable [Line Items]
Cumulative-effect adjustment upon adoption of ASU 2016-13				880
Subordinated and Mezzanine Loans | Unfunded Loan Commitment
Accounts Notes And Loans Receivable [Line Items]
Beginning balance	11	1,500	132
Credit loss expense (benefit)	694	(1,311)	573	189
Allowance for credit losses on unfunded loan commitments	$ 705	$ 189	$ 705	$ 189

Loans Held for Investment an_12

Loans Held for Investment and the Allowance for Credit Losses - Schedule of Paid-in-Kind Interest (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Paid In Kind Interest [Abstract]
Balance	$ 4,153	$ 5,517	$ 4,701	$ 4,701
PIK accrued	209	360	816	1,400
PIK repayments	(871)	(1,034)
Balance	$ 3,491	4,153	$ 5,517	$ 3,491
PIK write-off		$ (690)

Loans Held for Investment an_13

Loans Held for Investment and the Allowance for Credit Losses - Schedule of Collections of Scheduled Interest (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Collection Of Scheduled Interest [Abstract]
Scheduled interest, including PIK	99.40%	99.30%	99.40%	100.00%	99.40%	100.00%
PIK interest as a percentage of scheduled interest	0.70%	1.10%	1.20%	2.90%	1.00%	1.20%

Loans Held for Investment an_14

Loans Held for Investment and the Allowance for Credit Losses - Summary of Aging Analysis for Loans Held for Investment Portfolio by Class of Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	$ 4,749,289	$ 4,516,400
Current
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	4,718,089
Days: 90 or More
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	31,200
Total Loans Past Due
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	31,200
Senior Loans
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	4,714,360	4,484,048
Senior Loans | Current
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	4,683,160
Senior Loans | Days: 90 or More
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	31,200
Senior Loans | Total Loans Past Due
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	31,200
Subordinated and Mezzanine Loans
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	34,929	$ 32,352
Subordinated and Mezzanine Loans | Current
Accounts Notes And Loans Receivable [Line Items]
Total loans past due	$ 34,929

Real Estate Owned - Additional

Real Estate Owned - Additional Information (Details) - First Mortgage Loan $ in Millions	1 Months Ended	9 Months Ended
	Dec. 31, 2020aProperty	Sep. 30, 2021USD ($)
Real Estate Owned [Line Items]
Number of undeveloped commercially-zoned land parcel | Property	2
Acres of land | a	27
Cost basis property value		$ 99.2
Estimated capitalization rate		6.25%
Property held for investment		$ 99.2
Mortgage loan payable		$ 50
Minimum | Discount Rate | Discounted Cash Flow | Level 3 Inputs
Real Estate Owned [Line Items]
Discount rate		8.00%
Maximum | Discount Rate | Discounted Cash Flow | Level 3 Inputs
Real Estate Owned [Line Items]
Discount rate		17.50%

Available-for-Sale Debt Secur_2

Available-for-Sale Debt Securities - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2020USD ($)	Apr. 30, 2020USD ($)	Sep. 30, 2021Investment	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)Investment	Sep. 30, 2020USD ($)	Mar. 31, 2021Investment
Schedule Of Available For Sale Securities [Line Items]
Aggregate losses from the sales						$ 1,051
CMBS and CRE CLO Investments
Schedule Of Available For Sale Securities [Line Items]
Number of Investments | Investment							0
Number of investments purchased | Investment			0		0
CRE CLO Investments
Schedule Of Available For Sale Securities [Line Items]
Proceeds from sale of debt securities, gross				$ 151,600
Impairment of investment				36,200
CRE Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Proceeds from sale of debt securities, gross	$ 614,800	$ 766,400
Impairment of investment				$ 167,300	$ 203,400
Aggregate face value of debt securities	782,000	$ 969,800
Payments on secured financing	581,700					$ 824,920
Proceeds from sale of debt securities, net	33,100
Aggregate losses from the sales	$ 167,300				$ 203,400

Variable Interest Entities an_3

Variable Interest Entities and Collateralized Loan Obligations - Additional Information (Details)	Oct. 01, 2021	Jun. 15, 2021	Mar. 31, 2021USD ($)LoanParticipation$ / sharesshares	Sep. 30, 2021USD ($)Loan	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Loan	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Aggregate principal balance				$ 920,805,000		$ 920,805,000			$ 1,524,175,000
Amortization of deferred financing costs						11,258,000	$ 10,062,000
Total loans past due				4,749,289,000		4,749,289,000			4,516,400,000
FL3 Mortgage Assets
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of mortgage assets issued				189,600,000	$ 0	189,600,000	163,100,000
Net cash proceeds utilizing replenishment feature				64,700,000		64,700,000	49,300,000
Repayment of existing borrowings including accrued interest				124,900,000		124,900,000	113,800,000
Aggregate principal balance				$ 1,200,000,000		$ 1,200,000,000
Loans held for investment, aggregate unpaid principal balance percentage				25.80%		25.80%
FL2-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Aggregate principal balance				$ 891,000,000		$ 891,000,000
Loans held for investment, aggregate unpaid principal balance percentage				18.70%		18.70%
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Number of loans held for investment | Loan				2		2
Total loans past due				$ 82,800,000		$ 82,800,000
FL3-Notes | Collateralized Loan Obligation Proceeds Held at Trustee
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Cash available to acquire eligible assets						$ 3,600,000
Collateralized Loan Obligation
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Number of mortgage loans originated or acquired | Loan						3
Principal amount of mortgage assets issued						$ 3,400,000,000
Percentage of loans held for investment portfolio collateralized				70.70%		70.70%
Deferred financing costs, including issuance, legal, and accounting related costs				$ 12,609,000		$ 12,609,000			$ 9,192,000
Collateralized Loan Obligation | FL2-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of mortgage assets issued					159,500,000		292,500,000
Net cash proceeds utilizing replenishment feature					57,100,000		122,800,000
Repayment of existing borrowings including accrued interest					102,400,000		169,700,000
Collateralized Loan Obligation | FL4 Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Notes issued			$ 1,250,000,000
Preferred stock, shares issued | shares			112,500
Preferred stock, par value | $ / shares			$ 0.001
Derivative, notional amount			$ 1,000,000
Deferred financing costs, including issuance, legal, and accounting related costs				8,300,000		8,300,000
Amortization of deferred financing costs				700,000		1,200,000
Unamortized deferred financing costs				7,100,000		7,100,000
Interest expense excluding amortization of deferred financing costs				4,500,000		9,200,000
Collateralized Loan Obligation | FL4 Investment Grade Rated Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Notes issued			1,040,000,000
Collateralized Loan Obligation | FL4 Securities
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of mortgage assets issued				178,200,000		255,500,000
Amount used to purchase eligible collateral interests			$ 308,900,000
Ramp-up period			6 months
Cash distributed for investment or other corporate uses			$ 104,800,000
Number of commercial real estate whole loan | Loan			1
Number of pari passu participations | Participation			17
Number of separate commercial real estate whole loans | Loan			17
Debt securities								$ 308,900,000
Net cash proceeds utilizing replenishment feature				93,100,000		146,900,000
Repayment of existing borrowings including accrued interest				85,100,000		108,600,000
Aggregate principal balance				$ 1,200,000,000		$ 1,200,000,000
Loans held for investment, aggregate unpaid principal balance percentage				26.20%		26.20%
Cash available to acquire eligible assets						$ 3,300,000
Collateralized Loan Obligation | FL3-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Deferred financing costs, including issuance, legal, and accounting related costs				$ 7,800,000		7,800,000
Amortization of deferred financing costs				600,000		1,800,000
Unamortized deferred financing costs				3,300,000		3,300,000
Interest expense excluding amortization of deferred financing costs				3,900,000	4,100,000	$ 11,500,000	16,200,000
Collateralized Loan Obligation | FL3-Notes | Secured Overnight Financing Rate
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Line of credit, spread on variable rate		0.11448%
Interest rate terms						interest accrual period has been the “30-Day Average SOFR” published on the website of the Federal Reserve Bank of New York on each benchmark determination date. SOFR will be determined by the calculation agent in arrears using a lookback period equal to the number of calendar days in such interest accrual period plus two SOFR Business Days.
Collateralized Loan Obligation | FL3-Notes | Secured Overnight Financing Rate | Subsequent Event
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Line of credit, spread on variable rate	0.11448%
Collateralized Loan Obligation | FL2-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Deferred financing costs, including issuance, legal, and accounting related costs				8,700,000		$ 8,700,000
Amortization of deferred financing costs				800,000		2,000,000
Unamortized deferred financing costs				1,700,000		1,700,000
Interest expense excluding amortization of deferred financing costs				$ 2,800,000	$ 3,300,000	$ 9,000,000	$ 13,300,000

Variable Interest Entities an_4

Variable Interest Entities and Collateralized Loan Obligations - Summary of Variable Interest Entities Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	[1]	$ 269,263	$ 319,669
Collateralized loan obligation proceeds held at trustee	[1]	6,870	174
Accounts receivable from servicer/trustee	[1]	8,639	418
Loans held for investment		4,699,238	4,456,460
Total Assets	[1]	5,200,945	4,908,743
Liabilities
Accrued interest payable	[1]	2,661	2,630
Collateralized loan obligations	[1]	2,749,901	1,825,568
Payable to affiliates	[1]	5,473	5,570
Total Liabilities	[1]	3,755,478	3,442,292
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents		22,979	78,350
Collateralized loan obligation proceeds held at trustee		6,870	174
Accounts receivable from servicer/trustee		1,689
Accrued interest receivable		6,868	740
Loans held for investment		3,412,627	2,199,666
Total Assets		3,451,033	2,278,930
Liabilities
Accrued interest payable		1,998	1,311
Accrued expenses		1,907	630
Collateralized loan obligations		2,749,901	1,825,569
Payable to affiliates		3,830	14,016
Total Liabilities		$ 2,757,636	$ 1,841,526
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Variable Interest Entities an_5

Variable Interest Entities and Collateralized Loan Obligations - Schedule of Borrowings and Corresponding Collateral (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Collateral (loans), Outstanding principal		$ 1,357,729	$ 2,262,311
Debt, Face value		3,144,276	3,239,506
Debt, Carrying value	[1]	2,749,901	1,825,568
Collateralized Loan Obligation
Debt Instrument [Line Items]
Collateral (loans), Outstanding principal		3,363,691	2,230,276
Collateral (loans), Carrying value		3,332,085	2,230,276
Debt, Face value		2,762,510	1,834,760
Debt, Carrying value		$ 2,749,901	$ 1,825,568
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Variable Interest Entities an_6

Variable Interest Entities and Collateralized Loan Obligations - Schedule of Weighted Average Spreads and Maturities for Loan Collateral and Borrowings (Details) - Collateralized Loan Obligation	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
TRTX 2018-FL2 | Collateral (Loan Investments)
Debt Instrument [Line Items]
Weighted average spread (%)	3.29%	3.33%
Weighted average maturity (years)	2 years 2 months 12 days	4 years 10 months 24 days
TRTX 2018-FL2 | Debt (Notes Issued)
Debt Instrument [Line Items]
Weighted average spread (%)	1.50%	1.45%
Weighted average maturity (years)	16 years 1 month 6 days	16 years 10 months 24 days
TRTX 2019-FL3 | Collateral (Loan Investments)
Debt Instrument [Line Items]
Weighted average spread (%)	3.23%	3.20%
Weighted average maturity (years)	2 years 4 months 24 days	4 years 1 month 6 days
TRTX 2019-FL3 | Debt (Notes Issued)
Debt Instrument [Line Items]
Weighted average spread (%)	1.44%	1.44%
Weighted average maturity (years)	13 years	13 years 9 months 18 days
FL4 Notes | Collateral (Loan Investments)
Debt Instrument [Line Items]
Weighted average spread (%)	3.18%
Weighted average maturity (years)	3 years 1 month 6 days
FL4 Notes | Debt (Notes Issued)
Debt Instrument [Line Items]
Weighted average spread (%)	1.60%
Weighted average maturity (years)	16 years 4 months 24 days

Schedule of Information Related

Schedule of Information Related to Secured Credit Agreements (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Commitment amount	$ 3,144,276	$ 3,239,506
Aggregate principal balance	920,805	1,524,175
Principal balance of collateral	1,357,729	2,262,311
Amortized cost of collateral	1,357,849	2,261,912
Asset-specific Financing
Debt Instrument [Line Items]
Commitment amount	50,000	50,000
Aggregate principal balance	50,000	50,000
Principal balance of collateral	99,200	99,200
Asset Specific Financing Secured Credit Agreements And Secured Credit Facilities
Debt Instrument [Line Items]
Commitment amount	3,194,276	3,289,506
Maximum current availability	2,152,987	1,716,647
Aggregate principal balance	969,914	1,572,859
Principal balance of collateral	1,456,929	2,361,511
Amortized cost of collateral	1,351,608	2,252,971
Loans Investment | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Commitment amount	3,144,276	3,239,506
Maximum current availability	2,152,987	1,716,647
Aggregate principal balance	919,914	1,522,859
Principal balance of collateral	1,357,729	2,262,311
Amortized cost of collateral	$ 1,351,608	$ 2,252,971
Goldman Sachs | Debt Instrument, Interest Rate at 2.6% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date	Aug. 19, 2022
Extended maturity date	Aug. 19, 2024
Index rate	1 Month LIBOR
Weighted average credit spread	2.00%
Interest rate	2.10%
Commitment amount	$ 250,000
Maximum current availability	152,012
Aggregate principal balance	97,988
Principal balance of collateral	164,824
Amortized cost of collateral	$ 164,134
Goldman Sachs | Debt Instrument, Interest Rate at 2.9% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date		Aug. 19, 2021
Extended maturity date		Aug. 19, 2022
Index rate		1 Month LIBOR
Weighted average credit spread		2.70%
Interest rate		2.90%
Commitment amount		$ 250,000
Maximum current availability		199,113
Aggregate principal balance		50,887
Principal balance of collateral		96,381
Amortized cost of collateral		$ 94,971
Wells Fargo | Debt Instrument, Interest Rate at 2.0% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date	Apr. 18, 2022
Extended maturity date	Apr. 18, 2024
Index rate	1 Month LIBOR
Weighted average credit spread	1.60%
Interest rate	1.70%
Commitment amount	$ 750,000
Maximum current availability	489,209
Aggregate principal balance	260,791
Principal balance of collateral	332,143
Amortized cost of collateral	$ 329,424
Wells Fargo | Debt Instrument, Interest Rate at 1.9% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date		Apr. 18, 2022
Extended maturity date		Apr. 18, 2022
Index rate		1 Month LIBOR
Weighted average credit spread		1.70%
Interest rate		1.90%
Commitment amount		$ 750,000
Maximum current availability		533,601
Aggregate principal balance		216,399
Principal balance of collateral		290,237
Amortized cost of collateral		$ 288,696
Barclays | Debt Instrument, Interest Rate at 1.7% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date	Aug. 13, 2022	Aug. 13, 2022
Extended maturity date	Aug. 13, 2023	Aug. 13, 2022
Index rate	1 Month LIBOR	1 Month LIBOR
Weighted average credit spread	1.50%	1.50%
Interest rate	1.60%	1.70%
Commitment amount	$ 750,000	$ 750,000
Maximum current availability	638,125	433,739
Aggregate principal balance	111,875	316,261
Principal balance of collateral	171,223	443,845
Amortized cost of collateral	$ 170,901	$ 442,757
Morgan Stanley | Debt Instrument, Interest Rate at 2.0% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date		May 4, 2021
Extended maturity date		May 4, 2022
Index rate		1 Month LIBOR
Weighted average credit spread		1.80%
Interest rate		2.00%
Commitment amount		$ 500,000
Maximum current availability		174,045
Aggregate principal balance		325,955
Principal balance of collateral		434,630
Amortized cost of collateral		$ 433,031
Morgan Stanley | Debt Instrument, Interest Rate at 1.9% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date	May 4, 2022
Extended maturity date	May 4, 2023
Index rate	1 Month LIBOR
Weighted average credit spread	1.80%
Interest rate	1.90%
Commitment amount	$ 500,000
Maximum current availability	335,359
Aggregate principal balance	164,641
Principal balance of collateral	223,685
Amortized cost of collateral	$ 222,880
JP Morgan | Debt Instrument, Interest Rate at 1.8% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date	Oct. 30, 2023	Oct. 30, 2023
Extended maturity date	Oct. 30, 2025	Oct. 30, 2025
Index rate	1 Month LIBOR	1 Month LIBOR
Weighted average credit spread	1.70%	1.60%
Interest rate	1.80%	1.80%
Commitment amount	$ 400,000	$ 400,000
Maximum current availability	258,913	192,906
Aggregate principal balance	141,087	207,094
Principal balance of collateral	235,724	351,123
Amortized cost of collateral	$ 234,196	$ 347,852
US Bank | Debt Instrument, Interest Rate at 1.8% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date	Jul. 9, 2022	Jul. 9, 2022
Extended maturity date	Jul. 9, 2024	Jul. 9, 2024
Index rate	1 Month LIBOR	1 Month LIBOR
Weighted average credit spread	1.40%	1.50%
Interest rate	1.70%	1.80%
Commitment amount	$ 44,730	$ 139,960
Maximum current availability	5,485	70,376
Aggregate principal balance	39,245	69,584
Principal balance of collateral	58,752	101,372
Amortized cost of collateral	$ 58,752	$ 101,287
Bank of America | Debt Instrument, Interest Rate at 1.9% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date	Sep. 29, 2022	Sep. 29, 2021
Extended maturity date	Sep. 29, 2022	Sep. 29, 2022
Index rate	1 Month LIBOR	1 Month LIBOR
Weighted average credit spread	1.80%	1.80%
Interest rate	1.90%	1.90%
Commitment amount	$ 200,000	$ 200,000
Maximum current availability	96,961	112,867
Aggregate principal balance	31,664	87,133
Principal balance of collateral	42,352	117,393
Amortized cost of collateral	$ 42,352	$ 117,393
Institutional Financing | Debt Instrument, Interest Rate at 4.8% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date	Oct. 30, 2023	Oct. 30, 2023
Extended maturity date	Oct. 30, 2025	Oct. 30, 2025
Index rate	1 Month LIBOR	1 Month LIBOR
Weighted average credit spread	4.50%	4.50%
Interest rate	4.80%	4.80%
Commitment amount	$ 249,546	$ 249,546
Maximum current availability	176,923
Aggregate principal balance	72,623	249,546
Principal balance of collateral	129,026	427,330
Amortized cost of collateral	$ 128,969	$ 426,984
Institutional Lender | Debt Instrument, Interest Rate at 5.0% | Asset-specific Financing
Debt Instrument [Line Items]
Initial maturity date	Dec. 15, 2021	Dec. 15, 2021
Extended maturity date	Dec. 15, 2022	Dec. 15, 2022
Index rate	1 Month LIBOR	1 Month LIBOR
Weighted average credit spread	4.50%	4.50%
Interest rate	5.00%	5.00%
Commitment amount	$ 50,000	$ 50,000
Aggregate principal balance	50,000	50,000
Principal balance of collateral	$ 99,200	$ 99,200

Schedule of Information Relat_2

Schedule of Information Related to Secured Credit Agreements (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Secured Credit Facilities | Holdco
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%

Summary of Recourse and Market-

Summary of Recourse and Market-to-Market Provisions (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Goldman Sachs | Repurchase Agreements | Loans Investment
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Initial maturity date	Aug. 19, 2022	Aug. 19, 2021
Extended maturity date	Aug. 19, 2024	Aug. 19, 2022
Wells Fargo | Repurchase Agreements | Loans Investment
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Initial maturity date	Apr. 18, 2022	Apr. 18, 2022
Extended maturity date	Apr. 18, 2024	Apr. 18, 2022
Barclays | Repurchase Agreements | Loans Investment
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Initial maturity date	Aug. 13, 2022	Aug. 13, 2022
Extended maturity date	Aug. 13, 2023	Aug. 13, 2022
Morgan Stanley | Repurchase Agreements | Loans Investment
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Initial maturity date	May 4, 2022	May 4, 2021
Extended maturity date	May 4, 2023	May 4, 2022
Institutional Financing | Repurchase Agreements | Loans Investment
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Initial maturity date	Oct. 30, 2023	Oct. 30, 2023
Extended maturity date	Oct. 30, 2025	Oct. 30, 2025
US Bank | Repurchase Agreements | Loans Investment
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Initial maturity date	Jul. 9, 2022	Jul. 9, 2022
Extended maturity date	Jul. 9, 2024	Jul. 9, 2024
Bank of America | Senior Secured and Secured Credit Agreements | Repurchase Agreements | Loans Investment
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Initial maturity date	Sep. 29, 2022	Sep. 29, 2021
Extended maturity date	Sep. 29, 2022	Sep. 29, 2022
Institutional Lender | Asset-specific Financing
Debt Instrument [Line Items]
Initial maturity date	Dec. 15, 2021	Dec. 15, 2021
Extended maturity date	Dec. 15, 2022	Dec. 15, 2022

Secured Credit Agreements and_3

Secured Credit Agreements and Mortgage Loan Payable - Additional Information (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)CreditFacility	Dec. 31, 2020CreditFacility	Jun. 16, 2021shares
Mortgages
Debt Instrument [Line Items]
Mortgage loan payable	$ 50
Mortgage loan, description	The first mortgage loan was provided by an institutional lender, has an initial maturity date of December 15, 2021, and includes an option to extend the maturity for 12 months subject to the satisfaction of customary extension conditions, including (i) the purchase of a new interest rate cap for the extension term, (ii) replenishment of the interest reserve with an amount equal to 12 months of debt service, (iii) payment of a 0.25% extension fee on the outstanding principal balance, and (iv) no event of default. The first mortgage loan permits partial releases of collateral in exchange for payment of a minimum release price equal to the greater of 100% of net sales proceeds (after reasonable transaction expenses) or 115% of the allocated loan amount. The loan bears interest at a rate of LIBOR plus 4.50% subject to a LIBOR interest rate floor of 0.50% and a rate cap of 0.50%.
Initial maturity date	Dec. 15, 2021
Percentage of extension fee on outstanding principal balance	0.25%
Percentage of net sales proceeds	100.00%
Percentage of allocated loan amount	115.00%
Posted cash to pre-fund interest payments	$ 2.4
Remaining reserve balance	$ 0.7
Mortgages | LIBOR
Debt Instrument [Line Items]
Line of credit, spread on variable rate	4.50%
Series B Preferred Stock
Debt Instrument [Line Items]
Covenant maximum debt equity ratio	3
Redeemed outstanding shares | shares			9,000,000
Interest Rate Floor | Mortgages | LIBOR
Debt Instrument [Line Items]
Line of credit, spread on variable rate	0.50%
Rate Cap | Mortgages
Debt Instrument [Line Items]
Line of credit, spread on variable rate	0.50%
Secured Credit Facilities
Debt Instrument [Line Items]
Number of secured credit facilities | CreditFacility	7	7
Secured Credit Facilities | Holdco
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Secured Credit Facilities | Commercial Mortgage Loans
Debt Instrument [Line Items]
Number of secured credit facilities | CreditFacility	49	55

Summary of Secured Credit Facil

Summary of Secured Credit Facilities Secured by Commercial Mortgage Loans, CRE Debt Securities and Counterparty Concentration Risks (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Repurchase Agreement Counterparty [Line Items]
Commitment amount	$ 3,144,276	$ 3,239,506
UPB of collateral	1,357,729	2,262,311
Amortized cost of collateral	1,357,849	2,261,912
Amount payable	920,805	1,524,175
Net counterparty exposure	$ 437,044	$ 737,737
Days to extended maturity	965 days	938 days
Goldman Sachs Bank | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount	$ 250,000	$ 250,000
UPB of collateral	164,824	96,381
Amortized cost of collateral	165,866	96,843
Amount payable	98,052	50,909
Net counterparty exposure	$ 67,814	$ 45,934
Percent of stockholders' equity	4.70%	3.60%
Days to extended maturity	1054 days	596 days
Wells Fargo | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount	$ 750,000	$ 750,000
UPB of collateral	332,143	290,237
Amortized cost of collateral	330,995	290,403
Amount payable	261,235	216,734
Net counterparty exposure	$ 69,760	$ 73,669
Percent of stockholders' equity	4.80%	5.80%
Days to extended maturity	931 days	473 days
Barclays | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount	$ 750,000	$ 750,000
UPB of collateral	171,223	443,845
Amortized cost of collateral	171,197	443,620
Amount payable	111,968	316,524
Net counterparty exposure	$ 59,229	$ 127,096
Percent of stockholders' equity	4.10%	10.00%
Days to extended maturity	682 days	590 days
Morgan Stanley Bank | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount	$ 500,000	$ 500,000
UPB of collateral	223,685	434,630
Amortized cost of collateral	223,732	433,948
Amount payable	164,662	326,199
Net counterparty exposure	$ 59,070	$ 107,749
Percent of stockholders' equity	4.10%	8.50%
Days to extended maturity	581 days	489 days
JP Morgan Chase Bank | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount	$ 649,546	$ 649,546
UPB of collateral	364,750	778,453
Amortized cost of collateral	364,202	777,862
Amount payable	213,901	457,041
Net counterparty exposure	$ 150,301	$ 320,821
Percent of stockholders' equity	10.40%	25.30%
Days to extended maturity	1491 days	1764 days
US Bank | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount	$ 44,730	$ 139,960
UPB of collateral	58,752	101,372
Amortized cost of collateral	59,119	101,599
Amount payable	39,300	69,649
Net counterparty exposure	$ 19,819	$ 31,950
Percent of stockholders' equity	1.40%	2.50%
Days to extended maturity	1013 days	1286 days
Bank of America | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount	$ 200,000	$ 200,000
UPB of collateral	42,352	117,393
Amortized cost of collateral	42,739	117,637
Amount payable	31,687	87,119
Net counterparty exposure	$ 11,052	$ 30,518
Percent of stockholders' equity	0.80%	2.40%
Days to extended maturity	364 days	637 days

Summary of Secured Credit Fac_2

Summary of Secured Credit Facilities Secured by Commercial Mortgage Loans, CRE Debt Securities and Counterparty Concentration Risks (Parenthetical) (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	May 31, 2020	Dec. 31, 2019
Repurchase Agreement Counterparty [Line Items]
Accrued Interest Payable	[1]	$ 2,661,000	$ 2,630,000
Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Interest receivable		6,200,000				$ 10,400,000
Premium, discount and origination fees		6,100,000	11,800,000
Accrued Interest Payable		900,000				1,000,000
Unamortized deferred financing fees		$ 4,400,000				$ 8,300,000
Commercial Mortgage Loans | Goldman Sachs
Repurchase Agreement Counterparty [Line Items]
Maximum commitment amount				$ 250,000,000	$ 750,000,000
Loan financings, increments in commitment amount				50,000,000
Commercial Mortgage Loans | Goldman Sachs | Maximum
Repurchase Agreement Counterparty [Line Items]
Loan financings. commitment incremental facility limit				$ 500,000,000
Commercial Mortgage Loans | Bank of America
Repurchase Agreement Counterparty [Line Items]
Maximum commitment amount			200,000,000		$ 500,000,000
Loan financings, increments in commitment amount			50,000,000
Commercial Mortgage Loans | Bank of America | Maximum
Repurchase Agreement Counterparty [Line Items]
Loan financings. commitment incremental facility limit			$ 500,000,000
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Schedule of Maturities - Schedu

Schedule of Maturities - Schedule of Future Principal Payments (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
2021	$ 56,985
2022	339,872
2023	943,004
2024	1,468,632
2025	278,457
Thereafter	645,474
Total	3,732,424
Collateralized Loan Obligation
Debt Instrument [Line Items]
2021	56,985
2022	258,208
2023	452,779
2024	1,070,607
2025	278,457
Thereafter	645,474
Total	2,762,510
Secured Credit Facilities
Debt Instrument [Line Items]
2022	31,664
2023	490,225
2024	398,025
Total	919,914
Mortgage Loan Payable
Debt Instrument [Line Items]
2022	50,000
Total	$ 50,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)
Fair Value Disclosures [Abstract]
Money market funds	$ 217,100,000
Threshold period of delinquency	90 days
Number of loans held for sale | Loan	1
Estimated fair value of loans held for investment	$ 4,700,000,000	$ 4,500,000,000
Weighted average gross spread percentage	3.29%	3.18%
Weighted average maturity period	2 years 9 months 18 days	3 years 1 month 6 days
Transfers of financial assets or liabilities with in fair value hierarchy	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value of Financial Assets and Liabilities (Details) - Fair Value Measurements Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying Value | Loans Held for Investment
Financial assets
Financial assets, nonrecurring	$ 4,699,238	$ 4,456,460
Carrying Value | Loans Held for Sale
Financial assets
Financial assets, nonrecurring	86,636
Carrying Value | Collateralized Loan Obligation
Financial liabilities
Financial liabilities, nonrecurring	2,749,901	1,825,568
Carrying Value | Secured Financing Agreements
Financial liabilities
Financial liabilities, nonrecurring	915,537	1,514,028
Carrying Value | Mortgage Loan Payable
Financial liabilities
Financial liabilities, nonrecurring	49,360	49,147
Estimate of Fair Value Measurement | Level III | Loans Held for Investment
Financial assets
Financial assets, nonrecurring	4,735,786	4,472,984
Estimate of Fair Value Measurement | Level III | Loans Held for Sale
Financial assets
Financial assets, nonrecurring	86,636
Estimate of Fair Value Measurement | Level III | Collateralized Loan Obligation
Financial liabilities
Financial liabilities, nonrecurring	2,741,971	1,834,760
Estimate of Fair Value Measurement | Level III | Secured Financing Agreements
Financial liabilities
Financial liabilities, nonrecurring	914,094	1,532,910
Estimate of Fair Value Measurement | Level III | Mortgage Loan Payable
Financial liabilities
Financial liabilities, nonrecurring	$ 49,360	$ 49,147

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 30, 2020	Apr. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax [Line Items]
Excise tax percentage			100.00%		100.00%
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
Current portion of income tax expense (benefit)			200,000	$ 100,000	$ 1,400,000	$ 200,000
Effective income tax rate					1.50%	0.20%
Aggregate losses from the sales						$ 1,051,000
CRE Debt Securities
Income Tax [Line Items]
Aggregate face value of debt securities	$ 969,800,000	$ 782,000,000
Proceeds from sale of debt securities, gross	$ 766,400,000	614,800,000
Aggregate losses from the sales		$ 167,300,000			$ 203,400,000
CRE Debt Securities | Minimum
Income Tax [Line Items]
Percentage of REIT taxable income distributed to stockholders					90.00%
TRSs
Income Tax [Line Items]
Deferred tax assets			0		$ 0		0
Deferred tax liabilities			$ 200,000		$ 200,000		$ 0
REIT Subsidiaries
Income Tax [Line Items]
Equity interest percentage by parent			100.00%		100.00%
Sub-REIT
Income Tax [Line Items]
Equity interest percentage by parent			100.00%		100.00%
U.S. federal corporate tax rate					21.00%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)		Jun. 16, 2021	Jul. 25, 2017	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Incentive management fee percentage of Core Earnings less seven percent of stockholders equity			20.00%
Payable to affiliates	[1]			$ 5,473,000			$ 5,473,000		$ 5,570,000
Termination fee, description							A termination fee would be due to the Manager upon termination of the Management Agreement by the Company absent a cause event. The termination fee would also be payable to the Manager upon termination of the Management Agreement 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
Manager
Related Party Transaction [Line Items]
Maximum reimbursable expense per annum							$ 1,000,000
Percentage of allocated reimbursable expense of management agreement							20.00%
Series B Preferred Stock
Related Party Transaction [Line Items]
Percentage of annual base management fee							0.75%
Decrease in annual base management fee percentage							50.00%
Redemption of Series B preferred stock		9,000,000
Preferred stock shares outstanding		0
Series C Preferred Stock
Related Party Transaction [Line Items]
Preferred stock shares outstanding				8,050,000			8,050,000		0
Series C Preferred Stock | TPG Capital BD, LLC
Related Party Transaction [Line Items]
Payment for underwriting discount and commissions					$ 700,000
Management Agreement
Related Party Transaction [Line Items]
Percentage of annual base management fee			1.50%				1.50%
Percentage of quarterly base management fee			0.375%
Incentive management fee, description							The Manager is also entitled to incentive compensation which is calculated and payable in cash with respect to each calendar quarter 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, 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, 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. No incentive compensation is payable to the Manager with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters is greater than zero. For purposes of calculating the Manager’s incentive compensation, the Management Agreement specifies that equity securities of the Company or any of the Company’s subsidiaries that are entitled to a specified periodic distribution or have other debt characteristics will not constitute equity securities and will not be included in “Equity” for the purpose of calculating incentive compensation. Instead, the aggregate distribution amount that accrues to such equity securities during the calendar quarter of such calculation will be subtracted from Core Earnings, before incentive compensation for purposes of calculating incentive compensation, unless such distribution is otherwise excluded from Core Earnings.
Percentage multiplied by stockholders equity included in incentive management fee			7.00%
Payable to affiliates				$ 5,500,000			$ 5,500,000		$ 5,400,000
Incentive management fee				0			0
Management Agreement | Minimum
Related Party Transaction [Line Items]
Management fee payable per annum			$ 250,000
Management fee payable per quarter			$ 62,500
Post-IPO Management Agreement
Related Party Transaction [Line Items]
Amount incurred and reimbursable				300,000		$ 300,000	800,000	$ 800,000
Reimbursable expenses remained outstanding				$ 0			$ 0		$ 200,000
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Related Party Transactions - Su

Related Party Transactions - Summary of Management Fees and Incentive Management Fees Incurred and Paid Pursuant to Management Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Fees Incurred	$ 5,473	$ 5,293	$ 15,910	$ 15,408
Fees Paid	5,344	5,115	15,796	12,367
Management Agreement
Related Party Transaction [Line Items]
Fees Incurred	5,473	5,293	15,910	15,408
Fees Paid	$ 5,344	$ 5,115	$ 15,796	$ 12,367

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 16, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share Basic [Line Items]
Participating securities' share in earnings (loss)		$ 100		$ 100	$ 400	$ 500
Undistributed net income attributable to common stockholders		$ 100		100	400	500
Preferred stock redemption make-whole payment			$ 22,485
Write-off of unamortized discount				1,347	$ 25,449	1,790
Warrants
Earnings Per Share Basic [Line Items]
Average market price of common stock		$ 12.80			$ 12.20
Strike price of common share for warrants outstanding		$ 7.50			$ 7.50
Series B Preferred Stock
Earnings Per Share Basic [Line Items]
Adjustments to accretion of discount on preferred stock		$ 0		$ 1,300	$ 25,400	$ 1,800
Number of outstanding preferred stock shares redeemed	9,000,000
Preferred stock redemption make-whole payment	$ 22,500
Write-off of unamortized discount	$ 22,500				$ 22,500

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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 29,325	$ 32,391	$ 31,955	$ 38,447	$ 42,928	$ (232,790)	$ 93,672	$ (151,415)
Preferred stock dividends	(3,157)			(6,217)			(16,081)	(8,474)
Participating securities' share in earnings (loss)	(122)			(101)			(416)	(494)
Series B preferred stock redemption make-whole payment							(22,485)
Series B preferred stock accretion and write-off of discount, including allocated warrant fair value and transaction costs				(1,347)			(25,449)	(1,790)
Net income (loss) attributable to common stockholders	$ 26,046			$ 30,782			$ 29,241	$ (162,173)
Weighted average common shares outstanding, basic	77,060,225			76,756,411			76,952,306	76,622,415
Incremental shares of common stock issued from the assumed exercise of the warrants	4,968,750			1,498,250			4,622,951
Weighted average common shares outstanding, diluted	82,028,975			78,254,661			81,575,257	76,622,415
Earnings (loss) per common share, basic	$ 0.34			$ 0.40			$ 0.38	$ (2.13)
Earnings (loss) per common share, diluted	$ 0.32			$ 0.39			$ 0.36	$ (2.13)

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Common Share (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 16, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share Basic And Diluted [Line Items]
Write-off of unamortized transaction costs and unaccreted allocated warrant fair value		$ 1,347	$ 25,449	$ 1,790
Series C Preferred Stock
Earnings Per Share Basic And Diluted [Line Items]
Preferred stock shares outstanding, value			40
Series B Preferred Stock
Earnings Per Share Basic And Diluted [Line Items]
Write-off of unamortized transaction costs and unaccreted allocated warrant fair value	$ 22,500		$ 22,500

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	Sep. 30, 2021		Sep. 13, 2021	Jun. 16, 2021	Jun. 14, 2021	Sep. 15, 2020	May 28, 2020	Jan. 24, 2020	Mar. 07, 2019	Sep. 30, 2021		Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021		Sep. 30, 2020	Dec. 31, 2020		Feb. 14, 2020
Class Of Stock [Line Items]
Preferred stock redemption make-whole payment												$ 22,485,000
Accretion of remaining unamortized discount												$ 23,997,000	$ 1,452,000	$ 1,347,000	$ 443,000
Common stock, shares authorized	302,500,000									302,500,000							302,500,000			302,500,000
Common stock, shares outstanding	77,047,966									77,047,966							77,047,966			76,787,006
Proceeds from issuance of common stock																			$ 12,895,000
Dividends paid in cash			$ 18,600,000			$ 15,400,000
Unpaid dividends	$ 18,593,000	[1]								$ 18,593,000	[1]			$ 15,444,000			$ 18,593,000	[1]	$ 15,444,000	$ 29,481,000	[1]
Class A Shares Converted in to Common Stock
Class Of Stock [Line Items]
Common stock, shares issued								1,136,665
Common stock, shares authorized																						2,500,000
Warrants
Class Of Stock [Line Items]
Warrants to purchase common stock, value							$ 225,000,000
Strike price of common share for warrants outstanding							$ 7.50
Warrants expiration date							May 28, 2025
Fair value of warrants							$ 14,400,000
Warrants exercised	0
Common Stock
Class Of Stock [Line Items]
Number of common shares issued										1,783		192,023	110,096	1,444	160,278	628,218			600,000
Dividend declared per share			$ 0.24			$ 0.20
Proceeds from issuance of common stock																			$ 12,900,000
Weighted average price per share																			$ 20.53
Payments for commissions																			$ 200,000
Dividend declared date			Sep. 13, 2021			Sep. 15, 2020
Dividend paid date			Oct. 22, 2021			Oct. 23, 2020
Dividend record date			Sep. 29, 2021			Sep. 25, 2020
Unpaid dividends	$ 18,600,000									$ 18,600,000							$ 18,600,000			$ 29,500,000
PE Holder L.L.C | Investment Agreement | Tranche One
Class Of Stock [Line Items]
Warrants to purchase common stock, value							$ 225,000,000
PE Holder L.L.C | Investment Agreement | Maximum
Class Of Stock [Line Items]
Warrants to purchase common stock, authorized							15,000,000
Aggregate cash purchase price							$ 325,000,000
PE Holder L.L.C | Investment Agreement | Maximum | Tranche One
Class Of Stock [Line Items]
Warrants to purchase common stock, shares							12,000,000
Equity Distribution Agreement | Common Stock
Class Of Stock [Line Items]
Number of common shares issued										0							0
Aggregate gross sales price of common stock	74,100,000									$ 74,100,000							$ 74,100,000
Proceeds from issuance of common stock	$ 50,900,000
Equity Distribution Agreement | Maximum | Common Stock
Class Of Stock [Line Items]
Aggregate gross sales price of common stock									$ 125,000,000
Percentage of commission to each sales agent, on gross sales price of shares sold									1.75%
Series C Preferred Stock
Class Of Stock [Line Items]
Proceeds from Issuance of Preferred Stock					$ 194,400,000												$ 201,250,000
Number of common shares issued					8,050,000
Underwriting discount and commissions					$ 6,300,000
Issuance costs					$ 600,000
Temporary equity, liquidation preference per share	$ 25									$ 25							$ 25
Temporary equity, dividend percentage																	6.25%
Dividend payable date																	Sep. 30, 2021
Dividend declared per share	0.4601		$ 0.4601							0.4601							$ 0.4601
Temporary equity, redemption terms																	On and after June 14, 2026, the Company, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the Series C Preferred Stock, in whole, at any time, or in part, from time to time, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) on such shares of Series C Preferred Stock to, but not including, the redemption date (other than any dividend with a record date before the applicable redemption date and a payment date after the applicable redemption date, which shall be paid on the payment date notwithstanding prior redemption of such shares.
Redemption price	$ 25									$ 25							$ 25
Dividend rate					6.25%
Preferred stock, liquidation preference per annum	$ 201,250,000									$ 201,250,000							$ 201,250,000
Dividend declared date			Sep. 13, 2021
Dividend paid date			Sep. 30, 2021
Dividend record date			Sep. 20, 2021
Dividends paid			$ 3,700,000
Series C Preferred Stock | Change of Control Event
Class Of Stock [Line Items]
Temporary equity, redemption terms																	The Company, upon the occurrence of a Change of Control event, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the shares of Series C Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date (other than any dividend with a record date before the applicable redemption date and a payment date after the applicable redemption date, which will be paid on the payment date notwithstanding prior redemption of such shares).
Redemption price	$ 25									$ 25							$ 25
Series B Preferred Stock
Class Of Stock [Line Items]
Proceeds from Issuance of Preferred Stock																			210,598,000
Temporary equity, liquidation preference per share	$ 25									$ 25							$ 25
Temporary equity, dividend percentage							11.00%										11.00%
Dividend declared per share						$ 0.69
Outstanding shares redeemed				9,000,000
Cash redemption of Series B preferred stock				$ 247,500,000
Temporary equity, shares outstanding	0			0						0		0					0
Preferred stock redemption make-whole payment				$ 22,500,000
Accretion of remaining unamortized discount				22,500,000
Issuance costs														$ 27,000	$ 14,209,000
Unamortized transaction costs				11,200,000
Unaccreted discount related to Warrants written off				$ 11,300,000
Dividends paid in cash						$ 6,200,000
Dividend declared date						Sep. 15, 2020
Dividend paid date						Sep. 30, 2020
Dividend record date						Sep. 15, 2020
Series B Preferred Stock | Warrants
Class Of Stock [Line Items]
Fair value of warrants							$ 14,400,000
Issuance costs							$ 14,200,000
Series B Preferred Stock | Maximum
Class Of Stock [Line Items]
Temporary equity liquidation preference percentage							2.00%
Series B Preferred Stock | PE Holder L.L.C | Investment Agreement
Class Of Stock [Line Items]
Temporary equity, dividend percentage							11.00%
Temporary equity, shares authorized							13,000,000
Temporary equity, par value							$ 0.001
Series B Preferred Stock | PE Holder L.L.C | Investment Agreement | Tranche One
Class Of Stock [Line Items]
Temporary equity, shares issued							9,000,000
Class A Common Stock
Class Of Stock [Line Items]
Common stock, shares authorized												0
Common stock, shares outstanding												0
Series A Preferred Stock
Class Of Stock [Line Items]
Dividend rate																	12.50%
Preferred stock, liquidation preference per annum	$ 1,000									$ 1,000							$ 1,000
Common Stock
Class Of Stock [Line Items]
Dividends paid																	$ 49,600,000		$ 64,100,000
[1]	The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details

Share-Based Incentive Plan - Ad

Share-Based Incentive Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share vesting installment period			4 years
Number of shares, vested			309,841
Stock Compensation Expense	$ 1,250	$ 1,147	$ 4,099	$ 4,234
2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized under the plan	4,600,463		4,600,463
Number of shares, issued	1,783
Number of shares, retired	42,942
Total unrecognized compensation cost relating to unvested share-based compensation arrangements	$ 5,600		$ 5,600
Unrecognized compensation cost, recognition period			1 year 3 months 18 days
Stock Compensation Expense	$ 1,300	$ 1,100	$ 4,100	$ 4,200

Share-Based Incentive Plan - Sc

Share-Based Incentive Plan - Schedule of Awarded Shares Vesting Period (Details) - 2017 Equity Incentive Plan - Common Stock	9 Months Ended
	Sep. 30, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	836,796
2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	418,345
2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	183,030
2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	145,873
2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	89,548

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Long Term Purchase Commitment [Line Items]
Unfunded commitments related to loans held for investment	$ 486.7	$ 423.5
Accrued Expenses and Other Liabilities
Long Term Purchase Commitment [Line Items]
Allowance for credit losses on loan commitments	$ 4.9	$ 2.9

Concentration of Credit Risk -

Concentration of Credit Risk - Summary of Loans Held for Investment Portfolio by Property Type (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 5,240,569	$ 4,943,511
Unfunded commitment	$ 486,663	$ 423,487
% of loan commitment	100.00%	100.00%
Loan UPB	$ 4,757,397	$ 4,524,725
% of loan UPB	100.00%	100.00%
Office
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 2,778,523	$ 2,756,338
Unfunded commitment	$ 386,673	$ 356,034
% of loan commitment	53.10%	55.70%
Loan UPB	$ 2,391,850	$ 2,400,304
% of loan UPB	50.20%	53.00%
Multifamily
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,249,025	$ 804,838
Unfunded commitment	$ 68,246	$ 24,001
% of loan commitment	23.80%	16.30%
Loan UPB	$ 1,181,078	$ 781,137
% of loan UPB	24.80%	17.30%
Hotel
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 584,943	$ 737,293
Unfunded commitment	$ 5,000	$ 9,864
% of loan commitment	11.20%	14.90%
Loan UPB	$ 582,792	$ 731,487
% of loan UPB	12.30%	16.20%
Mixed Use
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 572,069	$ 586,993
Unfunded commitment	$ 24,601	$ 31,398
% of loan commitment	10.90%	11.90%
Loan UPB	$ 547,468	$ 555,595
% of loan UPB	11.50%	12.30%
Condominium
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 23,009	$ 25,049
% of loan commitment	0.40%	0.50%
Loan UPB	$ 23,009	$ 25,049
% of loan UPB	0.50%	0.60%
Retail
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 33,000	$ 33,000
Unfunded commitment	$ 2,143	$ 2,190
% of loan commitment	0.60%	0.70%
Loan UPB	$ 31,200	$ 31,153
% of loan UPB	0.70%	0.70%

Concentration of Credit Risk _2

Concentration of Credit Risk - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Risks And Uncertainties [Abstract]
Loan commitment capitalized interest	$ 3.5	$ 4.7

Concentration of Credit Risk _3

Concentration of Credit Risk - Summary of Geographic Composition of Loans Held for Investment Based on Current UPB and Loan Commitment (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 5,240,569	$ 4,943,511
Unfunded commitment	$ 486,663	$ 423,487
% of loan commitment	100.00%	100.00%
Loan UPB	$ 4,757,397	$ 4,524,725
% of loan UPB	100.00%	100.00%
East
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 2,085,852	$ 2,009,022
Unfunded commitment	$ 114,305	$ 152,487
% of loan commitment	39.80%	40.60%
Loan UPB	$ 1,972,717	$ 1,856,535
% of loan UPB	41.50%	41.00%
South
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,313,895	$ 1,289,141
Unfunded commitment	$ 96,114	$ 97,405
% of loan commitment	25.10%	26.10%
Loan UPB	$ 1,218,757	$ 1,192,852
% of loan UPB	25.60%	26.40%
West
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,238,618	$ 1,128,897
Unfunded commitment	$ 220,415	$ 121,738
% of loan commitment	23.60%	22.80%
Loan UPB	$ 1,019,248	$ 1,009,589
% of loan UPB	21.40%	22.30%
Midwest
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 602,204	$ 428,351
Unfunded commitment	$ 55,829	$ 49,478
% of loan commitment	11.50%	8.70%
Loan UPB	$ 546,675	$ 379,173
% of loan UPB	11.50%	8.40%
Various
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment		$ 88,100
Unfunded commitment		$ 2,379
% of loan commitment		1.80%
Loan UPB		$ 86,576
% of loan UPB		1.90%

Concentration of Credit Risk _4

Concentration of Credit Risk - Summary of Loans Held for Investment Portfolio by Loan Category Type (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 5,240,569	$ 4,943,511
Unfunded commitment	$ 486,663	$ 423,487
% of loan commitment	100.00%	100.00%
Loan UPB	$ 4,757,397	$ 4,524,725
% of loan UPB	100.00%	100.00%
Light Transitional
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,700,225	$ 1,937,644
Unfunded commitment	$ 129,504	$ 173,518
% of loan commitment	32.40%	39.20%
Loan UPB	$ 1,570,720	$ 1,764,126
% of loan UPB	33.00%	39.00%
Moderate Transitional
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,945,826	$ 1,633,131
Unfunded commitment	$ 326,944	$ 224,532
% of loan commitment	37.10%	33.00%
Loan UPB	$ 1,620,054	$ 1,410,145
% of loan UPB	34.10%	31.20%
Bridge
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,559,518	$ 1,337,736
Unfunded commitment	$ 30,215	$ 22,953
% of loan commitment	29.80%	27.10%
Loan UPB	$ 1,531,623	$ 1,317,938
% of loan UPB	32.20%	29.10%
Construction
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 35,000	$ 35,000
Unfunded commitment		$ 2,484
% of loan commitment	0.70%	0.70%
Loan UPB	$ 35,000	$ 32,516
% of loan UPB	0.70%	0.70%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	1 Months Ended
	Nov. 02, 2021USD ($)Loan	Sep. 30, 2021USD ($)Rating	Dec. 31, 2020USD ($)Rating
Subsequent Event [Line Items]
Total loan commitment amount		$ 5,240,569	$ 4,943,511
Weighted Average Risk Rating | Rating		3.1	3.1
Risk rating | Rating		4
Mixed Use
Subsequent Event [Line Items]
Total loan commitment amount		$ 572,069	$ 586,993
Multifamily
Subsequent Event [Line Items]
Total loan commitment amount		$ 1,249,025	$ 804,838
Four First Mortgage | Subsequent Event
Subsequent Event [Line Items]
Number of first mortgage loans originated | Loan	8
Total loan commitment amount	$ 539,200
Loan commitment principal amount	$ 465,300
First Mortgage Loan | Subsequent Event
Subsequent Event [Line Items]
Number of first mortgage loans originated | Loan	3
Total loan commitment amount	$ 262,200
Loan commitment principal amount	$ 257,100
First Mortgage Loan | Subsequent Event | Mixed Use
Subsequent Event [Line Items]
Percentage of loan commitments repaid	85.70%
First Mortgage Loan | Subsequent Event | Multifamily
Subsequent Event [Line Items]
Percentage of loan commitments repaid	14.30%