TPG RE Finance Trust (TRTX) 10-K 21 Feb 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38156
Entity Registrant Name	TPG RE Finance Trust, Inc.
Entity Incorporation, State or Country Code	MD
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
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 633.1
Entity Common Stock, Shares Outstanding		77,410,282
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Part III of this Annual Report on Form 10-K incorporates information by reference from the Registrant’s definitive proxy statement with respect to its 2023 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year.
Entity Central Index Key	0001630472
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Dallas, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	[1]	$ 254,050,000	$ 260,635,000
Restricted cash	[1]	265,000	404,000
Accounts receivable	[1]	666,000	12,000
Collateralized loan obligation proceeds held at trustee	[1]	297,168,000	204,000
Accounts receivable from servicer/trustee	[1]	163,648,000	176,000
Accrued interest and fees receivable	[1]	41,742,000	26,620,000
Loans held for investment	[1]	4,978,674,000	4,909,202,000
Allowance for credit losses	[1]	(197,272,000)	(41,999,000)
Loans held for investment, net	[1]	4,781,402,000	4,867,203,000
Real estate owned	[1]	0	60,622,000
Other assets	[1]	6,197,000	2,144,000
Total assets	[1]	5,545,138,000	5,218,020,000
Liabilities
Accrued interest payable	[1]	11,080,000	2,723,000
Accrued expenses and other liabilities	[1]	25,132,000	11,563,000
Collateralized loan obligations, net	[1]	2,452,212,000	2,545,691,000
Secured financing agreements, net	[1]	1,147,288,000	1,162,206,000
Asset-specific financings, net	[1]	561,017,000	0
Payable to affiliates	[1]	5,984,000	5,609,000
Deferred revenue	[1]	1,459,000	1,366,000
Dividends payable	[1]	18,970,000	24,156,000
Total liabilities	[1]	4,223,142,000	3,753,314,000
Commitments and contingencies - see Note 14	[1]
Permanent equity
Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 77,410,282 and 77,183,892 shares issued and outstanding, respectively)	[1]	77,000	77,000
Additional paid-in-capital	[1]	1,716,938,000	1,711,886,000
Accumulated deficit	[1]	(395,027,000)	(247,265,000)
Total stockholders' equity	[1]	1,321,996,000	1,464,706,000
Total permanent equity	[1]	1,321,996,000	1,464,706,000
Total liabilities and stockholders' equity	[1]	5,545,138,000	5,218,020,000
Series A Preferred Stock
Permanent equity
Preferred Stock Value	[1]	0	0
Series C Preferred Stock
Permanent equity
Preferred Stock Value	[1]	$ 8,000	$ 8,000
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Common stock, par value (in USD per share)		$ 0.001	$ 0.001
Common stock, authorized shares		302,500,000	302,500,000
Common stock, shares issued		77,410,282	77,183,892
Common stock, shares outstanding		77,410,282	77,183,892
Total assets	[1]	$ 5,545,138	$ 5,218,020
Total liabilities	[1]	4,223,142	3,753,314
Repurchase Agreements
Loans pledged as collateral		1,538,859	1,697,481
Variable Interest Entity, Primary Beneficiary
Total assets		3,267,374	3,173,889
Total liabilities		$ 2,467,254	$ 2,552,834
Series A Preferred Stock
Preferred stock, par value (in USD per share)		$ 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		$ 125	$ 125
Series C Preferred Stock
Preferred stock, par value (in USD per share)		$ 0.001	$ 0.001
Preferred stock, authorized shares		8,050,000	8,050,000
Preferred stock, shares issued		8,050,000	8,050,000
Preferred stock, shares outstanding		8,050,000	8,050,000
Preferred stock, aggregate liquidation preference		$ 201,250	$ 201,250
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income and interest expense
Interest income	$ 302,860,000	$ 240,161,000	$ 283,672,000
Interest expense	(160,755,000)	(85,090,000)	(107,237,000)
Net interest income	142,105,000	155,071,000	176,435,000
Other revenue
Other income, net	2,849,000	560,000	537,000
Total other revenue	2,849,000	560,000	537,000
Other expenses
Professional fees	4,735,000	4,835,000	8,970,000
General and administrative	4,399,000	4,392,000	3,597,000
Stock compensation expense	5,052,000	5,763,000	5,768,000
Servicing and asset management fees	1,975,000	1,608,000	1,239,000
Management fee	23,455,000	21,519,000	20,767,000
Incentive management fee	5,183,000	0	0
Total other expenses	44,799,000	38,117,000	40,341,000
Securities impairments	0	0	(203,397,000)
Gain on sale of real estate owned, net	13,291,000	15,790,000	0
Credit loss (expense) benefit, net	(172,982,000)	6,310,000	(69,755,000)
(Loss) income before income taxes	(59,536,000)	139,614,000	(136,521,000)
Income tax expense, net	(530,000)	(1,064,000)	(305,000)
Net (loss) income	(60,066,000)	138,550,000	(136,826,000)
Preferred stock dividends and participating securities' share in earnings	(13,578,000)	(19,911,000)	(18,706,000)
Series B Preferred Stock redemption make-whole payment	0	(22,485,000)	0
Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs	0	(25,449,000)	0
Net (loss) income attributable to common stockholders - see Note 11	$ (73,644,000)	$ 70,705,000	$ (155,532,000)
Earnings Per Share, Basic and Diluted EPS [Abstract]
(Loss) earnings per common share, basic (in USD per share)	$ (0.95)	$ 0.92	$ (2.03)
(Loss) earnings per common share, diluted (in USD per share)	$ (0.95)	$ 0.87	$ (2.03)
Weighted average number of common shares outstanding
Basic: (in shares)	77,296,524	76,977,743	76,656,756
Diluted: (in shares)	77,296,524	81,684,388	76,656,756
Other comprehensive income (loss)
Net (loss) income	$ (60,066,000)	$ 138,550,000	$ (136,826,000)
Unrealized loss on available-for-sale debt securities	0	0	(1,051,000)
Comprehensive net (loss) income	$ (60,066,000)	$ 138,550,000	$ (137,877,000)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($)	Total		Cumulative Effect of Adoption of ASU 2016-13	Preferred Stock Series A Preferred Stock	Preferred Stock Series C Preferred Stock	Preferred Stock Series B Preferred Stock	Common Stock	Common Stock Class A Common Stock	Additional paid-in-capital	Accumulated deficit	Accumulated deficit Cumulative Effect of Adoption of ASU 2016-13	Accumulated other comprehensive income (loss)
Balance (in shares) at Dec. 31, 2019				125	0		74,886,113	1,136,665
Balance at Dec. 31, 2019	$ 1,503,954,000		$ (19,645,000)	$ 0	$ 0		$ 75,000	$ 1,000	$ 1,530,935,000	$ (28,108,000)	$ (19,645,000)	$ 1,051,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)							819,425
Issuance of common stock	12,895,000						$ 1,000		12,894,000
Conversions of Class A Common Stock to common stock (in shares)							1,136,665	(1,136,665)
Conversions of Class A Common Stock to common stock	0						$ 1,000	$ (1,000)
Retirement of common stock (in shares)							(55,197)
Series B Preferred Stock allocated warrant fair value to purchase common stock	14,402,000								14,402,000
Equity Issuance, Shelf Registration, and Equity Distribution Agreement transaction costs	(1,129,000)								(1,129,000)
Amortization of stock compensation expense	5,768,000								5,768,000
Net (loss) income	(136,826,000)									(136,826,000)
Other comprehensive loss	(1,051,000)											(1,051,000)
Dividends on preferred stock	(14,689,000)									(14,689,000)
Series B Preferred Stock accretion and write-off of discount, including allocated Warrant fair value and transaction costs	(3,189,000)								(3,189,000)
Dividends on common stock	(93,590,000)									(93,590,000)
Balance (in shares) at Dec. 31, 2020				125	0		76,787,006	0
Balance at Dec. 31, 2020	1,266,900,000			$ 0	$ 0		$ 77,000	$ 0	1,559,681,000	(292,858,000)		0
Balance at Dec. 31, 2019						$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series B Preferred Stock	210,598,000
Series B Preferred Stock allocated warrant fair value to purchase common stock	(14,209,000)
Equity Issuance, Shelf Registration, and Equity Distribution Agreement transaction costs	(27,000)
Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs	3,189,000
Balance at Dec. 31, 2020						199,551,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)							440,509
Retirement of common stock (in shares)							(43,623)
Equity Issuance, Shelf Registration, and Equity Distribution Agreement transaction costs	(6,866,000)								(6,866,000)
Amortization of stock compensation expense	5,763,000								5,763,000
Issuance of Series C Preferred Stock (in shares)					8,050,000
Issuance of Series C Preferred Stock	201,250,000				$ 8,000				201,242,000
Net (loss) income	138,550,000									138,550,000
Dividends on preferred stock	(19,194,000)									(19,194,000)
Series B Preferred Stock redemption make-whole payment	(22,485,000)								(22,485,000)
Series B Preferred Stock accretion and write-off of discount, including allocated Warrant fair value and transaction costs	(25,449,000)								(25,449,000)
Dividends on common stock	(73,763,000)									(73,763,000)
Balance (in shares) at Dec. 31, 2021				125	8,050,000		77,183,892	0
Balance at Dec. 31, 2021	1,464,706,000	[1]		$ 0	$ 8,000		$ 77,000	$ 0	1,711,886,000	(247,265,000)		0
Increase (Decrease) in Temporary Equity [Roll Forward]
Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs	25,449,000
Series B Preferred Stock redemption at par value	(225,000,000)
Balance at Dec. 31, 2021						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)							226,390
Amortization of stock compensation expense	5,052,000								5,052,000
Net (loss) income	(60,066,000)									(60,066,000)
Dividends on preferred stock	(12,592,000)									(12,592,000)
Dividends on common stock	(75,104,000)									(75,104,000)
Balance (in shares) at Dec. 31, 2022				125	8,050,000		77,410,282	0
Balance at Dec. 31, 2022	$ 1,321,996,000	[1]		$ 0	$ 8,000		$ 77,000	$ 0	$ 1,716,938,000	$ (395,027,000)		$ 0
Balance at Dec. 31, 2022						$ 0
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Consolidated Statement of Cha_2

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Total common stock dividends	$ 0.96	$ 0.95	$ 1.21

Consolidated Statements of Cash

Consolidated Statements of Cash Flows	12 Months Ended
	Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)		Dec. 31, 2020 USD ($)
Cash flows from operating activities:
Net (loss) income	$ (60,066,000)		$ 138,550,000		$ (136,826,000)
Adjustment to reconcile net (loss) income to net cash flows from operating activities:
Amortization and accretion of premiums, discounts and loan origination fees, net	(11,085,000)		(7,204,000)		(11,089,000)
Amortization of deferred financing costs	15,007,000		15,891,000		13,504,000
Decrease (increase) of accrued capitalized interest	1,314,000		1,330,000		(4,701,000)
(Gain) loss on sale of real estate owned, net	(13,291,000)		(15,790,000)		0
Stock compensation expense	5,052,000		5,763,000		5,768,000
Increase (decrease) of allowance for credit losses, net (see Note 3)	172,982,000		(16,619,000)		55,983,000
Loss on sales of CRE debt securities, net	0		0		203,397,000
Cash flows due to changes in operating assets and liabilities:
Accounts receivable	(504,000)		773,000		1,559,000
Accrued interest receivable	(16,542,000)		1,012,000		1,089,000
Accrued expenses and other liabilities	(143,000)		(4,430,000)		(66,000)
Accrued interest payable	8,357,000		93,000		(4,036,000)
Payable to affiliates	375,000		39,000		(3,949,000)
Deferred revenue	93,000		(52,000)		1,254,000
Other assets	(1,053,000)		2,502,000		(3,575,000)
Net cash provided by operating activities	100,496,000		132,167,000		132,085,000
Cash flows from investing activities:
Origination and acquisition of loans held for investment	(1,519,406,000)		(1,623,585,000)		(351,650,000)
Advances on loans held for investment	(145,199,000)		(144,645,000)		(233,029,000)
Principal repayments of loans held for investment	1,062,381,000		1,225,294,000		819,813,000
Capital expenditures related to real estate owned and other lending	(5,060,000)		0		0
Sale of real estate owned	154,723,000		54,368,000		0
Sales of loans held for investment	0		145,670,000		131,902,000
Purchase of available-for-sale CRE debt securities	0		0		(168,888,000)
Sales and principal repayments of available-for-sale CRE debt securities	0		0		766,437,000
Net cash (used in) provided by investing activities	(452,561,000)		(342,898,000)		964,585,000
Cash flows from financing activities:
Payments on collateralized loan obligations	(1,001,850,000)		(316,272,000)		0
Proceeds from collateralized loan obligations	907,031,000		1,037,500,000		0
Proceeds from asset-specific financing arrangements	584,841,000		0		0
Proceeds from mortgage loan payable	0		0		50,000,000
Payments on mortgage loan payable	0		(50,000,000)		0
Payment of deferred financing costs	(18,788,000)		(11,098,000)		(6,368,000)
Proceeds from issuance of warrants to purchase common stock	0		0		14,402,000
Proceeds from issuance of common stock	0		0		12,895,000
Payment of Equity Issuance and Equity Distribution Agreement transaction costs	0		(6,866,000)		(12,365,000)
Net cash provided by (used in) financing activities	345,341,000		152,101,000		(856,668,000)
Net change in cash, cash equivalents, and restricted cash	(6,724,000)		(58,630,000)		240,002,000
Cash, cash equivalents and restricted cash at beginning of period	261,039,000		319,669,000		79,666,000
Cash, cash equivalents and restricted cash at end of period	254,315,000		261,039,000		319,669,000
Supplemental disclosure of cash flow information:
Interest paid	137,511,000		69,244,000		97,767,000
Taxes paid	784,000		1,221,000		141,000
Supplemental disclosure of non-cash investing and financing activities:
Collateralized loan obligation proceeds held at trustee	296,964,000		0		0
Dividends payable	18,970,000	[1]	24,156,000	[1]	29,481,000
Principal repayments of loans held for investment held by servicer/trustee, net	162,203,000		204,000		174,000
Accrued interest receivable held by servicer/trustee, net	1,444,000		0		0
Conversion of loans held for investment to real estate owned	76,500,000		0		0
Accrued Equity Issuance and Transaction Costs	0		0		3,000,000
Accrued deferred financing costs	608,000		221,000		452,000
Unrealized gain (loss) on available-for-sale CRE debt securities	0		0		(1,051,000)
Write-off	0		8,200,000		0
Two Loan Investments
Supplemental disclosure of non-cash investing and financing activities:
Impairment of investment	0		2,109,000		13,773,000
CRE Debt Securities
Cash flows from financing activities:
Payments on secured financing agreements - loan investments	0		0		(824,920,000)
Proceeds from secured financing agreements - loan investments	0		0		132,122,000
Supplemental disclosure of non-cash investing and financing activities:
Unrealized gain (loss) on available-for-sale CRE debt securities					(203,400,000)
Loans Investment
Cash flows from financing activities:
Payments on secured financing agreements - loan investments	(1,346,574,000)		(1,361,971,000)		(1,433,446,000)
Proceeds from secured financing agreements - loan investments	1,333,028,000		1,005,326,000		1,112,047,000
Asset-specific financing arrangements
Cash flows from financing activities:
Payments on secured financing agreements - loan investments	(19,465,000)		0		0
Series B Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Series C Cumulative Redeemable Preferred Stock	0		0		210,598,000
Series B Preferred Stock redemption make-whole payment	0		(22,485,000)		0
Series B Preferred Stock redemption at par value	0		(225,000,000)		0
Common Stock, Undefined Class
Cash flows from financing activities:
Dividends paid	(80,290,000)		(79,089,000)		(96,664,000)
Preferred Stock, Undefined Class
Cash flows from financing activities:
Dividends paid	(12,592,000)		(19,194,000)		(14,685,000)
Class A Common Stock
Cash flows from financing activities:
Dividends paid	0		0		(284,000)
Series C Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of Series C Cumulative Redeemable Preferred Stock	$ 0		$ 201,250,000		$ 0
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	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 credit investments, 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 real estate collateralized loan obligation securities (“CRE CLOs”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The consolidated statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The 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. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the 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 from the amounts and values reported due to the inherent uncertainty in the estimation process and the limited availability of observable pricing inputs due to the nature of transitional mortgage loans. 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. Principles of Consolidation Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810—Consolidation (“ASC 810”) provides guidance on the identification of a variable interest entity (“VIE”), for which control is achieved through means other than voting rights, and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which the Company is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. At each reporting date, the Company reconsiders its primary beneficiary 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 5 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 write-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. 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 market, capital markets, or when a shift in its loan portfolio construction occurs. Once a determination is made to sell a loan, or the Company determines it no longer has the intent and ability to hold a loan held for investment for the foreseeable future, the loan is transferred to loans held for sale. 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 current expected credit loss ("CECL") reserve. Credit Losses Allowance for Credit Losses for Loans Held for Investment The Company accounts for its allowance for credit losses on loans held for investment using the Current Expected Credit Loss model of ASC Topic 326, Financial Instruments-Credit Losses (“ASC 326”). Periodic changes to the CECL reserve are recognized through net income on the Company’s consolidated statements of income and comprehensive income. 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 and comprehensive income and reduced by the write-off of loan amounts, net of recoveries and additions related to purchased credit-deteriorated (“PCD”) assets, if relevant. 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 uncollectible 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 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; life science; multifamily; hotel; industrial; mixed-use; land for industrial and office use; and self storage. 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, local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; (iv) the frequency and materiality of loan modifications or waivers occasioned by unfavorable variances between the underwritten business plan and actual performance; (v) changes in the capital markets that may impact the refinancing or sale of the loan; and (vi) 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; the loan is in default or substantially in default; 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 upon origination or acquisition, except when specific circumstances warrant an exception. The Company’s CECL reserve also reflects estimates of the current and future economic conditions that impact the performance of the commercial real estate assets securing the Company’s loans. These estimates 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. The key inputs to the Company's estimation of its allowance for credit losses as of December 31, 2022 were impacted by dislocations in the capital markets, increased interest rates, accelerating inflationary trends, a heightened risk of recession, and geopolitical conflicts. Inherent uncertainty in the estimation process and the limited availability of observable pricing inputs due to the nature of transitional mortgage loans also constrain the Company's ability to estimate key inputs utilized to calculate its allowance for credit losses. 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 the Company are subject to change. Actual results could differ from management’s estimates, and such differences could be material. Credit Loss Measurement The amount of allowance for credit losses is influenced by the size of the Company’s loan portfolio, loan quality and duration, collateral operating performance, risk rating, delinquency status, historic loss experience and other characteristics 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: (1) a model-based approach and (2) an individually-assessed approach for loans considered to be "collateral-dependent" as the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulty or foreclosure is probable. Once the expected credit loss amount is determined, an allowance for credit losses is established. A loan will be written off through credit loss (expense) benefit, net in the consolidated statements of income and comprehensive income when it is deemed non-recoverable upon a realization event. This is generally at the time the loan is settled, transferred or exchanged. Non-recoverability may also be concluded by the Company if, in its determination, it is nearly certain that all amounts due will not be collected. This loss is equal to the difference between the cash received, or expected to be received, and the carrying value of the asset. Factors considered by the Company in determining whether the expected credit loss is not recoverable include whether the Company determines that the loan is uncollectible, which means repayment is deemed to be delayed beyond a reasonable time, a loss becomes evident due to a borrower’s lack of assets and liquidity, or a borrower’s sponsor is unwilling or unable to support the loan. Allowance for Credit Losses for Loans Held for Investment – Model-Based Approach The Company has implemented a model-based approach used to measure the expected life-time allowance for credit losses related to loans which are not individually-assessed. The model-based approach considers the underlying loan level cash flows and relevant historical market loan loss data. 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 credit loss factors are utilized by the Company together with loan specific inputs such as property-level operating performance information, delinquency status, indicators of credit quality, and other credit trends and risk characteristics. Additionally, the Company considers relevant loan and borrower specific qualitative factors, incorporates its expectations about the impact of current macroeconomic and local market conditions and reasonable and supportable operating 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. The Company may use other acceptable alternative approaches depending on, among other factors, the type of loan, underlying collateral and availability of relevant historical market loan loss data. Allowance for Credit Losses for Loans Held for Investment – Individually-Assessed Approach In instances where the Company concludes a loan repayment is entirely dependent on the operation or sale of the underlying collateral and the borrower is experiencing financial difficulty or foreclosure is probable, the Company individually assesses the allowance for credit loss for the underlying loan. The amount of expected credit loss is determined using broadly accepted and standard real estate valuation techniques (most commonly, a discounted cash flow model and real estate sales comparables), and considers substantially the same credit factors as utilized in the model-based method. In instances where the Company determines foreclosure of the underlying collateral is probable, the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the underlying collateral as of the measurement date. The fair value of the underlying 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 underlying collateral in instances where foreclosure is not probable. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Evaluations of the loan portfolio in future periods, given the prevailing forecasts and credit loss factors, may result in significant changes to the Company's allowance for credit losses and credit loss expense. Unfunded Loan Commitments The Company’s first mortgage loans often contain provisions for future funding of a pre-determined portion of capital and other costs incurred by the borrower in executing its business plan. These deferred fundings are 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 expected 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. 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 after which the real estate 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 and comprehensive income. 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 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 in the consolidated statements of income and comprehensive income within Gain (loss) on sale of real estate owned, net and Other income, net. Investment Portfolio Financing Arrangements The Company finances its portfolio of loans, or participation interests therein, and REO using secured financing agreements, including secured credit agreements, secured revolving credit facilities, asset-specific financing arrangements, 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 and comprehensive income. In certain instances, the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third party. For all such syndications the Company has completed through December 31, 2022, 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 investment portfolio financing arrangements, see Note 6. Fair Value Measurements The Company follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), for its holdings of financial instruments. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for a financial instrument in a current sale, which assumes an orderly transaction between market participants on the measurement date. The Company determines the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes the inputs used in measuring fair value. GAAP establishes market-based or observable inputs as the preferred source of values followed by valuation models using management assumptions in the absence of market inputs. The financial instruments recorded at fair value on a recurring basis in the Company’s consolidated financial statements are cash, cash equivalents, and restricted cash. The three levels of inputs that may be used to measure fair value are as follows: Level I —Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level II —Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level III —Valuations based on inputs that are unobservable and significant to the overall fair value measurement. For certain financial instruments, the inputs used by management 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. • Secured revolving credit facilities, asset-specific financings, and mortgage loan payable (if any): based on the rate at which a similar secured revolving credit facility, asset-specific financing, or mortgage loan payable (if any) would currently be priced, as corroborated by inquiry of other market participants. • CRE Collateralized Loan Obligations, net: 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 at 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 asse

Loans Held for Investment and t

Loans Held for Investment and the Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Abstract]
Loans Held for Investment and the Allowance for Credit Losses	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, including, without limitation: property type collateralizing the loan; loan category; 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 within accrued interest and fees receivable on the Company’s consolidated balance sheets. Amounts within that caption relating to loans held for investment were $26.4 million and $14.3 million as of December 31, 2022 and December 31, 2021, respectively. During the year ended December 31, 2022, the Company originated 18 and acquired five mortgage loans with a total commitment of $1.7 billion, an initial unpaid principal balance of $1.5 billion, and unfunded commitments at closing of $0.2 billion. Additionally, the Company received 21 full loan repayments of $1.3 billion, and partial principal payments including accrued PIK interest payments, of $0.2 billion across 25 loans, for total loan repayments of $1.5 billion during the year ended December 31, 2022. During the year ended December 31, 2021, the Company originated 27 mortgage loans, with a total commitment of $1.9 billion, an initial unpaid principal balance of $1.6 billion, and unfunded commitments at closing of $0.3 billion. Additionally, for the year ended December 31, 2021, the Company received total proceeds of $1.4 billion, including $1.2 billion from 13 loan repayments in-full and $0.2 billion from principal amortization payments across 19 loans and two loan sales. The following table details overall statistics for the Company’s loans held for investment portfolio (dollars in thousands): December 31, 2022 December 31, 2021 Balance sheet portfolio Total loan exposure (1) Balance sheet portfolio Total loan exposure (1) Number of loans 70 70 69 70 Floating rate loans 100.0 % 100.0 % 100.0 % 100.0 % Total loan commitment $ 5,429,146 $ 5,429,146 $ 5,411,944 $ 5,543,944 Unpaid principal balance (2) $ 5,004,798 $ 5,004,798 $ 4,919,343 $ 5,051,343 Unfunded loan commitments (3) $ 426,061 $ 426,061 $ 487,773 $ 487,773 Amortized cost $ 4,978,674 $ 4,978,674 $ 4,909,202 $ 4,909,202 Weighted average credit spread 3.4 % 3.4 % 3.4 % 3.4 % Weighted average all-in yield (4) 8.1 % 8.1 % 4.8 % 4.8 % Weighted average term to extended maturity (in years) (5) 2.8 2.8 2.8 2.8 _______________________ (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 exposure encompasses the entire loan portfolio the Company originated, acquired and financed. The Company had outstanding one non-consolidated senior interest of $132.0 million as of December 31, 2021, and none as of December 31, 2022. (2) Unpaid principal balance includes PIK interest of $1.7 million and $3.0 million as of December 31, 2022 and December 31, 2021, 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 December 31, 2022, all of the Company’s loans were floating rate. Loans originated by the Company before December 31, 2021 are indexed to LIBOR, while loans originated after January 1, 2022 are indexed to Term SOFR. As of December 31, 2022, based on the total loan commitments of the Company’s loan portfolio, 20.7% (or $1.1 billion) of the Company’s loans were subject to Term SOFR and 79.3% (or $4.3 billion) were subject to LIBOR as the benchmark interest rate. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price premium and discount if any, and accrual of both extension and exit fees. All-in yield for the total portfolio assumes the applicable floating benchmark interest rate as of December 31, 2022 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 December 31, 2022, based on the unpaid principal balance of the Company’s total loan exposure, 37.8% of the Company’s loans were subject to yield maintenance or other prepayment restrictions and 62.2% 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 (dollars in thousands): December 31, 2022 Loans held for investment, net Outstanding principal Unamortized premium (discount) and Amortized cost Senior loans (1) $ 5,004,798 $ (26,124) $ 4,978,674 Subordinated and mezzanine loans — — — Total $ 5,004,798 $ (26,124) $ 4,978,674 Allowance for credit losses (197,272) Loans held for investment, net $ 4,781,402 December 31, 2021 Loans held for investment, net Outstanding principal Unamortized premium (discount) and Amortized cost Senior loans (1) $ 4,884,343 $ (10,101) $ 4,874,242 Subordinated and mezzanine loans 35,000 (40) 34,960 Total $ 4,919,343 $ (10,141) $ 4,909,202 Allowance for credit losses (41,999) Loans held for investment, net $ 4,867,203 ________________________________ (1) Senior loans may include contiguous mezzanine loans and pari passu participations in senior mortgage loans. The following table presents the Company’s loans held for investment portfolio activity (dollars in thousands): For the years ended December 31, 2022 2021 Balance as of January 1 $ 4,867,203 $ 4,456,460 Additions during the period: Loans originated and acquired 1,519,406 1,623,585 Additional fundings 145,199 146,032 Amortization of origination fees and discounts 11,085 7,203 Deductions during the period: Collection of principal (1,506,870) (1,236,032) Collection of accrued PIK interest (1,314) — Write-off (4,400) — Loan sale — (147,986) Loan extinguishment on conversion to REO (89,234) — (Increase) decrease of allowance for credit losses (159,673) 17,941 Balance as of December 31 $ 4,781,402 $ 4,867,203 During the year ended December 31, 2021, the Company sold, in separate transactions, two performing hotel loans with an unpaid principal balance of $148.0 million, recording a $2.1 million loss on sale after giving effect to transaction costs. The sales prices were 98.0% and 100.0% of par, producing a weighted average sales price of 99.2% of par. As of December 31, 2022 and December 31, 2021, there was $7.9 million and $10.1 million, respectively, of unamortized loan fees included in loans held for investment, net in the consolidated balance sheets. As of December 31, 2022, there was $18.2 million of unamortized discounts included in loans held for investment at amortized cost on the consolidated balance sheets. As of December 31, 2021, there were no unamortized discounts included in loans held for investment at amortized cost on the consolidated balance sheets. Loan Risk Ratings The Company evaluates all of its loans to assign risk ratings on a quarterly basis on a 5-point scale. As described in Note 2, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively. The Company generally assigns a risk rating of “3” to all loan investments upon origination or acquisition, except when specific circumstances warrant an exception. The following tables present the Company's loans held for investment portfolio on an amortized cost basis by origination year, grouped by risk rating (dollars in thousands): December 31, 2022 Amortized cost by origination year 2022 2021 2020 2019 2018 Prior Total Senior loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 22,732 216,960 — 272,185 — — 511,877 3 907,161 1,609,556 98,874 505,377 110,356 — 3,231,324 4 76,938 79,023 119,172 320,793 342,869 51,542 990,337 5 — — 71,269 118,135 55,732 — 245,136 Total senior loans $ 1,006,831 $ 1,905,539 $ 289,315 $ 1,216,490 $ 508,957 $ 51,542 $ 4,978,674 Senior loans: Current-period write-offs $ — $ — $ — $ — $ (4,400) $ — $ (4,400) Total current-period write-offs $ — $ — $ — $ — $ (4,400) $ — $ (4,400) Subordinated and mezzanine loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — — — — — — Total subordinated and mezzanine loans — — — — — — — Total $ 1,006,831 $ 1,905,539 $ 289,315 $ 1,216,490 $ 508,957 $ 51,542 $ 4,978,674 December 31, 2021 Amortized cost by origination year 2021 2020 2019 2018 2017 Prior Total Senior loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 33,621 — 82,461 242,614 168,355 — 527,051 3 1,600,659 95,858 1,400,670 407,509 169,934 17,163 3,691,793 4 — 78,013 154,093 183,750 216,542 — 632,398 5 — — — 23,000 — — 23,000 Total senior loans $ 1,634,280 $ 173,871 $ 1,637,224 $ 856,873 $ 554,831 $ 17,163 $ 4,874,242 Subordinated and mezzanine loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 34,960 — — — 34,960 4 — — — — — — — 5 — — — — — — — Total subordinated and mezzanine loans — — 34,960 — — — 34,960 Total $ 1,634,280 $ 173,871 $ 1,672,184 $ 856,873 $ 554,831 $ 17,163 $ 4,909,202 Loans acquired are presented in the preceding table in the column corresponding to the year of origination, not acquisition. The table below summarizes the Company’s portfolio of loans held for investment on an amortized cost basis, by the results of its internal risk rating review process performed (dollars in thousands): Risk rating December 31, 2022 December 31, 2021 1 $ — $ — 2 511,878 527,051 3 3,231,324 3,726,753 4 990,337 632,398 5 245,135 23,000 Total $ 4,978,674 $ 4,909,202 Allowance for credit losses (197,272) (41,999) Carrying value $ 4,781,402 $ 4,867,203 Weighted average risk rating (1) 3.2 3.0 ________________________________ (1) Weighted average risk rating calculated based on the amortized cost balance at period end. The weighted average risk rating of the Company’s loans held for investment portfolio increased to 3.2 as of December 31, 2022 compared to 3.0 as of December 31, 2021. Allowance for Credit Losses The Company’s allowance for credit losses developed pursuant to ASC 326 reflects its current estimate of potential credit losses related to its loans held for investment portfolio as of December 31, 2022. As part of its allowance for credit losses, the Company maintains a separate allowance for credit losses related to unfunded loan commitments which is included in accrued expenses and other liabilities on the consolidated balance sheets. See Note 2 for additional details regarding the Company's accounting policies and estimation of its allowance for credit losses. The following tables present activity in the allowance for credit losses for loans by finance receivable class (dollars in thousands): For the Year Ended December 31, 2022 Senior loans Subordinated and Total Allowance for credit losses for loans held for investment: Beginning balance at January 1, 2022 $ 41,193 $ 806 $ 41,999 Allowance for (reversal of) credit losses, net 160,479 (806) 159,673 Write-off (4,400) — (4,400) Subtotal 197,272 — 197,272 Allowance for credit losses on unfunded loan commitments: Beginning balance at January 1, 2022 4,210 — 4,210 Allowance for (reversal of) credit losses, net 13,104 — 13,104 Subtotal 17,314 — 17,314 Total allowance for credit losses $ 214,586 $ — $ 214,586 For the Year Ended December 31, 2021 Senior loans Subordinated and Total Allowance for credit losses for loans held for investment: Beginning balance at January 1, 2021 $ 58,210 $ 1,730 $ 59,940 Allowance for (reversal of) credit losses, net (8,817) (924) (9,741) Write-off (8,200) — (8,200) Subtotal 41,193 806 41,999 Allowance for credit losses on unfunded loan commitments: Beginning balance at January 1, 2021 2,756 132 2,888 Allowance for (reversal of) credit losses, net 1,454 (132) 1,322 Subtotal 4,210 — 4,210 Total allowance for credit losses $ 45,403 $ 806 $ 46,209 The following table presents the allowance for credit losses for loans held for investment (dollars in thousands): December 31, 2022 General reserve Specific reserve Total reserve Allowance for credit losses: Loans held for investment $ 119,190 $ 78,082 $ 197,272 Unfunded loan commitments 10,927 6,387 17,314 Total allowance for credit losses $ 130,117 $ 84,469 $ 214,586 Total unpaid principal balance $ 4,759,663 $ 245,135 $ 5,004,798 December 31, 2021 General reserve Specific reserve Total reserve Allowance for credit losses: Loans held for investment $ 41,999 $ — $ 41,999 Unfunded loan commitments 4,210 — 4,210 Total allowance for credit losses $ 46,209 $ — $ 46,209 Total unpaid principal balance $ 4,919,343 $ — $ 4,919,343 The Company’s allowance for credit losses is influenced by the size and maturity dates of its loans, loan quality, credit indicators including risk ratings, delinquency status, historical loss experience and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. During the year ended December 31, 2022, the Company recorded an increase of $168.4 million to its allowance for credit losses, increasing its CECL reserve to $214.6 million as of December 31, 2022. For the year ended December 31, 2022, the increase to the Company's allowance for credit losses was primarily due to an increase in credit loss expense of (1) $84.5 million related to individually assessed loans as further described below, (2) $26.2 million resulting from the Company's increased loan origination and acquisition activity during 2022, and (3) $70.0 million from recessionary and recovery macroeconomic assumptions employed in determining the general CECL reserve, offset by a decrease in the credit loss allowance of $12.4 million resulting from loan repayments. During the year ended December 31, 2021, the Company recorded a decrease of $16.6 million to its allowance for credit losses primarily due to a decrease in credit loss expense of (1) $24.1 million related to loan repayments, loan sales, and a partial write-off of a non-performing retail loan held for investment (recognized as a partial worthlessness deduction for income tax purposes) and (2) $5.9 million from positive macroeconomic data and improved operating performance of the underlying collateral for many of the Company’s loans in 2021 that were adversely impacted by COVID-19 in 2020, offset by an increase in the credit loss allowance of $13.4 million resulting from the Company’s increased loan origination volume during 2021. As of December 31, 2022, four first mortgage loans satisfied the CECL framework's criteria for individual assessment. The total amortized cost of the individually assessed loans as of December 31, 2022 and December 31, 2021, was $245.1 million and $250.7 million, respectively. Accordingly, the Company utilized the estimated fair value of the loan collateral to estimate a total allowance for credit losses of $78.1 million as of December 31, 2022. The Company’s fair market value estimates were determined primarily using discounted cash flow models and Level 3 inputs, which include estimates of property-specific cash flows over a specific holding period, a discount rate range of 10.0% – 14.5%, and a terminal capitalization rate range of 6.5% – 9.0%. These inputs are based on the location, type and nature of the property, current sales and lease comparables, anticipated real estate and capital market conditions, and management’s knowledge, experience and judgment. Additionally, the Company may use broker-prepared estimates of fair values based on discounted cash flows and sales comparables to corroborate the estimated value of a loan's collateral. As of December 31, 2022, one of the four loans with an amortized cost of $71.3 million was on non-accrual status; the three other loans with an amortized cost of $173.9 million were not on non-accrual status because the borrowers were not in default of the loan agreements and all amounts of interest due were collected by the Company. During the three months ended December 31, 2022, the Company extinguished a first mortgage loan with an unpaid principal balance of $89.2 million that experienced a maturity default. In October 2022, the Company negotiated and closed a deed-in-lieu of foreclosure to take ownership of the office property which previously served as collateral for the first mortgage loan. The carrying value of the loan was $76.5 million, net the asset-specific credit loss reserve as of the foreclosure date of $12.7 million, which was equal to the previously recorded specific CECL reserve. No cash was exchanged as part of this transaction. See Note 4 for further details. During the three months ended September 30, 2022, the property securing the Company's non-performing retail loan was sold by the borrower for $19.7 million, generating net proceeds of $18.6 million that were directed by the borrower to retire the Company's loan. The Company wrote-off $4.4 million during the three months ended September 30, 2022, which was fully reserved within the Company's CECL reserve as of June 30, 2022. The amortized cost of the loan was $23.0 million as of December 31, 2021. The loan was previously placed on non-accrual status due to a default caused by non-payment of interest in December 2020. In accordance with the Company’s revenue recognition and allowance for credit losses accounting policies, the Company suspended its accrual of interest income when the loan was placed on non-accrual status. As of December 31, 2022, the Company had two loans with an amortized cost of $190.4 million on non-accrual status, of which $119.2 million is 30-59 days past due. In accordance with the Company’s revenue recognition and allowance for credit losses accounting policies, the Company suspended its accrual of interest income when each loan was placed on non-accrual status. As of December 31, 2022 and December 31, 2021, none of the Company's performing loans (full accrual status) had accrued interest income receivable 90 days or more past due. The following table presents an aging analysis for the Company’s portfolio of loans held for investment, by class of loans on amortized cost basis (dollars in thousands): Days Outstanding as of December 31, 2022 Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans Loans receivable: Senior loans $ 4,541,692 $ 365,713 $ — $ 71,269 $ 436,982 $ 4,978,674 Subordinated and mezzanine loans — — — — — — Total $ 4,541,692 $ 365,713 $ — $ 71,269 $ 436,982 $ 4,978,674 Days Outstanding as of December 31, 2021 Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans Loans receivable: Senior loans $ 4,851,242 $ — $ — $ 23,000 $ 23,000 $ 4,874,242 Subordinated and mezzanine loans 34,960 — — — — 34,960 Total $ 4,886,202 $ — $ — $ 23,000 $ 23,000 $ 4,909,202 See Note 2 of the consolidated financial statements for details of the Company's revenue recognition and allowance for credit losses accounting policies. Loan Modifications The Company may amend or modify a loan depending on the loan’s specific facts and circumstances. These loan modifications typically include additional time for the borrower to refinance or sell the collateral property, adjustment or waiver of performance tests that are prerequisite to the extension of a loan maturity, and/or deferral of scheduled principal payments. In exchange for a modification, the Company often receives a partial repayment of principal, a short-term accrual of PIK interest for a portion of interest due, a cash infusion to replenish interest or capital improvement reserves, termination of all or a portion of the remaining unfunded loan commitment, additional call protection, and/or an increase in the loan coupon. For the year ended December 31, 2022, none of the Company’s loan modifications resulted in significant modifications. As of December 31, 2022, the total amount of accrued PIK interest in the Company's loans held for investment portfolio was $1.7 million and related to two first mortgage loans. The following table presents the accrued PIK interest activity for the Company’s loans held for investment portfolio (dollars in thousands): Year Ended 2022 2021 Balance as of January 1, $ 3,028 $ 4,701 Accrued PIK interest — 816 Repayments of accrued PIK interest (313) — Balance as of March 31, $ 2,715 $ 5,517 Accrued PIK interest — 360 Repayments of accrued PIK interest (300) (1,034) Write-off of accrued PIK interest — (690) Balance as of June 30, $ 2,415 $ 4,153 Accrued PIK interest — 209 Repayments of accrued PIK interest — (871) Write-off of accrued PIK interest — — Balance as of September 30, $ 2,415 $ 3,491 Accrued PIK interest — — Repayments of accrued PIK interest (701) (120) Write-off of accrued PIK interest — (343) Balance as of December 31, $ 1,714 $ 3,028 No accrued PIK interest was recorded and deferred during the year ended December 31, 2022.

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2022
Real Estate Owned, Disclosure of Detailed Components [Abstract]
Real Estate Owned	Real Estate Owned In October 2022, the Company acquired an office property in Dallas, TX pursuant to a negotiated deed-in-lieu of foreclosure. The Company's cost basis in the office property was $76.5 million, equal to the estimated fair value of the collateral at the date of acquisition, net of estimated selling costs. During the period of ownership, the Company funded $2.1 million of capital expenditures related to tenant improvements for the property. On November 21, 2022, the Company sold the office property for gross proceeds of $78.6 million. Operating revenues and expenses related to the office property are reflected within Other income, net on the consolidated statements of income and comprehensive income and were immaterial to the financial results of the Company. In December 2020, the Company acquired two largely undeveloped commercially-zoned land parcels on the Las Vegas Strip comprising 27 acres (the “Las Vegas land”) pursuant to a negotiated deed-in-lieu of foreclosure. The Company's cost basis in the Las Vegas land 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 obtained from a third party a $50.0 million non-recourse first mortgage loan secured by the Las Vegas land which it repaid on November 12, 2021. See Note 6 for additional information regarding the related mortgage loan. During the three months ended December 31, 2021, the Company sold a 17 acre parcel of the Las Vegas land for net cash proceeds of $54.4 million and recognized a gain on sale of real estate owned, net of $15.8 million on the consolidated statements of income and comprehensive income. The Company utilized $15.8 million of its $203.4 million of capital loss carryforwards to offset the gain on sale of its Las Vegas land for income tax purposes in 2021. As of December 31, 2021, the Company held the remaining 10 acre parcel of Las Vegas land at its estimated fair value at the time of acquisition, net of estimated selling costs, of $60.6 million. On April 4, 2022, the Company sold the remaining 10 acre parcel of Las Vegas land for net cash proceeds of $73.9 million and recognized a gain on sale of real estate owned, net of $13.3 million on the consolidated statements of income and comprehensive income. The Company utilized $13.3 million of the $187.6 million of available capital loss carryforwards to offset the gain on sale of its Las Vegas land for income tax purposes in 2022. See Note 9 for additional details. As of December 31, 2022, the Company no longer owns any REO. For the year ended December 31, 2022 and 2021, operating revenues from Las Vegas land were sufficient to cover the operating expenses and were immaterial to the financial results of the Company.

Variable Interest Entities and

Variable Interest Entities and Collateralized Loan Obligations	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities and Collateralized Loan Obligations	Variable Interest Entities and Collateralized Loan Obligations Subsidiaries of the Company have financed certain pools of the Company’s loans held for investment portfolio through the issuance of collateralized loan obligations. On February 16, 2022, TPG RE Finance Trust CLO Sub-REIT (“Sub-REIT”), a subsidiary of the Company, issued a collateralized loan obligation (“TRTX 2022-FL5” or “FL5”). TRTX 2022-FL5 permits the Company, during the 24 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2022-FL5 in exchange for cash, which provides additional liquidity to the Company to originate new loan investments as underlying loans repay. The Company utilized the reinvestment feature during the year ended December 31, 2022. In connection with TRTX 2022-FL5, the Company incurred $6.5 million of deferred financing costs, including issuance, legal, and accounting related costs. On March 31, 2021, Sub-REIT issued a collateralized loan obligation (“TRTX 2021-FL4” or “FL4”). TRTX 2021-FL4 permits the Company, during the 24 months after closing, to contribute eligible new loans or participation 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 year ended December 31, 2022, the Company utilized the reinvestment feature in TRTX 2021-FL4. During the year ended December 31, 2021, the Company utilized the reinvestment feature in TRTX 2021-FL4. In connection with TRTX 2021-FL4, the Company incurred $8.3 million of deferred financing costs, including issuance, legal, and accounting related costs. On October 25, 2019, Sub-REIT issued a collateralized loan obligation (“TRTX 2019-FL3” or “FL3”). TRTX 2019-FL3 permits the Company, during the 24 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2019-FL3 in exchange for cash, which provides additional liquidity to the Company to originate new loan investments as underlying loans repay. The reinvestment period for TRTX 2019-FL3 ended on October 11, 2021 and the Company utilized the reinvestment feature during the year ended December 31, 2021. In connection with TRTX 2019-FL3, the Company incurred $7.8 million of deferred financing costs, including issuance, legal, and accounting related costs. On November 29, 2018, Sub-REIT issued a collateralized loan obligation (“TRTX 2018-FL2” or “FL2”). TRTX 2018-FL2 permitted the Company, during the 24 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2018-FL2 in exchange for cash, which provides 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. In connection with TRTX 2018-FL2, the Company incurred $8.7 million of deferred financing costs, including issuance, legal, and accounting related costs. On February 17, 2022, the Company redeemed TRTX 2018-FL2, which at its redemption had $600.0 million of investment-grade bonds outstanding. The 17 loans or participation interests therein with an aggregate unpaid principal balance of $805.7 million held by the trust were refinanced in part by the issuance of TRTX 2022-FL5 and in part with the expansion of an existing secured credit agreement. In connection with the redemption of TRTX 2018-FL2, the Company exercised an option under an existing secured credit agreement to increase the commitment amount by $250.0 million, pledge additional collateral with an aggregate unpaid principal balance of $463.8 million and borrow an additional $359.1 million. The Company evaluated the key attributes of the issuers of the CRE CLOs ("CRE CLO Issuers"), which are wholly-owned subsidiaries of the Company, to determine if they were VIEs and, if so, whether the Company was the primary beneficiary of their operating activities and therefore consolidate the CRE CLOs. The Company concluded that the CRE CLO Issuers are VIEs and the Company is the primary beneficiary because it has the ability to control the most significant activities of the CRE CLO 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, as of December 31, 2022 and December 31, 2021 the Company consolidated the CRE CLO Issuers. The following table outlines the total assets and liabilities within the Sub-REIT (dollars in thousands): December 31, 2022 December 31, 2021 Assets Cash and cash equivalents $ 28,011 $ 28,167 Collateralized loan obligation proceeds held at trustee (1) 297,168 204 Accounts receivable from servicer/trustee (2) 156,633 150 Accrued interest receivable 5,584 6,765 Loans held for investment, net (3) 2,779,978 3,138,603 Total assets $ 3,267,374 $ 3,173,889 Liabilities Accrued interest payable $ 6,106 $ 1,823 Accrued expenses 761 1,490 Collateralized loan obligations, net (4) 2,452,212 2,545,691 Payable to affiliates 8,175 3,830 Total liabilities $ 2,467,254 $ 2,552,834 ________________________________ (1) Includes $72.5 million and $224.7 million of cash available to acquire eligible assets related to TRTX 2022-FL5 and TRTX 2021-FL4, respectively, as of December 31, 2022. Includes $0.2 million of cash available to acquire eligible assets related to TRTX 2021-FL4 as of December 31, 2021. (2) Includes $155.2 million of cash proceeds related to loan repayments related to TRTX 2019-FL3 held by the Company's loan servicer as of December 31, 2022, which are remitted to the Company during the subsequent remittance cycle. (3) Includes three loans held for investment with an unpaid principal balance of $2.9 million and $0.1 million as of December 31, 2022 and December 31, 2021, respectively. (4) Net of $9.0 million and $10.3 million of unamortized deferred financing costs as of December 31, 2022 and December 31, 2021, respectively. As of December 31, 2022 and December 31, 2021, assets held by these VIEs are restricted and are only available to settle obligations of the related VIE. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from the then-current assets of the related VIE. The following tables detail the loan collateral and borrowings under the Company's CRE CLOs (dollars in thousands): December 31, 2022 CRE CLOs Count Benchmark interest rate Outstanding principal balance Carrying value (1) Wtd. avg. spread (2) Wtd. avg. maturity (3) TRTX 2019-FL3 Collateral loan investments 10 LIBOR $ 707,456 $ 508,507 3.16 % 1.4 Financing provided 1 Term SOFR (4) 516,639 516,639 1.72 % 11.8 TRTX 2021-FL4 Collateral loan investments 23 LIBOR (5) 1,250,000 1,210,550 3.08 % 2.7 Financing provided 1 LIBOR 1,037,500 1,033,264 1.60 % 15.2 TRTX 2022-FL5 Collateral loan investments 18 LIBOR (6) 1,075,000 1,058,004 3.31 % 3.4 Financing provided 1 Compounded SOFR 907,031 902,309 2.02 % 16.1 Total Collateral loan investments (7) 51 LIBOR $ 3,032,456 $ 2,777,061 3.19 % 2.7 years Financing provided (8) 3 Term SOFR/LIBOR/Compounded SOFR $ 2,461,170 $ 2,452,212 1.78 % 14.8 years ________________________________ (1) Includes loan amounts held in the Company's CRE CLOs and excludes other loans held for investment, net of $2.9 million held within the Sub-REIT. (2) Weighted average spread excludes the amortization of loan fees and deferred financing costs. (3) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date. (4) On October 1, 2021, the benchmark index interest rate for borrowings under TRTX 2019-FL3 was converted from Compounded SOFR to Term SOFR by the designated transaction representative under the FL3 indenture. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Term SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (5) As of December 31, 2022, the TRTX 2021-FL4 mortgage assets are indexed to LIBOR, with the exception of four participation interests totaling $118.9 million which are indexed to Term SOFR. (6) As of December 31, 2022, the TRTX 2022-FL5 mortgage assets are indexed to LIBOR, with the exception of two participation interests totaling $178.5 million which are indexed to Term SOFR. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Compounded SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (7) Collateral loan investment assets of FL3, FL4 and FL5 represent 14.1%, 25.0% and 21.5% of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2022. (8) During the three months ended December 31, 2022, the Company recognized interest expense of $34.7 million, which includes $1.8 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the year ended December 31, 2022, the Company recognized interest expense of $93.5 million, which includes $7.8 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. December 31, 2021 CRE CLOs Count Benchmark interest rate Outstanding principal balance Carrying value Wtd. avg. spread (1) Wtd. avg. maturity (2) TRTX 2018-FL2 Collateral loan investments 17 LIBOR $ 805,685 $ 795,815 3.39 % 2.0 Financing provided 1 LIBOR 600,031 599,394 1.56 % 15.9 TRTX 2019-FL3 Collateral loan investments 19 LIBOR 1,109,229 1,100,497 3.19 % 2.2 Financing provided 1 Term SOFR (3) 918,457 915,451 1.48 % 12.8 TRTX 2021-FL4 Collateral loan investments 24 LIBOR 1,249,796 1,242,291 3.19 % 3.1 Financing provided 1 LIBOR 1,037,500 1,030,846 1.60 % 16.2 Total Collateral loan investments (4) 60 LIBOR $ 3,164,710 $ 3,138,603 3.24 % 2.7 years Financing provided (5) 3 Term SOFR/LIBOR $ 2,555,988 $ 2,545,691 1.55 % 15.2 years ________________________________ (1) Weighted average spread excludes the amortization of loan fees and deferred financing costs. (2) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date. (3) On October 1, 2021, the benchmark index interest rate for borrowings under TRTX 2019-FL3 was converted from Compounded SOFR to Term SOFR by the designated transaction representative under the FL3 indenture. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Term SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (4) Collateral loan investment assets of FL2, FL3, and FL4 represent 16.4%, 22.5%, and 25.4% of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2021.

Investment Portfolio Financing

Investment Portfolio Financing	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Investment Portfolio Financing	Investment Portfolio Financing The Company finances its portfolio of loans, or participation interests therein, and REO using secured financing agreements, including secured credit agreements, secured revolving credit facilities, asset-specific financing arrangements, mortgage loans payable, and collateralized loan obligations. The following table summarizes the Company's investment portfolio financing (dollars in thousands): Outstanding principal balance December 31, 2022 December 31, 2021 Collateralized loan obligations (1) $ 2,461,170 $ 2,555,988 Secured credit agreements 1,108,386 1,166,211 Asset-specific financing arrangements 565,376 — Secured revolving credit facility 44,279 — Mortgage loan payable — — Total $ 4,179,211 $ 3,722,199 ________________________________ (1) See Note 5 for additional information regarding the Company's collateralized loan obligations. Secured Credit Agreements As of December 31, 2022 and December 31, 2021, the Company had secured credit agreements used to finance certain of the Company’s loan investments. These financing arrangements bear interest at rates equal to LIBOR or Term SOFR 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. These borrowing arrangements contain defined mark-to-market provisions that permit our lenders to issue margin calls to the Company only 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”). Furthermore, in connection with one of these borrowing arrangements, the lender has the right to re-margin the secured credit agreement based solely on appraised loan-to-values after the second anniversary date of the facility on October 30, 2022. The following table presents certain information regarding the Company’s secured credit agreements. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands): December 31, 2022 Secured credit agreements (1) Initial Extended Index Weighted average Interest Commitment Maximum Balance Principal balance Amortized cost Goldman Sachs (2) 08/19/23 08/19/24 1 Month BR 2.2 % 6.6 % $ 500,000 $ 114,662 $ 385,338 $ 595,576 $ 595,136 Wells Fargo (3) 04/18/25 04/18/25 1 Month BR 1.6 % 6.0 % 500,000 77,998 422,002 544,557 541,134 Barclays (4) 08/13/25 08/13/26 1 Month BR 1.6 % 5.9 % 500,000 403,074 96,926 129,049 128,489 Morgan Stanley (5) 05/04/23 05/04/23 1 Month BR 2.3 % 6.7 % 500,000 444,421 55,579 79,103 79,103 JP Morgan 10/30/23 10/30/25 1 Month BR 1.6 % 6.0 % 400,000 287,324 112,676 159,601 159,596 Bank of America (6) 03/31/23 03/31/23 1 Month BR 1.8 % 6.1 % 200,000 164,135 35,865 47,820 47,820 Institutional Lender 1 10/30/23 10/30/25 1 Month BR — % — % 249,546 249,546 — 1,542 1,542 Totals $ 2,849,546 $ 1,741,160 $ 1,108,386 $ 1,557,248 $ 1,552,820 ________________________________ (1) Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks. Under the JP Morgan secured credit agreement, the Company is also subject to spread marks. Index rate is the underlying benchmark interest rate ("BR"), currently LIBOR or Term SOFR, for the Company's borrowings on each secured credit agreement. (2) On August 19, 2022 the secured credit agreement's initial maturity was extended to August 19, 2023. (3) On February 9, 2022 the secured credit agreement’s initial maturity was extended to April 18, 2025. (4) On April 11, 2022 the secured credit agreement's initial maturity was extended to August 13, 2025 and the Company reduced the total commitment to $500.0 million from $750.0 million. The secured credit agreement includes a $250.0 million accordion feature subject to the lender's approval. (5) On April 29, 2022 the secured credit agreement's maturity was extended to May 4, 2023. (6) On September 14, 2022, the secured credit agreement's initial and extended maturity was extended to March 31, 2023. December 31, 2021 Secured credit agreements (1) Initial Extended Index Weighted average Interest Commitment Maximum Balance Principal balance Amortized cost Goldman Sachs 08/19/22 08/19/24 1 Month 2.0 % 2.1 % $ 250,000 $ 153,680 $ 96,320 $ 158,177 $ 157,550 Wells Fargo (2) 04/18/22 04/18/24 1 Month 1.6 % 1.7 % 750,000 179,784 570,216 779,791 773,868 Barclays 08/13/22 08/13/23 1 Month 1.5 % 1.7 % 750,000 726,686 23,314 41,294 41,058 Morgan Stanley 05/04/22 05/04/23 1 Month 2.0 % 2.1 % 500,000 319,269 180,731 255,125 254,559 JP Morgan 10/30/23 10/30/25 1 Month 1.7 % 1.8 % 400,000 290,523 109,477 200,148 199,246 US Bank 07/09/22 07/09/24 1 Month 1.4 % 1.7 % 44,730 10,748 33,982 59,060 59,060 Bank of America (3) 09/29/22 09/29/22 1 Month 1.8 % 1.9 % 128,625 — 128,625 183,750 183,750 Institutional Lender 1 10/30/23 10/30/25 1 Month 4.5 % 4.8 % 249,546 226,000 23,546 42,390 42,366 Totals $ 3,072,901 $ 1,906,690 $ 1,166,211 $ 1,719,735 $ 1,711,457 ________________________________ (1) Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks. Under the JP Morgan secured credit agreement, the Company is also subject to spread marks. (2) On February 9, 2022 the secured credit agreement’s initial maturity was extended to April 18, 2025. (3) Effective February 1, 2022 for the sole loan pledged to the secured credit agreement, the Company amended its financing arrangement to reduce its borrowing by $9.4 million and extend its term on a non-mark-to-market basis through March 31, 2022, with an option to further extend its maturity through April 15, 2022 in exchange for a further reduction in borrowings of $9.4 million. Secured Credit Agreement Terms As of December 31, 2022 and December 31, 2021, the Company had six and seven secured credit agreements, respectively, to finance its loan investing activities. Credit spreads vary depending upon the collateral type, advance rate and other factors. Assets pledged as of December 31, 2022 and December 31, 2021 consisted of 45 and 53 mortgage loans, or participation interests therein, respectively. Under five of the six secured credit agreements, the Company transfers all of its rights, title and interest in the loans to the secured credit agreement 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 agreement 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 sixth secured credit agreement, which is a mortgage warehouse facility, the lender receives a security interest (pledge) in the loans financed under the arrangement. The secured credit agreements used to finance loan investments are 25% recourse to Holdco. Under each of the Company’s secured credit agreements, 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 agreements. The lender’s margin amount is in all but one instance limited to collateral-specific credit marks based on non-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 only include credit-based factors unrelated to the capital markets. In only one instance do the considerations include changes in observable credit spreads in the market for these assets. The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands): December 31, 2022 Secured credit agreements Commitment UPB of Amortized cost of collateral (1) Amount payable (2) Net counterparty exposure (3) Percent of Days to Goldman Sachs Bank $ 500,000 $ 595,576 $ 596,838 $ 386,124 $ 210,714 15.9 % 597 Wells Fargo 500,000 544,557 544,824 422,870 121,954 9.2 % 839 Barclays 500,000 129,049 128,900 97,215 31,685 2.4 % 1321 Morgan Stanley Bank 500,000 79,103 79,935 55,798 24,137 1.8 % 124 JP Morgan Chase Bank 649,546 161,143 162,328 113,197 49,131 3.7 % 1034 Bank of America 200,000 47,820 48,272 35,882 12,390 0.9 % 90 Total / weighted average $ 2,849,546 $ 1,557,248 $ 1,561,097 $ 1,111,086 $ 450,011 757 _______________________ (1) Loan amounts include interest receivable of $8.3 million and are net of premium, discount and origination fees of $4.4 million. (2) Loan amounts include interest payable of $2.7 million and do not reflect unamortized deferred financing fees of $2.8 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 agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands): December 31, 2021 Secured credit agreements Commitment UPB of Amortized cost of collateral (1) Amount payable (2) Net counterparty exposure (3) Percent of Days to Goldman Sachs Bank $ 250,000 $ 158,177 $ 159,269 $ 96,389 $ 62,880 4.3 % 962 Wells Fargo 750,000 779,791 776,196 570,839 205,357 14.0 % 839 Barclays 750,000 41,294 41,019 23,330 17,689 1.2 % 590 Morgan Stanley Bank 500,000 255,125 255,858 180,891 74,967 5.1 % 489 JP Morgan Chase Bank 649,546 242,538 243,181 133,191 109,990 7.5 % 1399 US Bank 44,730 59,060 59,435 34,035 25,400 1.7 % 921 Bank of America 128,625 183,750 184,531 128,648 55,883 3.8 % 272 Total / weighted average $ 3,072,901 $ 1,719,735 $ 1,719,489 $ 1,167,323 $ 552,165 794 _______________________ (1) Loan amounts include interest receivable of $8.0 million and are net of premium, discount and origination fees of $8.8 million. (2) Loan amounts include interest payable of $1.1 million and do not reflect unamortized deferred financing fees of $4.0 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. As a result of contributing collateral into TRTX 2022-FL5 upon its issuance during the year ended December 31, 2022, the Company accelerated $1.1 million of unamortized deferred transaction costs related to its secured credit agreements to interest expense in its consolidated statements of income and comprehensive income. See Note 5 for details regarding the Company's issuance of TRTX 2022-FL5. On April 11, 2022, the Company repaid the $34.0 million outstanding under the US Bank secured credit agreement and simultaneously terminated the financing arrangement prior to its July 9, 2022 maturity date. Secured Revolving Credit Facility On February 22, 2022, the Company closed a $250.0 million secured revolving credit facility with a syndicate of 5 lenders. This facility has an initial term of 3 years, an interest rate of Term SOFR plus 2.00% that is payable monthly in arrears, and an unused fee of 15 or 20 basis points, depending upon whether utilization exceeds 50.0%. During the year ended December 31, 2022, the weighted average unused fee was 18 basis points. The facility generally provides the Company with interim financing of eligible loans for up to 180 days at an initial advance rate of 75.0%, which declines to 65.0%, 45.0%, and 0.0% after 90, 135, and 180 days from initial borrowing, respectively, depending on the permanent financing asset classification. This facility is 100% recourse to Holdco. During the fourth quarter of 2022, an additional lender was added to the facility, increasing the borrowing capacity to $290.0 million. As of December 31, 2022, the Company pledged one loan investment with an aggregate collateral principal balance of $59.8 million and outstanding Term SOFR-based borrowings of $44.3 million. Asset-Specific Financing Arrangements As of December 31, 2022, the Company had two asset-specific financing arrangements with Axos Bank each secured by a mortgage loan. The separate arrangements provide non-mark-to-market financing, a term of up to 2 years, and are 15% recourse to Holdco. On June 30, 2022, the Company closed a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility"). The facility provides asset-specific financing on a non-mark-to-market, matched term basis. This facility is 25% recourse to Holdco. The advance rate and borrowing rate are determined separately for each loan financed under the facility. On September 1, 2022, the Company closed a $397.9 million asset-specific financing arrangement with an Institutional Lender ("Institutional Lender 2"). The arrangement is non-mark-to-market, matched term, and non-recourse. The advance rate and borrowing rate are uniform for all loans financed under the arrangement. On November 17, 2022, the Company closed a $23.3 million asset-specific financing arrangement with Customers Bank. The arrangement is non-mark-to-market, matched term, and non-recourse. The following table details the Company's asset-specific financing arrangements (dollars in thousands): December 31, 2022 Financing Collateral Asset-specific financing Count Commitment amount Outstanding principal balance Carrying value (1) Wtd. avg. spread (2) Wtd. avg. term (3) Count Outstanding principal balance Amortized Cost Wtd. avg. Axos Bank 2 $ 105,152 $ 105,152 $ 104,504 4.4 % 1.3 2 $ 198,603 $ 198,246 1.2 BMO Facility 1 200,000 47,545 46,985 1.8 % 4.5 2 59,431 58,717 4.5 Institutional Lender 2 1 397,928 392,070 389,442 3.5 % 2.4 5 513,181 494,965 2.4 Customers Bank 1 23,250 20,609 20,086 2.5 % 2.4 1 28,505 28,232 2.4 Total / weighted average $ 726,330 $ 565,376 $ 561,017 3.5 % 2.4 years $ 799,720 $ 780,160 2.3 years _______________________ (1) Net of $4.4 million unamortized deferred financing costs. (2) Collateral loan assets are indexed to either LIBOR or Term SOFR and related financings are indexed to Term SOFR under Axos Bank, the BMO Facility and Customers Bank. Under the Institutional Lender 2 arrangement, collateral loan assets are indexed to LIBOR and the financing provided is indexed to Term SOFR. (3) Term under Axos Bank is based on the extended maturity date for the specific arrangement. Borrowings under the BMO Facility, the Institutional Lender 2 arrangement and Customers Bank are term-matched to the corresponding collateral loan asset. The weighted-average term assumes all extension options of the collateral loan assets are exercised by the borrower. Mortgage Loan Payable The Company through a special purpose entity subsidiary was a borrower under a $50.0 million mortgage loan secured by a first deed of trust against a REO. The loan had an interest rate of LIBOR plus 4.50% and was subject to a LIBOR interest rate floor of 0.50% and a rate cap of 0.50%. The Company posted cash of $2.4 million to pre-fund interest payments due under the note during its initial term through December 15, 2021. On November 12, 2021, the Company repaid the mortgage loan. See Note 4 for additional information. Financial Covenant Compliance The financial covenants and guarantees for outstanding borrowings related to the Company’s secured credit agreements and secured revolving credit facility require Holdco to maintain compliance with certain financial covenants. The uncertain long-term impact of global macroeconomic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, increased interest rates, currency fluctuations, labor shortages and challenges in the supply chain, coupled with the war in Ukraine and the lingering aftereffects of COVID-19 on the commercial real estate markets and global capital markets 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 for its secured credit agreements and secured revolving credit facility to the extent of outstanding balances as of December 31, 2022 and December 31, 2021.

Schedule of Maturities

Schedule of Maturities	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Maturities	Schedule of Maturities As of December 31, 2022 future principal payments for the following five years and thereafter are as follows (dollars in thousands): Total indebtedness Collateralized loan obligations (1) Secured credit agreements (2) Secured revolving credit facility (2) Asset-specific financing arrangements (3) 2023 $ 1,281,462 $ 879,513 $ 304,120 $ — $ 97,829 2024 815,775 339,106 285,338 — 191,331 2025 865,621 281,805 518,928 44,279 20,609 2026 423,275 215,213 — — 208,062 2027 47,545 — — — 47,545 Thereafter 745,533 745,533 — — — Total $ 4,179,211 $ 2,461,170 $ 1,108,386 $ 44,279 $ 565,376 (1) The scheduled maturities for the investment grade bonds issued by the Company's CRE CLOs are based upon the fully extended maturity of the underlying mortgage loan collateral, considering the reinvestment window of each CRE CLO. (2) The scheduled maturities of the Company's secured credit agreement liabilities is based on the extended maturity date for the specific credit agreement where extension options are at its option, subject to standard default provisions, or the current maturity date of those credit agreements where extension options are subject to counterparty approval.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 December 31, 2022 and December 31, 2021, the Company had $145.1 million and $199.3 million, respectively, 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 its CLOs, secured credit agreements, and asset-specific financing arrangements that are considered Level III fair value measurements. Level III items 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. The following tables provide information about the fair value of the Company’s financial assets and liabilities on the Company’s consolidated balance sheets (dollars in thousands): December 31, 2022 Fair value Carrying value Level I Level II Level III Financial assets Loans held for investment $ 4,781,402 $ — $ — $ 4,922,290 Financial liabilities Collateralized loan obligations 2,452,212 — — 2,498,853 Secured credit agreements 1,105,151 — — 1,128,847 Secured revolving credit facility 42,137 — — 42,137 Asset-specific financing arrangements 561,017 — — 571,097 December 31, 2021 Fair value Carrying value Level I Level II Level III Financial assets Loans held for investment $ 4,867,203 $ — $ — $ 4,899,666 Financial liabilities Collateralized loan obligations 2,545,691 — — 2,558,544 Secured credit agreements 1,162,206 — — 1,169,710 As of December 31, 2022 and December 31, 2021, the estimated fair value of the Company’s loans held for investment portfolio was $4.9 billion and $4.9 billion, respectively, which approximated carrying value. The weighted average gross credit spread for the Company’s loans held for investment portfolio as of December 31, 2022 and December 31, 2021 was 3.44% and 3.39%, respectively. The weighted average years to maturity as of December 31, 2022 and December 31, 2021 was 2.8 years and 2.8 years, respectively, assuming full extension of all loans held for investment. As of December 31, 2022 and December 31, 2021, the estimated fair value of the collateralized loan obligation liabilities and secured credit agreements approximated fair value since current borrowing spreads reflect current market terms. Level III fair values are determined based on standardized valuation models and significant unobservable market inputs, including holding period, discount rates based on LTV, property type and loan pricing expectations developed by the Manager that were corroborated with other institutional lenders to determine market spreads that are added to the forward curve of the underlying benchmark interest rate. There were no transfers of financial assets or liabilities within the levels of the fair value hierarchy during the year ended December 31, 2022.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company indirectly owns 100% of the equity of 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 2019 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 December 31, 2022 and December 31, 2021, 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 and comprehensive income. For the year ended December 31, 2022 and 2021, the Company did not have interest or penalties associated with the underpayment of any income taxes. The Company owns, through an entity classified as a partnership for U.S. federal tax purposes (“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 indirectly through a TRS. The Company, through Sub-REIT, issues CRE 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 high interest rate floors relating to many loans and participation interests pledged to Sub-REIT’s CLOs, certain of Sub-REIT’s CRE CLOs have in the past generated EII, which may be treated as UBTI. Published IRS guidance requires that Sub-REIT allocate its EII among its shareholders in proportion to its dividends paid. Accordingly, EII generated by Sub-REIT’s CRE 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 attributable to such EII) by the Company. The tax liability borne by the TRS on the EII is 21%. This tax liability is included in the consolidated statements of income and comprehensive income and balance sheets of the Company. The following table details the income tax treatment for the Company's common stock and Class A common stock (to the extent outstanding) dividends declared: For the Years Ended December 31, 2022 2021 2020 Ordinary income dividends $ 0.96 $ 0.95 $ 1.21 Capital gain dividends — — — Total common stock dividends $ 0.96 $ 0.95 $ 1.21 For the year ended December 31, 2022, 2021 and 2020, the Company recognized $0.5 million, $1.1 million and $0.3 million, respectively, of federal, state, and local tax expense. As of December 31, 2022, 2021 and 2020, the Company’s effective tax rate was 0.5%, 0.8% and 0.2%, respectively. As of December 31, 2022, the Company had no income tax assets and a $0.1 million income tax liability recorded for the operating activities of the Company’s TRSs. As of December 31, 2021, the Company had no income tax assets and a $0.3 million income tax liability recorded for the operating activities of the Company’s TRSs. During the year ended December 31, 2020, the Company sold all of its CRE debt securities investments and recorded losses from these sales of $203.4 million, which became available to offset qualifying capital gains of the Company in 2020 and, to the extent those capital losses exceeded the Company’s capital gains for 2020, such losses were carried forward and available to offset capital gains in future years. The Company recognized no capital gains during the year ended December 31, 2020 and recognized capital gains of $15.8 million during the year ended December 31, 2021, utilizing its capital loss carryforwards to offset an equal amount for income tax purposes. As of December 31, 2021, the Company had $187.6 million of remaining capital losses that it can carryforward into future years indefinitely. During the year ended December 31, 2022, the Company utilized $13.3 million of the $187.6 million of available remaining capital loss carryforwards to offset the capital gain generated from the partial sale of a REO in April 2022. The Company has $174.3 million of capital losses that it can carryforward into future years indefinitely as of December 31, 2022.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	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 calculation of Company Equity. 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 and Incentive Management Fees Incurred and Paid The following table details the management fees and incentive management fees incurred and paid pursuant to the Management Agreement (dollars in thousands): For the Years Ended December 31, 2022 2021 2020 Incurred Management fees $ 23,455 $ 21,519 $ 20,767 Incentive management fee 5,183 — — Total management and incentive fees incurred $ 28,638 $ 21,519 $ 20,767 Paid Management fees $ 23,080 $ 21,269 $ 21,031 Incentive management fee 5,183 — 1,629 Total management and incentive fees paid $ 28,263 $ 21,269 $ 22,660 Management fees and incentive management fees included in payable to affiliates on the consolidated balance sheets as of December 31, 2022 and December 31, 2021 are $6.0 million and $5.6 million, respectively. During the year ended December 31, 2022, the Manager earned $5.2 million of incentive management fees. No incentive management fee was earned during the year ended December 31, 2021 and 2020. 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 year ended December 31, 2022, 2021 and 2020, the Company reimbursed to the Manager $1.0 million, $1.0 million and $1.0 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 December 31, 2022 and December 31, 2021, no amounts 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 and comprehensive income or consolidated balance sheets based on the nature of the item. In connection with the Series C Preferred Stock issuance as described in Note 12, the Company paid TPG Capital BD, LLC a $0.7 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	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The Company calculates its basic and diluted earnings (loss) per share using the two-class method for all periods presented, which defines unvested stock-based compensation 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. The unvested restricted shares of its common stock granted to certain current and former employees and affiliates of the Manager qualify as participating securities. These restricted shares have the same rights as the Company’s other shares of common stock, including participating in any dividends, and therefore are included in the Company’s basic and diluted earnings per share calculation. For the year ended December 31, 2022, 2021 and 2020, $1.0 million, $0.7 million and $0.8 million, respectively, of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plan. See Note 12 for details. In connection with the issuance of Series B Preferred Stock and the Warrants described in Note 12, 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 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 and income tax purposes. For the year ended December 31, 2021and 2020, this adjustment totaled $3.0 million and $3.2 million, respectively. 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 year ended December 31, 2022 and 2020, 2,881,459 warrants and 1,980,684 warrants, respectively, are excluded from the calculation of diluted earnings per common share since their effect would be anti-dilutive. For the year ended December 31, 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 was $12.34, 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 (dollars in thousands, except share and per share data): For the Years Ended December 31, 2022 2021 2020 Net (loss) income $ (60,066) $ 138,550 $ (136,826) Preferred stock dividends (1) (12,592) (19,194) (14,685) Participating securities' share in (loss) earnings (986) (717) (832) Series B preferred stock redemption make-whole payment (2) — (22,485) — Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs (3) — (25,449) (3,189) Net (loss) income attributable to common stockholders $ (73,644) $ 70,705 $ (155,532) Weighted average common shares outstanding, basic 77,296,524 76,977,743 76,656,756 Incremental shares of common stock issued from the assumed exercise of the Warrants — 4,706,645 — Weighted average common shares outstanding, diluted 77,296,524 81,684,388 76,656,756 (Loss) earnings per common share, basic (4) $ (0.95) $ 0.92 $ (2.03) (Loss) earnings per common share, diluted (4) $ (0.95) $ 0.87 $ (2.03) _______________________ (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 year ended December 31, 2022 and 2021. (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. Refer to Note 12 to these consolidated financial statements for details. (3) Series B Preferred Stock Accretion, including Allocated Warrant Fair Value and Transaction Costs includes amounts recorded as deemed dividends of amortized transaction costs and the write-off of unamortized transactions costs and the unaccreted portion of the allocated Warrant fair value related to the Company’s Series B Preferred Stock. For the year ended December 31, 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 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 year ended December 31, 2022, 2021 and 2020.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	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.” In connection with the Series C Preferred Stock issuance the Company paid TPG Capital BD, LLC a $0.7 million underwriting discount and commission for its services as joint bookrunner. 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. 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 ($1.5624 per share annually or $0.3906 per share quarterly). 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 have no voting rights except as set forth in the Articles Supplementary for the Series C Preferred Stock. 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 for 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 elected to allow 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 and no shares of Series B Preferred Stock remained outstanding. 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 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 December 31, 2022. 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, $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. 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 (which was redeemed in-full on June 16, 2021) at the rate of 11.0% per annum of the $25.00 per share liquidation preference, then 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 not less than 90% of its taxable income to its stockholders to comply with the REIT provisions of the Internal Revenue Code. 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 December 9, 2022, the Company’s Board of Directors declared and approved a cash dividend of $0.24 per share of common stock, or $19.0 million in the aggregate, for the fourth quarter of 2022. The common stock dividend was paid on January 25, 2023 to the holders of record of the Company’s common stock as of December 29, 2022. On December 9, 2022, the Company’s Board of Directors declared a cash dividend of $0.3906 per share of Series C Preferred Stock, or $3.1 million in the aggregate, for the fourth quarter of 2022. The Series C Preferred Stock dividend was paid on December 30, 2022 to the preferred stockholders of record as of December 20, 2022. On December 13, 2021, the Company’s Board of Directors declared and approved a cash dividend of $0.24 per share of common stock, or $18.7 million in the aggregate, for the fourth quarter of 2021. The Board of Directors also declared and approved an additional, non-recurring special cash dividend of $0.07 per share of common stock, or $5.5 million in the aggregate, attributable to the Company's estimated 2021 REIT taxable income which was previously undistributed. The fourth quarter regular and special dividends were paid on January 25, 2022 to the holders of record of the Company’s common stock as of December 29, 2021. On December 9, 2021, the Company’s Board of Directors declared a cash dividend of $0.3906 per share of Series C Preferred Stock, or $3.1 million in the aggregate, for the fourth quarter of 2021. The Series C Preferred Stock dividend was paid on December 30, 2021 to the preferred stockholders of record as of December 20, 2021. For the year ended December 31, 2022 and 2021, common stock dividends in the amount of $75.1 million and $73.8 million, respectively, were declared and approved. For the year ended December 31, 2022 and 2021, Series C Preferred Stock dividends in the amount of $12.6 million and $6.9 million, respectively, were declared and approved. For the year ended December 31, 2021, Series B Preferred Stock dividends in the amount of $12.3 million were declared and approved. As of December 31, 2022 and December 31, 2021, common stock dividends of $19.0 million and $24.2 million, respectively, were unpaid and are reflected in dividends payable on the Company’s consolidated balance sheets.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation The Company does not have any employees. As of December 31, 2022, 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 stock-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 compensation 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. The following table details the outstanding common stock awards and includes the numbers of shares granted and weighted-average grant date fair value per share under the Incentive Plan: Common Stock Weighted-Average Grant Date Fair Value per Share Balance as of December 31, 2019 624,006 $ 19.93 Granted 386,003 11.05 Vested (121,018) 20.30 Forfeited — — Balance as of December 31, 2020 888,991 $ 16.09 Granted 436,213 12.15 Vested (407,706) 17.34 Forfeited (81,569) 15.25 Balance as of December 31, 2021 835,929 $ 13.16 Granted 1,141,926 7.93 Vested (278,821) 14.25 Forfeited (15,594) 12.06 Balance as of December 31, 2022 1,683,440 $ 9.44 Generally, common shares vest over a four-year period pursuant to the terms of the award and the Incentive Plan with the exception of deferred stock units granted to certain members of the Company's Board of Directors that are vested upon issuance. The following table presents the number of shares associated with outstanding awards that will vest over the next four years: Share Grant Vesting Year Shares of Common Stock 2023 529,467 2024 476,184 2026 392,285 2026 285,504 Total 1,683,440 During the year ended December 31, 2022, the Company accrued 11,361 shares of common stock for dividends that are paid-in kind to non-management members of its Board of Directors related to the dividend payable to holders of record of our common stock as of March 29, 2022, June 28, 2022, September 28, 2022 and December 29, 2022. Dividends payable to holders of such grants made on December 17, 2021 and thereafter will be paid in cash. During the year ended December 31, 2021, the Company accrued 7,083 shares of common stock for dividends that are paid-in kind to non-management members of its Board of Directors related to the dividend payable to holders of record of our common stock as of December 29, 2021. As of December 31, 2022, total unrecognized compensation costs relating to unvested stock-based compensation arrangements was $13.9 million. These compensation costs are expected to be recognized over a weighted average period of 1.4 years from December 31, 2022. For the year ended December 31, 2022, 2021 and 2020 , the Company recognized $5.1 million, $5.8 million and $5.8 million, respectively, of stock-based compensation expense.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Impact of Global Macroeconomic Conditions Global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, increased interest rates, currency fluctuations and challenges in the supply chain, the war in Ukraine and the lingering aftereffects of the COVID-19 pandemic have had, and may in the future have, an adverse impact on the Company's business, the U.S. and global economies, the real estate industry and the Company's borrowers, and the performance of the properties securing the Company's loans. As of December 31, 2022, no contingencies have been recorded on the Company's consolidated balance sheet as a result of such trends and conditions; however, if market conditions worsen or extend, it may have long-term impacts on the Company's financial condition, results of operations, and cash flows. Unfunded Commitments As part of its lending activities, the Company commits to certain funding obligations which are not advanced at loan 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 loans held for investment portfolio and are generally utilized for base building work, tenant improvement costs and leasing commissions, and interest reserves. The aggregate amount of unrecognized unfunded loan commitments existing as of December 31, 2022 and December 31, 2021 was $426.1 million and $487.8 million, respectively. The Company recorded an allowance for credit losses on loan commitments that are not unconditionally cancellable by the Company of $17.3 million and $4.2 million as of December 31, 2022 and December 31, 2021 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 December 31, 2022 and December 31, 2021, 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	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk Impact of COVID-19 on Concentration of Credit Risk The potential long-run negative impacts on the Company’s business caused by COVID-19 may be heightened because 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. At the onset of the COVID-19 pandemic, hotels were disproportionately affected. As the pandemic evolved, and the ways people use real estate have changed, much of the Company's focus has shifted to its office exposure. For example, office buildings have been adversely impacted by a slowdown in return-to-office, a reversal in the pre-COVID trend toward increased densification of office space, and a preference by office users for vintage office buildings and for suburban properties less reliant on public transportation to safely deliver their employees to and from the workplace. Additionally, entrenched work-from-home behavior by employees appears to have caused a slow return to office, which may translate into a permanent reduction in demand for office space. Property Type A summary of the Company’s portfolio of loans held for investment by property type based on total loan commitment and current unpaid principal balance (“UPB”) follows (dollars in thousands): December 31, 2022 Property type Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Multifamily $ 2,491,441 $ 110,769 46.0 % $ 2,380,672 47.5 % Office 1,553,378 155,986 28.5 1,397,392 28.0 Hotel 483,743 11,666 8.9 473,790 9.5 Life Science 404,600 93,092 7.5 311,508 6.2 Mixed-Use 283,340 15,061 5.2 268,279 5.4 Industrial 93,044 5,987 1.7 87,057 1.7 Self Storage 69,000 11,900 1.3 57,100 1.1 Other 50,600 21,600 0.9 29,000 0.6 Total $ 5,429,146 $ 426,061 100.0 % $ 5,004,798 100.0 % December 31, 2021 Property type Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Office $ 2,265,187 $ 178,878 41.9 % $ 2,086,309 42.4 % Multifamily 1,595,643 121,211 29.5 1,474,731 30.0 Hotel 658,943 4,000 12.2 657,672 13.4 Life Science 494,600 163,860 9.1 330,740 6.7 Mixed-Use 347,408 17,681 6.4 329,728 6.7 Retail (1) 33,000 2,143 0.6 23,000 0.5 Condominium (2) 17,163 — 0.3 17,163 0.3 Total $ 5,411,944 $ 487,773 100.0 % $ 4,919,343 100.0 % _______________________ (1) As of December 31, 2021, the Company's non-performing retail loan held for investment was in default of its loan agreement and as a result the $2.1 million of outstanding unfunded loan commitments could not be drawn upon by the borrower. (2) Condominium property type includes a 24% pari passu participation interest in each of four whole mortgage loans related to one project to the same borrower. Loan commitments exclude (1) capitalized interest resulting from previously modified loans of $1.7 million and $3.0 million as of December 31, 2022 and December 31, 2021, respectively and include (2) a $7.8 million commitment related to a non-performing retail loan held for investment as of December 31, 2021. The commitment could not be drawn by the borrower and was extinguished in July 2022 when the loan was retired. 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 follows (dollars in thousands): December 31, 2022 Geographic region Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB East $ 1,844,087 $ 73,104 33.9 % $ 1,772,155 35.4 % West 1,629,727 179,104 30.0 1,450,623 29.0 South 1,496,382 138,836 27.6 1,358,087 27.1 Midwest 319,950 17,130 5.9 302,820 6.1 Various 139,000 17,887 2.6 121,113 2.4 Total $ 5,429,146 $ 426,061 100.0 % $ 5,004,798 100.0 % December 31, 2021 Geographic region Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB East $ 1,925,457 $ 63,459 35.6 % $ 1,863,172 37.8 % West (1) 1,484,883 244,100 27.4 1,233,628 25.1 South 1,323,800 115,714 24.5 1,208,940 24.6 Midwest 677,804 64,500 12.5 613,603 12.5 Total $ 5,411,944 $ 487,773 100.0 % $ 4,919,343 100.0 % _______________________ (1) As of December 31, 2021, the Company's unfunded loan commitments included $2.1 million of outstanding unfunded loan commitments that could not be drawn upon by the borrower related to a non-performing retail loan held for investment that was in default. Loan commitments exclude (1) capitalized interest resulting from previously modified loans of $1.7 million and $3.0 million as of December 31, 2022 and December 31, 2021, respectively and include (2) a $7.8 million commitment related to a non-performing retail loan held for investment as of December 31, 2021. The commitment could not be drawn by the borrower and was extinguished in July 2022 when the loan was retired. Category A summary of the Company’s portfolio of loans held for investment by loan category based on total loan commitment and current UPB follows (dollars in thousands): December 31, 2022 Loan category Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Moderate Transitional $ 1,524,284 $ 225,914 28.1 % $ 1,299,541 26.0 % Bridge 2,249,442 52,588 41.4 2,197,397 43.9 Light Transitional 1,604,820 125,959 29.6 1,478,860 29.5 Construction 50,600 21,600 0.9 29,000 0.6 Total $ 5,429,146 $ 426,061 100.0 % $ 5,004,798 100.0 % December 31, 2021 Loan category Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Moderate Transitional $ 1,950,739 $ 294,693 36.1 % $ 1,657,218 33.7 % Light Transitional 1,779,310 145,621 32.9 1,633,689 33.2 Bridge (1) 1,646,895 47,459 30.4 1,593,436 32.4 Construction 35,000 — 0.6 35,000 0.7 Total $ 5,411,944 $ 487,773 100.0 % $ 4,919,343 100.0 % _______________________ (1) As of December 31, 2021, the Company's unfunded loan commitments included $2.1 million of outstanding unfunded loan commitments that could not be drawn upon by the borrower related to a non-performing retail loan held for investment that was in default. Loan commitments exclude (1) capitalized interest resulting from previously modified loans of $1.7 million and $3.0 million as of December 31, 2022 and December 31, 2021, respectively and include (2) a $7.8 million commitment related to a non-performing retail loan held for investment as of December 31, 2021. The commitment was unavailable to be drawn by the borrower. The loan was retired in July 2022.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following events occurred subsequent to December 31, 2022: • The Company closed, or is in the process of closing, two first mortgage loans with a total loan commitment amount of $123.8 million and initial funding of $111.4 million. The first mortgage loans are secured by a hotel and a portfolio of industrial properties. • The Company received a full loan repayment related to one of its first mortgage loans with an aggregate loan commitment and unpaid principal balance of $35.2 million and $30.4 million, respectively. The first mortgage loan was secured by an office property.

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Schedule IV - Mortgage Loans on Real Estate As of December 31, 2022 (Dollars in Thousands) Type of Loan/Borrower (1) Description / Location Interest Payment Rates Extended Maturity Date (2) Periodic Payment Terms (3) Prior Liens (4) Unpaid Carrying Amount of Loans (5) Senior Loans in excess of 3% of the carrying amount of total loans Borrower A Senior Loan / San Jose S+3.4% 2027 I/O — 245,000 245,000 Borrower B Senior Loan / New York L+1.5% 2024 I/O — 226,914 226,914 Borrower C Senior Loan / Daly City L+3.9% 2026 I/O — 174,788 174,348 Borrower D Senior Loan / Various L+3.4% 2026 I/O — 187,000 187,000 Borrower E Senior Loan / New York L+2.9% 2023 I/O — 175,000 175,000 Borrower F Senior Loan / Philadelphia L+4.7% 2024 I/O — 169,603 169,603 Senior Loans less than 3% of the carrying amount of total loans Senior loan Multifamily / Diversified Floating BR+2.7% - 4.2% 2023 - 2027 I/O — 1,948,674 1,933,482 Senior loan Office / Diversified Floating BR+2.5% - 5.3% 2023 - 2027 I/O — 825,875 824,488 Senior loan Hotel / Diversified Floating L+3.4% - 5.3% 2023 - 2026 I/O — 473,790 466,311 Senior loan Mixed-Use / Diversified Floating L+3.6% - 4.0% 2023 - 2026 I/O — 268,279 268,106 Senior loan Life Science / Diversified Floating L+3.1% - 5.5% 2026 I/O — 136,720 136,229 Senior loan Industrial / Diversified Floating S+3.3% - 4.0% 2027 I/O — 87,057 86,746 Senior loan Self Storage / Diversified Floating S+4.2% 2027 I/O — 57,100 56,804 Senior loan Other / NC Floating S+8.5% 2024 I/O — 29,000 28,643 Total senior loans — 5,004,800 4,978,674 Total loans — 5,004,800 4,978,674 CECL reserve (6) (197,272) Total loans, net $ 4,781,402 _______________________________ (1) Includes senior mortgage loans, contiguous subordinate loans, and pari passu participations in senior mortgage loans. (2) Extended maturity date assumes all extension options are exercised. (3) I/O = interest only, P/I = principal and interest. (4) Represents only third-party liens and is expressed as the total loan commitment senior to our subordinated loan interest as of December 31, 2022. (5) The aggregate tax basis of the loans is $5.0 billion as of December 31, 2022. (6) As of December 31, 2022, the Company has a total CECL reserve of $197.3 million on its loans held for investment, of which $78.1 million is specifically related to four of its loans with an aggregate outstanding principal balance of $245.1 million as of December 31, 2022. Refer to Note 3 for additional information on the Company's CECL reserve. 1. Reconciliation of Mortgage Loans on Real Estate: The following table reconciles the Company’s mortgage loans on real estate activity for the years ended (dollars in thousands): 2022 2021 2020 Balance at January 1, $ 4,867,203 $ 4,456,460 $ 4,980,389 Additions during period: Loans originated and acquired 1,519,406 1,623,585 430,050 Additional fundings 145,199 146,032 237,856 Amortization of origination fees and discounts 11,085 7,203 11,345 Deductions during period: Collection of principal (1,506,870) (1,236,032) (885,565) Collection of accrued PIK interest (1,314) — — Write-off (4,400) — — Loan sales — (147,986) (145,675) Loan extinguishment on conversion to REO (89,234) — (112,000) Allowance for credit losses (159,673) 17,941 (59,940) Balance at December 31, $ 4,781,402 $ 4,867,203 $ 4,456,460

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The 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.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the 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 from the amounts and values reported due to the inherent uncertainty in the estimation process and the limited availability of observable pricing inputs due to the nature of transitional mortgage loans. 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.
Principles of Consolidation	Principles of Consolidation Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810—Consolidation (“ASC 810”) provides guidance on the identification of a variable interest entity (“VIE”), for which control is achieved through means other than voting rights, and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which the Company is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. At each reporting date, the Company reconsiders its primary beneficiary 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 5 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 write-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.
Loans Held for Sale	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 market, capital markets, or when a shift in its loan portfolio construction occurs. Once a determination is made to sell a loan, or the Company determines it no longer has the intent and ability to hold a loan held for investment for the foreseeable future, the loan is transferred to loans held for sale. 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 current expected credit loss ("CECL") reserve.
Credit Losses	Credit Losses Allowance for Credit Losses for Loans Held for Investment The Company accounts for its allowance for credit losses on loans held for investment using the Current Expected Credit Loss model of ASC Topic 326, Financial Instruments-Credit Losses (“ASC 326”). Periodic changes to the CECL reserve are recognized through net income on the Company’s consolidated statements of income and comprehensive income. 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 and comprehensive income and reduced by the write-off of loan amounts, net of recoveries and additions related to purchased credit-deteriorated (“PCD”) assets, if relevant. 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 uncollectible 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 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; life science; multifamily; hotel; industrial; mixed-use; land for industrial and office use; and self storage. 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, local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; (iv) the frequency and materiality of loan modifications or waivers occasioned by unfavorable variances between the underwritten business plan and actual performance; (v) changes in the capital markets that may impact the refinancing or sale of the loan; and (vi) 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; the loan is in default or substantially in default; 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 upon origination or acquisition, except when specific circumstances warrant an exception. The Company’s CECL reserve also reflects estimates of the current and future economic conditions that impact the performance of the commercial real estate assets securing the Company’s loans. These estimates 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. The key inputs to the Company's estimation of its allowance for credit losses as of December 31, 2022 were impacted by dislocations in the capital markets, increased interest rates, accelerating inflationary trends, a heightened risk of recession, and geopolitical conflicts. Inherent uncertainty in the estimation process and the limited availability of observable pricing inputs due to the nature of transitional mortgage loans also constrain the Company's ability to estimate key inputs utilized to calculate its allowance for credit losses. 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 the Company are subject to change. Actual results could differ from management’s estimates, and such differences could be material.
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 quality and duration, collateral operating performance, risk rating, delinquency status, historic loss experience and other characteristics 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: (1) a model-based approach and (2) an individually-assessed approach for loans considered to be "collateral-dependent" as the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral and the borrower is experiencing financial difficulty or foreclosure is probable. Once the expected credit loss amount is determined, an allowance for credit losses is established. A loan will be written off through credit loss (expense) benefit, net in the consolidated statements of income and comprehensive income when it is deemed non-recoverable upon a realization event. This is generally at the time the loan is settled, transferred or exchanged. Non-recoverability may also be concluded by the Company if, in its determination, it is nearly certain that all amounts due will not be collected. This loss is equal to the difference between the cash received, or expected to be received, and the carrying value of the asset. Factors considered by the Company in determining whether the expected credit loss is not recoverable include whether the Company determines that the loan is uncollectible, which means repayment is deemed to be delayed beyond a reasonable time, a loss becomes evident due to a borrower’s lack of assets and liquidity, or a borrower’s sponsor is unwilling or unable to support the loan. Allowance for Credit Losses for Loans Held for Investment – Model-Based Approach The Company has implemented a model-based approach used to measure the expected life-time allowance for credit losses related to loans which are not individually-assessed. The model-based approach considers the underlying loan level cash flows and relevant historical market loan loss data. 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 credit loss factors are utilized by the Company together with loan specific inputs such as property-level operating performance information, delinquency status, indicators of credit quality, and other credit trends and risk characteristics. Additionally, the Company considers relevant loan and borrower specific qualitative factors, incorporates its expectations about the impact of current macroeconomic and local market conditions and reasonable and supportable operating 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. The Company may use other acceptable alternative approaches depending on, among other factors, the type of loan, underlying collateral and availability of relevant historical market loan loss data. Allowance for Credit Losses for Loans Held for Investment – Individually-Assessed Approach In instances where the Company concludes a loan repayment is entirely dependent on the operation or sale of the underlying collateral and the borrower is experiencing financial difficulty or foreclosure is probable, the Company individually assesses the allowance for credit loss for the underlying loan. The amount of expected credit loss is determined using broadly accepted and standard real estate valuation techniques (most commonly, a discounted cash flow model and real estate sales comparables), and considers substantially the same credit factors as utilized in the model-based method. In instances where the Company determines foreclosure of the underlying collateral is probable, the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the underlying collateral as of the measurement date. The fair value of the underlying 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 underlying collateral in instances where foreclosure is not probable. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Evaluations of the loan portfolio in future periods, given the prevailing forecasts and credit loss factors, may result in significant changes to the Company's allowance for credit losses and credit loss expense.
Unfunded Loan Commitments	Unfunded Loan Commitments The Company’s first mortgage loans often contain provisions for future funding of a pre-determined portion of capital and other costs incurred by the borrower in executing its business plan. These deferred fundings are 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 expected 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.
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 after which the real estate 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 and comprehensive income. 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 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 in the consolidated statements of income and comprehensive income within Gain (loss) on sale of real estate owned, net and Other income, net.
Investment Portfolio Financing Arrangements	Investment Portfolio Financing Arrangements The Company finances its portfolio of loans, or participation interests therein, and REO using secured financing agreements, including secured credit agreements, secured revolving credit facilities, asset-specific financing arrangements, 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 and comprehensive income. In certain instances, the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third party. For all such syndications the Company has completed through December 31, 2022, 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 investment portfolio financing arrangements, see Note 6.
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 12 were classified as temporary equity in the accompanying financial statements. The Company elected the accreted redemption value method under which it accreted changes in the redemption value over the period from the date of issuance of the Series B Preferred Stock to the earliest costless redemption date (May 28, 2024, the fourth anniversary) 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 similarly to a dividend on preferred stock for GAAP purposes. On June 16, 2021, the Company redeemed all 9,000,000 outstanding shares of the Series B Preferred Stock and accelerated the accretion of the redemption value. As of December 31, 2022 and December 31, 2021, the Company had no shares of Series B Preferred Stock outstanding. The Series B Preferred Stock issuance, including details related to the Warrants, and redemption are described in Note 12.
Collateralized Loan Obligation Proceeds Held at Trustee	Collateralized Loan Obligation Proceeds Held at Trustee Collateralized Loan Obligation Proceeds Held at Trustee represent cash held by the Company’s collateralized loan obligations pending reinvestment in eligible collateral. See Note 5 for additional details.
Fair Value Measurements	Fair Value Measurements The Company follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), for its holdings of financial instruments. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for a financial instrument in a current sale, which assumes an orderly transaction between market participants on the measurement date. The Company determines the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes the inputs used in measuring fair value. GAAP establishes market-based or observable inputs as the preferred source of values followed by valuation models using management assumptions in the absence of market inputs. The financial instruments recorded at fair value on a recurring basis in the Company’s consolidated financial statements are cash, cash equivalents, and restricted cash. The three levels of inputs that may be used to measure fair value are as follows: Level I —Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level II —Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level III —Valuations based on inputs that are unobservable and significant to the overall fair value measurement. For certain financial instruments, the inputs used by management 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. • Secured revolving credit facilities, asset-specific financings, and mortgage loan payable (if any): based on the rate at which a similar secured revolving credit facility, asset-specific financing, or mortgage loan payable (if any) would currently be priced, as corroborated by inquiry of other market participants. • CRE Collateralized Loan Obligations, net: 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 at 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 have experienced uneven liquidity due to global macroeconomic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, increased interest rates, currency fluctuations, labor shortages and challenges in the supply chain, coupled with the war in Ukraine and the lingering aftereffects 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.
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 (the “Internal Revenue Code”), 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 the Sub-REIT structure it established for the purpose of issuing collateralized loan obligations (“CRE CLOs”). EII has in the past been present in certain of the Company’s CRE CLOs due to sharp declines in LIBOR or compounded SOFR since the issuance of a CRE CLO's liabilities, loans contributed to the CRE CLOs with interest rate floors materially higher than the current applicable benchmark rates, and liabilities whose benchmark rates are unfloored. EII, which is treated as unrelated business taxable income (“UBTI”), is an obligation of the Company and is allocated only to a taxable REIT subsidiary (“TRS”) 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 (“ASC 740”), a valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. Currently, the Company has no temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The Company intends to continue to operate in a manner consistent with, and to continue to meet the requirements to be treated as, a REIT for tax purposes and to distribute all of its REIT taxable income.
Earnings per Common Share	Earnings per Common Share The Company calculates basic earnings per share using the two-class method. 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 to purchase common stock (the “Warrants”, see Note 12) issued in connection with the Company’s no-longer-outstanding Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”), which are exercisable on a net-share settlement basis. The number of incremental shares is calculated utilizing the treasury stock method. The Company accounts for unvested stock-based compensation 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 excludes 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.
Stock-based Compensation	Stock-based Compensation Stock-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. The stock-based compensation awards to certain employees of affiliates of the Manager generally vest in installments over a fixed period. Deferred stock units granted to the Company’s Board of Directors prior to December 2021 fully vested on the grant date and accrued, and will continue to accrue, common stock dividends that are paid-in kind through additional deferred stock units on a quarterly basis. Deferred stock units granted in December 2021 and in future periods will fully vest on the grant date and will continue to accrue and be paid cash common stock dividends on a quarterly basis. Stock-based compensation expense is recognized in net income on a straight-line basis over the applicable award’s vesting period. Forfeitures of stock-based compensation awards are recognized as they occur.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are reflected net of the liabilities to which they relate, currently collateralized loan obligations, secured financing agreements, which include secured credit agreements and a secured revolving credit facility, and asset-specific financing arrangements 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: (i) for secured financing agreements other than CRE CLOs, the initial term of the financing agreement, or in the case of costs directly associated with the loan, over the life of the financing agreement or the loan, whichever is shorter; and (ii) for 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 December 31, 2022 and December 31, 2021. 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. As of December 31, 2022 and December 31, 2021, the Company held as part of its total cash balances $22.4 million and $15.0 million to comply with this covenant, respectively.
Restricted Cash	Restricted Cash Restricted cash primarily represents deposits paid by potential borrowers to cover certain costs incurred by the Company in connection with loan originations. These deposits may be returned to borrowers, after deducting eligible transaction costs paid by the Company for the benefit of the borrowers, upon the closing of a loan transaction, or if a loan transaction does not close and deposit proceeds remain. As of December 31, 2022, cash and cash equivalents of $254.1 million has been combined with $0.3 million of restricted cash in the consolidated statement of cash flows. As of December 31, 2021, cash and cash equivalents of $260.6 million has been combined with $0.4 million of restricted cash in the consolidated statement of cash flows. The Company did not have any restricted cash amounts as of December 31, 2020.
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’ EquityTotal Stockholders’ Equity may include preferred stock, common stock, and derivative instruments indexed to the Company's common stock such as warrants or other embedded options within financing arrangements that may be classified as temporary 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., existence of a stated redemption date), conversion features, voting rights, and liquidation preferences. Derivative instruments indexed to the Company's common stock such as warrants or other embedded options within financing arrangements are generally classified based on which party controls the contract settlement mechanism and the nature of the settlement terms that may require, or allow, the Company to make a cash payment, issue common shares, or a combination thereof to satisfy its obligation of the underlying contract.
Permanent Equity	Permanent Equity The Company has preferred stock, common stock, and Warrants issued in connection with the Series B Preferred Stock transaction that are outstanding and classified as permanent equity. The Warrants are exercisable on a net-settlement basis and expire on May 28, 2025. None of the Warrants have been exercised as of December 31, 2022. The Company’s common stock is perpetual 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 and Warrants related to the Series B Preferred Stock are described in Note 12.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements 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 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 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. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848”, which defers the expiration of ASC 848 from December 31, 2022, to December 31, 2024. 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 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 as it occurs. 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. For the year ended December 31, 2022, the Company has not elected to apply the temporary optional expedients and exceptions and will reevaluate the application each quarter. Recently Adopted Accounting Pronouncements 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's adoption of ASU 2020-06 on January 1, 2022 did not have a material impact on the Company's 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 was permitted. The Company's adoption of ASU 2021-04 on January 1, 2022 did not have a material impact on the Company's consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this ASU eliminate the accounting guidance for troubled debt restructurings ("TDRs") by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this ASU require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The ASU’s amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years and early adoption is permitted. The Company's adoption of ASU 2022-02 on January 1, 2022 did not have a material impact on the Company's consolidated financial statements.

Loans Held for Investment and_2

Loans Held for Investment and the Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2022
Loans and Leases Receivable Disclosure [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 (dollars in thousands): December 31, 2022 December 31, 2021 Balance sheet portfolio Total loan exposure (1) Balance sheet portfolio Total loan exposure (1) Number of loans 70 70 69 70 Floating rate loans 100.0 % 100.0 % 100.0 % 100.0 % Total loan commitment $ 5,429,146 $ 5,429,146 $ 5,411,944 $ 5,543,944 Unpaid principal balance (2) $ 5,004,798 $ 5,004,798 $ 4,919,343 $ 5,051,343 Unfunded loan commitments (3) $ 426,061 $ 426,061 $ 487,773 $ 487,773 Amortized cost $ 4,978,674 $ 4,978,674 $ 4,909,202 $ 4,909,202 Weighted average credit spread 3.4 % 3.4 % 3.4 % 3.4 % Weighted average all-in yield (4) 8.1 % 8.1 % 4.8 % 4.8 % Weighted average term to extended maturity (in years) (5) 2.8 2.8 2.8 2.8 _______________________ (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 exposure encompasses the entire loan portfolio the Company originated, acquired and financed. The Company had outstanding one non-consolidated senior interest of $132.0 million as of December 31, 2021, and none as of December 31, 2022. (2) Unpaid principal balance includes PIK interest of $1.7 million and $3.0 million as of December 31, 2022 and December 31, 2021, 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 December 31, 2022, all of the Company’s loans were floating rate. Loans originated by the Company before December 31, 2021 are indexed to LIBOR, while loans originated after January 1, 2022 are indexed to Term SOFR. As of December 31, 2022, based on the total loan commitments of the Company’s loan portfolio, 20.7% (or $1.1 billion) of the Company’s loans were subject to Term SOFR and 79.3% (or $4.3 billion) were subject to LIBOR as the benchmark interest rate. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price premium and discount if any, and accrual of both extension and exit fees. All-in yield for the total portfolio assumes the applicable floating benchmark interest rate as of December 31, 2022 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 December 31, 2022, based on the unpaid principal balance of the Company’s total loan exposure, 37.8% of the Company’s loans were subject to yield maintenance or other prepayment restrictions and 62.2% 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 (dollars in thousands): December 31, 2022 Loans held for investment, net Outstanding principal Unamortized premium (discount) and Amortized cost Senior loans (1) $ 5,004,798 $ (26,124) $ 4,978,674 Subordinated and mezzanine loans — — — Total $ 5,004,798 $ (26,124) $ 4,978,674 Allowance for credit losses (197,272) Loans held for investment, net $ 4,781,402 December 31, 2021 Loans held for investment, net Outstanding principal Unamortized premium (discount) and Amortized cost Senior loans (1) $ 4,884,343 $ (10,101) $ 4,874,242 Subordinated and mezzanine loans 35,000 (40) 34,960 Total $ 4,919,343 $ (10,141) $ 4,909,202 Allowance for credit losses (41,999) Loans held for investment, net $ 4,867,203 ________________________________ (1) Senior loans may include contiguous mezzanine loans and pari passu participations in senior mortgage loans.
Summary of Loans Held for Investment Portfolio Activity	The following table presents the Company’s loans held for investment portfolio activity (dollars in thousands): For the years ended December 31, 2022 2021 Balance as of January 1 $ 4,867,203 $ 4,456,460 Additions during the period: Loans originated and acquired 1,519,406 1,623,585 Additional fundings 145,199 146,032 Amortization of origination fees and discounts 11,085 7,203 Deductions during the period: Collection of principal (1,506,870) (1,236,032) Collection of accrued PIK interest (1,314) — Write-off (4,400) — Loan sale — (147,986) Loan extinguishment on conversion to REO (89,234) — (Increase) decrease of allowance for credit losses (159,673) 17,941 Balance as of December 31 $ 4,781,402 $ 4,867,203
Summary of Amortized Cost by Origination Year Grouped by Risk Rating for Loans Held for Investment Portfolio	The following tables present the Company's loans held for investment portfolio on an amortized cost basis by origination year, grouped by risk rating (dollars in thousands): December 31, 2022 Amortized cost by origination year 2022 2021 2020 2019 2018 Prior Total Senior loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 22,732 216,960 — 272,185 — — 511,877 3 907,161 1,609,556 98,874 505,377 110,356 — 3,231,324 4 76,938 79,023 119,172 320,793 342,869 51,542 990,337 5 — — 71,269 118,135 55,732 — 245,136 Total senior loans $ 1,006,831 $ 1,905,539 $ 289,315 $ 1,216,490 $ 508,957 $ 51,542 $ 4,978,674 Senior loans: Current-period write-offs $ — $ — $ — $ — $ (4,400) $ — $ (4,400) Total current-period write-offs $ — $ — $ — $ — $ (4,400) $ — $ (4,400) Subordinated and mezzanine loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — — — — — — 4 — — — — — — — 5 — — — — — — — Total subordinated and mezzanine loans — — — — — — — Total $ 1,006,831 $ 1,905,539 $ 289,315 $ 1,216,490 $ 508,957 $ 51,542 $ 4,978,674 December 31, 2021 Amortized cost by origination year 2021 2020 2019 2018 2017 Prior Total Senior loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 33,621 — 82,461 242,614 168,355 — 527,051 3 1,600,659 95,858 1,400,670 407,509 169,934 17,163 3,691,793 4 — 78,013 154,093 183,750 216,542 — 632,398 5 — — — 23,000 — — 23,000 Total senior loans $ 1,634,280 $ 173,871 $ 1,637,224 $ 856,873 $ 554,831 $ 17,163 $ 4,874,242 Subordinated and mezzanine loans by internal risk ratings: 1 $ — $ — $ — $ — $ — $ — $ — 2 — — — — — — — 3 — — 34,960 — — — 34,960 4 — — — — — — — 5 — — — — — — — Total subordinated and mezzanine loans — — 34,960 — — — 34,960 Total $ 1,634,280 $ 173,871 $ 1,672,184 $ 856,873 $ 554,831 $ 17,163 $ 4,909,202
Summary of Amortized Cost and Results of Internal Risk Rating Review Performed for Loans Held for Investment Portfolio	The table below summarizes the Company’s portfolio of loans held for investment on an amortized cost basis, by the results of its internal risk rating review process performed (dollars in thousands): Risk rating December 31, 2022 December 31, 2021 1 $ — $ — 2 511,878 527,051 3 3,231,324 3,726,753 4 990,337 632,398 5 245,135 23,000 Total $ 4,978,674 $ 4,909,202 Allowance for credit losses (197,272) (41,999) Carrying value $ 4,781,402 $ 4,867,203 Weighted average risk rating (1) 3.2 3.0 ________________________________ (1) Weighted average risk rating calculated based on the amortized cost balance at period end.
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 loans by finance receivable class (dollars in thousands): For the Year Ended December 31, 2022 Senior loans Subordinated and Total Allowance for credit losses for loans held for investment: Beginning balance at January 1, 2022 $ 41,193 $ 806 $ 41,999 Allowance for (reversal of) credit losses, net 160,479 (806) 159,673 Write-off (4,400) — (4,400) Subtotal 197,272 — 197,272 Allowance for credit losses on unfunded loan commitments: Beginning balance at January 1, 2022 4,210 — 4,210 Allowance for (reversal of) credit losses, net 13,104 — 13,104 Subtotal 17,314 — 17,314 Total allowance for credit losses $ 214,586 $ — $ 214,586 For the Year Ended December 31, 2021 Senior loans Subordinated and Total Allowance for credit losses for loans held for investment: Beginning balance at January 1, 2021 $ 58,210 $ 1,730 $ 59,940 Allowance for (reversal of) credit losses, net (8,817) (924) (9,741) Write-off (8,200) — (8,200) Subtotal 41,193 806 41,999 Allowance for credit losses on unfunded loan commitments: Beginning balance at January 1, 2021 2,756 132 2,888 Allowance for (reversal of) credit losses, net 1,454 (132) 1,322 Subtotal 4,210 — 4,210 Total allowance for credit losses $ 45,403 $ 806 $ 46,209 The following table presents the allowance for credit losses for loans held for investment (dollars in thousands): December 31, 2022 General reserve Specific reserve Total reserve Allowance for credit losses: Loans held for investment $ 119,190 $ 78,082 $ 197,272 Unfunded loan commitments 10,927 6,387 17,314 Total allowance for credit losses $ 130,117 $ 84,469 $ 214,586 Total unpaid principal balance $ 4,759,663 $ 245,135 $ 5,004,798 December 31, 2021 General reserve Specific reserve Total reserve Allowance for credit losses: Loans held for investment $ 41,999 $ — $ 41,999 Unfunded loan commitments 4,210 — 4,210 Total allowance for credit losses $ 46,209 $ — $ 46,209 Total unpaid principal balance $ 4,919,343 $ — $ 4,919,343
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 portfolio of loans held for investment, by class of loans on amortized cost basis (dollars in thousands): Days Outstanding as of December 31, 2022 Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans Loans receivable: Senior loans $ 4,541,692 $ 365,713 $ — $ 71,269 $ 436,982 $ 4,978,674 Subordinated and mezzanine loans — — — — — — Total $ 4,541,692 $ 365,713 $ — $ 71,269 $ 436,982 $ 4,978,674 Days Outstanding as of December 31, 2021 Current Days: 30-59 Days: 60-89 Days: 90 or more Total loans past due Total loans Loans receivable: Senior loans $ 4,851,242 $ — $ — $ 23,000 $ 23,000 $ 4,874,242 Subordinated and mezzanine loans 34,960 — — — — 34,960 Total $ 4,886,202 $ — $ — $ 23,000 $ 23,000 $ 4,909,202 See Note 2 of the consolidated financial statements for details of the Company's revenue recognition and allowance for credit losses accounting policies.
Schedule of Paid-in-Kind Interest	The following table presents the accrued PIK interest activity for the Company’s loans held for investment portfolio (dollars in thousands): Year Ended 2022 2021 Balance as of January 1, $ 3,028 $ 4,701 Accrued PIK interest — 816 Repayments of accrued PIK interest (313) — Balance as of March 31, $ 2,715 $ 5,517 Accrued PIK interest — 360 Repayments of accrued PIK interest (300) (1,034) Write-off of accrued PIK interest — (690) Balance as of June 30, $ 2,415 $ 4,153 Accrued PIK interest — 209 Repayments of accrued PIK interest — (871) Write-off of accrued PIK interest — — Balance as of September 30, $ 2,415 $ 3,491 Accrued PIK interest — — Repayments of accrued PIK interest (701) (120) Write-off of accrued PIK interest — (343) Balance as of December 31, $ 1,714 $ 3,028

Variable Interest Entities an_2

Variable Interest Entities and Collateralized Loan Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Variable Interest Entities Assets and Liabilities	The following table outlines the total assets and liabilities within the Sub-REIT (dollars in thousands): December 31, 2022 December 31, 2021 Assets Cash and cash equivalents $ 28,011 $ 28,167 Collateralized loan obligation proceeds held at trustee (1) 297,168 204 Accounts receivable from servicer/trustee (2) 156,633 150 Accrued interest receivable 5,584 6,765 Loans held for investment, net (3) 2,779,978 3,138,603 Total assets $ 3,267,374 $ 3,173,889 Liabilities Accrued interest payable $ 6,106 $ 1,823 Accrued expenses 761 1,490 Collateralized loan obligations, net (4) 2,452,212 2,545,691 Payable to affiliates 8,175 3,830 Total liabilities $ 2,467,254 $ 2,552,834 ________________________________ (1) Includes $72.5 million and $224.7 million of cash available to acquire eligible assets related to TRTX 2022-FL5 and TRTX 2021-FL4, respectively, as of December 31, 2022. Includes $0.2 million of cash available to acquire eligible assets related to TRTX 2021-FL4 as of December 31, 2021. (2) Includes $155.2 million of cash proceeds related to loan repayments related to TRTX 2019-FL3 held by the Company's loan servicer as of December 31, 2022, which are remitted to the Company during the subsequent remittance cycle. (3) Includes three loans held for investment with an unpaid principal balance of $2.9 million and $0.1 million as of December 31, 2022 and December 31, 2021, respectively. (4) Net of $9.0 million and $10.3 million of unamortized deferred financing costs as of December 31, 2022 and December 31, 2021, respectively.
Schedule of Borrowings and Corresponding Collateral	The following tables detail the loan collateral and borrowings under the Company's CRE CLOs (dollars in thousands): December 31, 2022 CRE CLOs Count Benchmark interest rate Outstanding principal balance Carrying value (1) Wtd. avg. spread (2) Wtd. avg. maturity (3) TRTX 2019-FL3 Collateral loan investments 10 LIBOR $ 707,456 $ 508,507 3.16 % 1.4 Financing provided 1 Term SOFR (4) 516,639 516,639 1.72 % 11.8 TRTX 2021-FL4 Collateral loan investments 23 LIBOR (5) 1,250,000 1,210,550 3.08 % 2.7 Financing provided 1 LIBOR 1,037,500 1,033,264 1.60 % 15.2 TRTX 2022-FL5 Collateral loan investments 18 LIBOR (6) 1,075,000 1,058,004 3.31 % 3.4 Financing provided 1 Compounded SOFR 907,031 902,309 2.02 % 16.1 Total Collateral loan investments (7) 51 LIBOR $ 3,032,456 $ 2,777,061 3.19 % 2.7 years Financing provided (8) 3 Term SOFR/LIBOR/Compounded SOFR $ 2,461,170 $ 2,452,212 1.78 % 14.8 years ________________________________ (1) Includes loan amounts held in the Company's CRE CLOs and excludes other loans held for investment, net of $2.9 million held within the Sub-REIT. (2) Weighted average spread excludes the amortization of loan fees and deferred financing costs. (3) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date. (4) On October 1, 2021, the benchmark index interest rate for borrowings under TRTX 2019-FL3 was converted from Compounded SOFR to Term SOFR by the designated transaction representative under the FL3 indenture. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Term SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (5) As of December 31, 2022, the TRTX 2021-FL4 mortgage assets are indexed to LIBOR, with the exception of four participation interests totaling $118.9 million which are indexed to Term SOFR. (6) As of December 31, 2022, the TRTX 2022-FL5 mortgage assets are indexed to LIBOR, with the exception of two participation interests totaling $178.5 million which are indexed to Term SOFR. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Compounded SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (7) Collateral loan investment assets of FL3, FL4 and FL5 represent 14.1%, 25.0% and 21.5% of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2022. (8) During the three months ended December 31, 2022, the Company recognized interest expense of $34.7 million, which includes $1.8 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the year ended December 31, 2022, the Company recognized interest expense of $93.5 million, which includes $7.8 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. December 31, 2021 CRE CLOs Count Benchmark interest rate Outstanding principal balance Carrying value Wtd. avg. spread (1) Wtd. avg. maturity (2) TRTX 2018-FL2 Collateral loan investments 17 LIBOR $ 805,685 $ 795,815 3.39 % 2.0 Financing provided 1 LIBOR 600,031 599,394 1.56 % 15.9 TRTX 2019-FL3 Collateral loan investments 19 LIBOR 1,109,229 1,100,497 3.19 % 2.2 Financing provided 1 Term SOFR (3) 918,457 915,451 1.48 % 12.8 TRTX 2021-FL4 Collateral loan investments 24 LIBOR 1,249,796 1,242,291 3.19 % 3.1 Financing provided 1 LIBOR 1,037,500 1,030,846 1.60 % 16.2 Total Collateral loan investments (4) 60 LIBOR $ 3,164,710 $ 3,138,603 3.24 % 2.7 years Financing provided (5) 3 Term SOFR/LIBOR $ 2,555,988 $ 2,545,691 1.55 % 15.2 years ________________________________ (1) Weighted average spread excludes the amortization of loan fees and deferred financing costs. (2) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date. (3) On October 1, 2021, the benchmark index interest rate for borrowings under TRTX 2019-FL3 was converted from Compounded SOFR to Term SOFR by the designated transaction representative under the FL3 indenture. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Term SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (4) Collateral loan investment assets of FL2, FL3, and FL4 represent 16.4%, 22.5%, and 25.4% of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2021. (5) During the three months ended December 31, 2021, the Company recognized interest expense of $13.8 million, which includes $2.6 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the year ended December 31, 2021, the Company recognized interest expense of $49.4 million, which includes $7.7 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. The following table summarizes the Company's investment portfolio financing (dollars in thousands): Outstanding principal balance December 31, 2022 December 31, 2021 Collateralized loan obligations (1) $ 2,461,170 $ 2,555,988 Secured credit agreements 1,108,386 1,166,211 Asset-specific financing arrangements 565,376 — Secured revolving credit facility 44,279 — Mortgage loan payable — — Total $ 4,179,211 $ 3,722,199 ________________________________ (1) See Note 5 for additional information regarding the Company's collateralized loan obligations. The following table details the Company's asset-specific financing arrangements (dollars in thousands): December 31, 2022 Financing Collateral Asset-specific financing Count Commitment amount Outstanding principal balance Carrying value (1) Wtd. avg. spread (2) Wtd. avg. term (3) Count Outstanding principal balance Amortized Cost Wtd. avg. Axos Bank 2 $ 105,152 $ 105,152 $ 104,504 4.4 % 1.3 2 $ 198,603 $ 198,246 1.2 BMO Facility 1 200,000 47,545 46,985 1.8 % 4.5 2 59,431 58,717 4.5 Institutional Lender 2 1 397,928 392,070 389,442 3.5 % 2.4 5 513,181 494,965 2.4 Customers Bank 1 23,250 20,609 20,086 2.5 % 2.4 1 28,505 28,232 2.4 Total / weighted average $ 726,330 $ 565,376 $ 561,017 3.5 % 2.4 years $ 799,720 $ 780,160 2.3 years _______________________ (1) Net of $4.4 million unamortized deferred financing costs. (2) Collateral loan assets are indexed to either LIBOR or Term SOFR and related financings are indexed to Term SOFR under Axos Bank, the BMO Facility and Customers Bank. Under the Institutional Lender 2 arrangement, collateral loan assets are indexed to LIBOR and the financing provided is indexed to Term SOFR. (3) Term under Axos Bank is based on the extended maturity date for the specific arrangement. Borrowings under the BMO Facility, the Institutional Lender 2 arrangement and Customers Bank are term-matched to the corresponding collateral loan asset. The weighted-average term assumes all extension options of the collateral loan assets are exercised by the borrower.

Investment Portfolio Financing

Investment Portfolio Financing (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following tables detail the loan collateral and borrowings under the Company's CRE CLOs (dollars in thousands): December 31, 2022 CRE CLOs Count Benchmark interest rate Outstanding principal balance Carrying value (1) Wtd. avg. spread (2) Wtd. avg. maturity (3) TRTX 2019-FL3 Collateral loan investments 10 LIBOR $ 707,456 $ 508,507 3.16 % 1.4 Financing provided 1 Term SOFR (4) 516,639 516,639 1.72 % 11.8 TRTX 2021-FL4 Collateral loan investments 23 LIBOR (5) 1,250,000 1,210,550 3.08 % 2.7 Financing provided 1 LIBOR 1,037,500 1,033,264 1.60 % 15.2 TRTX 2022-FL5 Collateral loan investments 18 LIBOR (6) 1,075,000 1,058,004 3.31 % 3.4 Financing provided 1 Compounded SOFR 907,031 902,309 2.02 % 16.1 Total Collateral loan investments (7) 51 LIBOR $ 3,032,456 $ 2,777,061 3.19 % 2.7 years Financing provided (8) 3 Term SOFR/LIBOR/Compounded SOFR $ 2,461,170 $ 2,452,212 1.78 % 14.8 years ________________________________ (1) Includes loan amounts held in the Company's CRE CLOs and excludes other loans held for investment, net of $2.9 million held within the Sub-REIT. (2) Weighted average spread excludes the amortization of loan fees and deferred financing costs. (3) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date. (4) On October 1, 2021, the benchmark index interest rate for borrowings under TRTX 2019-FL3 was converted from Compounded SOFR to Term SOFR by the designated transaction representative under the FL3 indenture. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Term SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (5) As of December 31, 2022, the TRTX 2021-FL4 mortgage assets are indexed to LIBOR, with the exception of four participation interests totaling $118.9 million which are indexed to Term SOFR. (6) As of December 31, 2022, the TRTX 2022-FL5 mortgage assets are indexed to LIBOR, with the exception of two participation interests totaling $178.5 million which are indexed to Term SOFR. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Compounded SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (7) Collateral loan investment assets of FL3, FL4 and FL5 represent 14.1%, 25.0% and 21.5% of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2022. (8) During the three months ended December 31, 2022, the Company recognized interest expense of $34.7 million, which includes $1.8 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the year ended December 31, 2022, the Company recognized interest expense of $93.5 million, which includes $7.8 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. December 31, 2021 CRE CLOs Count Benchmark interest rate Outstanding principal balance Carrying value Wtd. avg. spread (1) Wtd. avg. maturity (2) TRTX 2018-FL2 Collateral loan investments 17 LIBOR $ 805,685 $ 795,815 3.39 % 2.0 Financing provided 1 LIBOR 600,031 599,394 1.56 % 15.9 TRTX 2019-FL3 Collateral loan investments 19 LIBOR 1,109,229 1,100,497 3.19 % 2.2 Financing provided 1 Term SOFR (3) 918,457 915,451 1.48 % 12.8 TRTX 2021-FL4 Collateral loan investments 24 LIBOR 1,249,796 1,242,291 3.19 % 3.1 Financing provided 1 LIBOR 1,037,500 1,030,846 1.60 % 16.2 Total Collateral loan investments (4) 60 LIBOR $ 3,164,710 $ 3,138,603 3.24 % 2.7 years Financing provided (5) 3 Term SOFR/LIBOR $ 2,555,988 $ 2,545,691 1.55 % 15.2 years ________________________________ (1) Weighted average spread excludes the amortization of loan fees and deferred financing costs. (2) Loan term represents weighted-average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date. (3) On October 1, 2021, the benchmark index interest rate for borrowings under TRTX 2019-FL3 was converted from Compounded SOFR to Term SOFR by the designated transaction representative under the FL3 indenture. The Company has the right to convert the mortgage assets benchmark interest rate from LIBOR to Term SOFR to eliminate the difference between benchmark rates used for the assets and liabilities of the CRE CLO. (4) Collateral loan investment assets of FL2, FL3, and FL4 represent 16.4%, 22.5%, and 25.4% of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2021. (5) During the three months ended December 31, 2021, the Company recognized interest expense of $13.8 million, which includes $2.6 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the year ended December 31, 2021, the Company recognized interest expense of $49.4 million, which includes $7.7 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. The following table summarizes the Company's investment portfolio financing (dollars in thousands): Outstanding principal balance December 31, 2022 December 31, 2021 Collateralized loan obligations (1) $ 2,461,170 $ 2,555,988 Secured credit agreements 1,108,386 1,166,211 Asset-specific financing arrangements 565,376 — Secured revolving credit facility 44,279 — Mortgage loan payable — — Total $ 4,179,211 $ 3,722,199 ________________________________ (1) See Note 5 for additional information regarding the Company's collateralized loan obligations. The following table details the Company's asset-specific financing arrangements (dollars in thousands): December 31, 2022 Financing Collateral Asset-specific financing Count Commitment amount Outstanding principal balance Carrying value (1) Wtd. avg. spread (2) Wtd. avg. term (3) Count Outstanding principal balance Amortized Cost Wtd. avg. Axos Bank 2 $ 105,152 $ 105,152 $ 104,504 4.4 % 1.3 2 $ 198,603 $ 198,246 1.2 BMO Facility 1 200,000 47,545 46,985 1.8 % 4.5 2 59,431 58,717 4.5 Institutional Lender 2 1 397,928 392,070 389,442 3.5 % 2.4 5 513,181 494,965 2.4 Customers Bank 1 23,250 20,609 20,086 2.5 % 2.4 1 28,505 28,232 2.4 Total / weighted average $ 726,330 $ 565,376 $ 561,017 3.5 % 2.4 years $ 799,720 $ 780,160 2.3 years _______________________ (1) Net of $4.4 million unamortized deferred financing costs. (2) Collateral loan assets are indexed to either LIBOR or Term SOFR and related financings are indexed to Term SOFR under Axos Bank, the BMO Facility and Customers Bank. Under the Institutional Lender 2 arrangement, collateral loan assets are indexed to LIBOR and the financing provided is indexed to Term SOFR. (3) Term under Axos Bank is based on the extended maturity date for the specific arrangement. Borrowings under the BMO Facility, the Institutional Lender 2 arrangement and Customers Bank are term-matched to the corresponding collateral loan asset. The weighted-average term assumes all extension options of the collateral loan assets are exercised by the borrower.
Schedule of Information Related to Secured Credit Agreements	Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands): December 31, 2022 Secured credit agreements (1) Initial Extended Index Weighted average Interest Commitment Maximum Balance Principal balance Amortized cost Goldman Sachs (2) 08/19/23 08/19/24 1 Month BR 2.2 % 6.6 % $ 500,000 $ 114,662 $ 385,338 $ 595,576 $ 595,136 Wells Fargo (3) 04/18/25 04/18/25 1 Month BR 1.6 % 6.0 % 500,000 77,998 422,002 544,557 541,134 Barclays (4) 08/13/25 08/13/26 1 Month BR 1.6 % 5.9 % 500,000 403,074 96,926 129,049 128,489 Morgan Stanley (5) 05/04/23 05/04/23 1 Month BR 2.3 % 6.7 % 500,000 444,421 55,579 79,103 79,103 JP Morgan 10/30/23 10/30/25 1 Month BR 1.6 % 6.0 % 400,000 287,324 112,676 159,601 159,596 Bank of America (6) 03/31/23 03/31/23 1 Month BR 1.8 % 6.1 % 200,000 164,135 35,865 47,820 47,820 Institutional Lender 1 10/30/23 10/30/25 1 Month BR — % — % 249,546 249,546 — 1,542 1,542 Totals $ 2,849,546 $ 1,741,160 $ 1,108,386 $ 1,557,248 $ 1,552,820 ________________________________ (1) Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks. Under the JP Morgan secured credit agreement, the Company is also subject to spread marks. Index rate is the underlying benchmark interest rate ("BR"), currently LIBOR or Term SOFR, for the Company's borrowings on each secured credit agreement. (2) On August 19, 2022 the secured credit agreement's initial maturity was extended to August 19, 2023. (3) On February 9, 2022 the secured credit agreement’s initial maturity was extended to April 18, 2025. (4) On April 11, 2022 the secured credit agreement's initial maturity was extended to August 13, 2025 and the Company reduced the total commitment to $500.0 million from $750.0 million. The secured credit agreement includes a $250.0 million accordion feature subject to the lender's approval. (5) On April 29, 2022 the secured credit agreement's maturity was extended to May 4, 2023. (6) On September 14, 2022, the secured credit agreement's initial and extended maturity was extended to March 31, 2023. December 31, 2021 Secured credit agreements (1) Initial Extended Index Weighted average Interest Commitment Maximum Balance Principal balance Amortized cost Goldman Sachs 08/19/22 08/19/24 1 Month 2.0 % 2.1 % $ 250,000 $ 153,680 $ 96,320 $ 158,177 $ 157,550 Wells Fargo (2) 04/18/22 04/18/24 1 Month 1.6 % 1.7 % 750,000 179,784 570,216 779,791 773,868 Barclays 08/13/22 08/13/23 1 Month 1.5 % 1.7 % 750,000 726,686 23,314 41,294 41,058 Morgan Stanley 05/04/22 05/04/23 1 Month 2.0 % 2.1 % 500,000 319,269 180,731 255,125 254,559 JP Morgan 10/30/23 10/30/25 1 Month 1.7 % 1.8 % 400,000 290,523 109,477 200,148 199,246 US Bank 07/09/22 07/09/24 1 Month 1.4 % 1.7 % 44,730 10,748 33,982 59,060 59,060 Bank of America (3) 09/29/22 09/29/22 1 Month 1.8 % 1.9 % 128,625 — 128,625 183,750 183,750 Institutional Lender 1 10/30/23 10/30/25 1 Month 4.5 % 4.8 % 249,546 226,000 23,546 42,390 42,366 Totals $ 3,072,901 $ 1,906,690 $ 1,166,211 $ 1,719,735 $ 1,711,457 ________________________________ (1) Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks. Under the JP Morgan secured credit agreement, the Company is also subject to spread marks. (2) On February 9, 2022 the secured credit agreement’s initial maturity was extended to April 18, 2025.
Summary of Secured Credit Agreements Secured by Mortgage Loan Investments, CRE Debt Securities and Counterparty Concentration Risks	The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands): December 31, 2022 Secured credit agreements Commitment UPB of Amortized cost of collateral (1) Amount payable (2) Net counterparty exposure (3) Percent of Days to Goldman Sachs Bank $ 500,000 $ 595,576 $ 596,838 $ 386,124 $ 210,714 15.9 % 597 Wells Fargo 500,000 544,557 544,824 422,870 121,954 9.2 % 839 Barclays 500,000 129,049 128,900 97,215 31,685 2.4 % 1321 Morgan Stanley Bank 500,000 79,103 79,935 55,798 24,137 1.8 % 124 JP Morgan Chase Bank 649,546 161,143 162,328 113,197 49,131 3.7 % 1034 Bank of America 200,000 47,820 48,272 35,882 12,390 0.9 % 90 Total / weighted average $ 2,849,546 $ 1,557,248 $ 1,561,097 $ 1,111,086 $ 450,011 757 _______________________ (1) Loan amounts include interest receivable of $8.3 million and are net of premium, discount and origination fees of $4.4 million. (2) Loan amounts include interest payable of $2.7 million and do not reflect unamortized deferred financing fees of $2.8 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 agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands): December 31, 2021 Secured credit agreements Commitment UPB of Amortized cost of collateral (1) Amount payable (2) Net counterparty exposure (3) Percent of Days to Goldman Sachs Bank $ 250,000 $ 158,177 $ 159,269 $ 96,389 $ 62,880 4.3 % 962 Wells Fargo 750,000 779,791 776,196 570,839 205,357 14.0 % 839 Barclays 750,000 41,294 41,019 23,330 17,689 1.2 % 590 Morgan Stanley Bank 500,000 255,125 255,858 180,891 74,967 5.1 % 489 JP Morgan Chase Bank 649,546 242,538 243,181 133,191 109,990 7.5 % 1399 US Bank 44,730 59,060 59,435 34,035 25,400 1.7 % 921 Bank of America 128,625 183,750 184,531 128,648 55,883 3.8 % 272 Total / weighted average $ 3,072,901 $ 1,719,735 $ 1,719,489 $ 1,167,323 $ 552,165 794 _______________________ (1) Loan amounts include interest receivable of $8.0 million and are net of premium, discount and origination fees of $8.8 million. (2) Loan amounts include interest payable of $1.1 million and do not reflect unamortized deferred financing fees of $4.0 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.

Schedule of Maturities (Tables)

Schedule of Maturities (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Future Principal Payments	As of December 31, 2022 future principal payments for the following five years and thereafter are as follows (dollars in thousands): Total indebtedness Collateralized loan obligations (1) Secured credit agreements (2) Secured revolving credit facility (2) Asset-specific financing arrangements (3) 2023 $ 1,281,462 $ 879,513 $ 304,120 $ — $ 97,829 2024 815,775 339,106 285,338 — 191,331 2025 865,621 281,805 518,928 44,279 20,609 2026 423,275 215,213 — — 208,062 2027 47,545 — — — 47,545 Thereafter 745,533 745,533 — — — Total $ 4,179,211 $ 2,461,170 $ 1,108,386 $ 44,279 $ 565,376 (1) The scheduled maturities for the investment grade bonds issued by the Company's CRE CLOs are based upon the fully extended maturity of the underlying mortgage loan collateral, considering the reinvestment window of each CRE CLO. (2) The scheduled maturities of the Company's secured credit agreement liabilities is based on the extended maturity date for the specific credit agreement where extension options are at its option, subject to standard default provisions, or the current maturity date of those credit agreements where extension options are subject to counterparty approval. (3) The scheduled maturities of the Company's asset-specific financing arrangements are based on the extended maturity date for the specific arrangement, or in the case of the BMO Facility and the Institutional Lender 2 arrangement, the fully-extended maturity date of the underlying mortgage loan collateral.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
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 (dollars in thousands): December 31, 2022 Fair value Carrying value Level I Level II Level III Financial assets Loans held for investment $ 4,781,402 $ — $ — $ 4,922,290 Financial liabilities Collateralized loan obligations 2,452,212 — — 2,498,853 Secured credit agreements 1,105,151 — — 1,128,847 Secured revolving credit facility 42,137 — — 42,137 Asset-specific financing arrangements 561,017 — — 571,097 December 31, 2021 Fair value Carrying value Level I Level II Level III Financial assets Loans held for investment $ 4,867,203 $ — $ — $ 4,899,666 Financial liabilities Collateralized loan obligations 2,545,691 — — 2,558,544 Secured credit agreements 1,162,206 — — 1,169,710

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Dividends Declared	The following table details the income tax treatment for the Company's common stock and Class A common stock (to the extent outstanding) dividends declared: For the Years Ended December 31, 2022 2021 2020 Ordinary income dividends $ 0.96 $ 0.95 $ 1.21 Capital gain dividends — — — Total common stock dividends $ 0.96 $ 0.95 $ 1.21

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Summary of Management Fees and Incentive Management Fees Incurred and Paid Pursuant to Management Agreement	The following table details the management fees and incentive management fees incurred and paid pursuant to the Management Agreement (dollars in thousands): For the Years Ended December 31, 2022 2021 2020 Incurred Management fees $ 23,455 $ 21,519 $ 20,767 Incentive management fee 5,183 — — Total management and incentive fees incurred $ 28,638 $ 21,519 $ 20,767 Paid Management fees $ 23,080 $ 21,269 $ 21,031 Incentive management fee 5,183 — 1,629 Total management and incentive fees paid $ 28,263 $ 21,269 $ 22,660

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2022
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 (dollars in thousands, except share and per share data): For the Years Ended December 31, 2022 2021 2020 Net (loss) income $ (60,066) $ 138,550 $ (136,826) Preferred stock dividends (1) (12,592) (19,194) (14,685) Participating securities' share in (loss) earnings (986) (717) (832) Series B preferred stock redemption make-whole payment (2) — (22,485) — Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs (3) — (25,449) (3,189) Net (loss) income attributable to common stockholders $ (73,644) $ 70,705 $ (155,532) Weighted average common shares outstanding, basic 77,296,524 76,977,743 76,656,756 Incremental shares of common stock issued from the assumed exercise of the Warrants — 4,706,645 — Weighted average common shares outstanding, diluted 77,296,524 81,684,388 76,656,756 (Loss) earnings per common share, basic (4) $ (0.95) $ 0.92 $ (2.03) (Loss) earnings per common share, diluted (4) $ (0.95) $ 0.87 $ (2.03) _______________________ (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 year ended December 31, 2022 and 2021. (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. Refer to Note 12 to these consolidated financial statements for details. (3) Series B Preferred Stock Accretion, including Allocated Warrant Fair Value and Transaction Costs includes amounts recorded as deemed dividends of amortized transaction costs and the write-off of unamortized transactions costs and the unaccreted portion of the allocated Warrant fair value related to the Company’s Series B Preferred Stock. For the year ended December 31, 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 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 year ended December 31, 2022, 2021 and 2020.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-based Payment Arrangement [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table details the outstanding common stock awards and includes the numbers of shares granted and weighted-average grant date fair value per share under the Incentive Plan: Common Stock Weighted-Average Grant Date Fair Value per Share Balance as of December 31, 2019 624,006 $ 19.93 Granted 386,003 11.05 Vested (121,018) 20.30 Forfeited — — Balance as of December 31, 2020 888,991 $ 16.09 Granted 436,213 12.15 Vested (407,706) 17.34 Forfeited (81,569) 15.25 Balance as of December 31, 2021 835,929 $ 13.16 Granted 1,141,926 7.93 Vested (278,821) 14.25 Forfeited (15,594) 12.06 Balance as of December 31, 2022 1,683,440 $ 9.44
Schedule of Awarded Shares Vesting Period	The following table presents the number of shares associated with outstanding awards that will vest over the next four years: Share Grant Vesting Year Shares of Common Stock 2023 529,467 2024 476,184 2026 392,285 2026 285,504 Total 1,683,440

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Summary of Loans Held for Investment Portfolio by Property/ Loan Category Type	A summary of the Company’s portfolio of loans held for investment by property type based on total loan commitment and current unpaid principal balance (“UPB”) follows (dollars in thousands): December 31, 2022 Property type Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Multifamily $ 2,491,441 $ 110,769 46.0 % $ 2,380,672 47.5 % Office 1,553,378 155,986 28.5 1,397,392 28.0 Hotel 483,743 11,666 8.9 473,790 9.5 Life Science 404,600 93,092 7.5 311,508 6.2 Mixed-Use 283,340 15,061 5.2 268,279 5.4 Industrial 93,044 5,987 1.7 87,057 1.7 Self Storage 69,000 11,900 1.3 57,100 1.1 Other 50,600 21,600 0.9 29,000 0.6 Total $ 5,429,146 $ 426,061 100.0 % $ 5,004,798 100.0 % December 31, 2021 Property type Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Office $ 2,265,187 $ 178,878 41.9 % $ 2,086,309 42.4 % Multifamily 1,595,643 121,211 29.5 1,474,731 30.0 Hotel 658,943 4,000 12.2 657,672 13.4 Life Science 494,600 163,860 9.1 330,740 6.7 Mixed-Use 347,408 17,681 6.4 329,728 6.7 Retail (1) 33,000 2,143 0.6 23,000 0.5 Condominium (2) 17,163 — 0.3 17,163 0.3 Total $ 5,411,944 $ 487,773 100.0 % $ 4,919,343 100.0 % _______________________ (1) As of December 31, 2021, the Company's non-performing retail loan held for investment was in default of its loan agreement and as a result the $2.1 million of outstanding unfunded loan commitments could not be drawn upon by the borrower. (2) Condominium property type includes a 24% pari passu participation interest in each of four whole mortgage loans related to one project to the same borrower. A summary of the Company’s portfolio of loans held for investment by loan category based on total loan commitment and current UPB follows (dollars in thousands): December 31, 2022 Loan category Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Moderate Transitional $ 1,524,284 $ 225,914 28.1 % $ 1,299,541 26.0 % Bridge 2,249,442 52,588 41.4 2,197,397 43.9 Light Transitional 1,604,820 125,959 29.6 1,478,860 29.5 Construction 50,600 21,600 0.9 29,000 0.6 Total $ 5,429,146 $ 426,061 100.0 % $ 5,004,798 100.0 % December 31, 2021 Loan category Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB Moderate Transitional $ 1,950,739 $ 294,693 36.1 % $ 1,657,218 33.7 % Light Transitional 1,779,310 145,621 32.9 1,633,689 33.2 Bridge (1) 1,646,895 47,459 30.4 1,593,436 32.4 Construction 35,000 — 0.6 35,000 0.7 Total $ 5,411,944 $ 487,773 100.0 % $ 4,919,343 100.0 % _______________________ (1) As of December 31, 2021, the Company's unfunded loan commitments included $2.1 million of outstanding unfunded loan commitments that could not be drawn upon by the borrower related to a non-performing retail loan held for investment that was in default.
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 follows (dollars in thousands): December 31, 2022 Geographic region Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB East $ 1,844,087 $ 73,104 33.9 % $ 1,772,155 35.4 % West 1,629,727 179,104 30.0 1,450,623 29.0 South 1,496,382 138,836 27.6 1,358,087 27.1 Midwest 319,950 17,130 5.9 302,820 6.1 Various 139,000 17,887 2.6 121,113 2.4 Total $ 5,429,146 $ 426,061 100.0 % $ 5,004,798 100.0 % December 31, 2021 Geographic region Loan commitment Unfunded commitment % of loan commitment Loan UPB % of loan UPB East $ 1,925,457 $ 63,459 35.6 % $ 1,863,172 37.8 % West (1) 1,484,883 244,100 27.4 1,233,628 25.1 South 1,323,800 115,714 24.5 1,208,940 24.6 Midwest 677,804 64,500 12.5 613,603 12.5 Total $ 5,411,944 $ 487,773 100.0 % $ 4,919,343 100.0 % _______________________ (1) As of December 31, 2021, the Company's unfunded loan commitments included $2.1 million of outstanding unfunded loan commitments that could not be drawn upon by the borrower related to a non-performing retail loan held for investment that was in default.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) loan in Thousands				12 Months Ended		19 Months Ended
		Jun. 16, 2021 shares	Jun. 14, 2021 shares	Dec. 31, 2022 USD ($) loan shares		Dec. 31, 2022 USD ($) shares		Dec. 31, 2021 USD ($) shares		Dec. 31, 2020 USD ($)
Significant Accounting Policies [Line Items]
Percentage of senior mortgage loan transferred to third-party				100%
Maximum insured amount of each cash account | $				$ 250,000		$ 250,000		$ 250,000
Cash | $				22,400,000		22,400,000		15,000,000
Cash and cash equivalents | $	[1]			254,050,000		254,050,000		260,635,000
Restricted cash | $				265,000	[1]	265,000	[1]	$ 404,000	[1]	$ 0
Temporary equity, shares outstanding (in shares) | shares		0
Holdco
Significant Accounting Policies [Line Items]
Debt covenant, minimum cash balance required | $				$ 15,000,000		$ 15,000,000
Minimum cash reserve percentage (in percent)				0.05		0.05
Series B Preferred Stock
Significant Accounting Policies [Line Items]
Temporary equity, shares redeemed | shares		9,000,000
Temporary equity, shares outstanding (in shares) | shares				0		0		0
Series C Preferred Stock
Significant Accounting Policies [Line Items]
Preferred stock, shares issued | shares			8,050,000	8,050,000		8,050,000		8,050,000
Preferred stock, dividend rate			6.25%
Commercial Real Estate Loans | Maximum
Significant Accounting Policies [Line Items]
Number of performance loan | loan				120
Warrants
Significant Accounting Policies [Line Items]
Warrants exercised (in shares) | shares				0		0
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Loans Held for Investment and_3

Loans Held for Investment and the Allowance for Credit Losses - Additional Information (Details)		3 Months Ended								12 Months Ended
		Dec. 31, 2022 USD ($) rating loan	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) rating	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) rating loan	Dec. 31, 2021 USD ($) rating loan	Dec. 31, 2020 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment, net	[1]	$ 4,781,402,000				$ 4,867,203,000				$ 4,781,402,000	$ 4,867,203,000
Total loan commitment		5,429,146,000				5,411,944,000				5,429,146,000	5,411,944,000
Unfunded loan commitments		426,061,000				487,773,000				426,061,000	487,773,000
Loan repayment principal amount											1,400,000,000
Loan sale										0	147,986,000
Unamortized loan fees included in Loans Held for Investment		7,900,000				10,100,000				7,900,000	10,100,000
Unamortized discounts included in loans held for investment at amortized cost		$ 18,200,000				$ 0				$ 18,200,000	$ 0
Weighted average risk rating | rating		3.2				3				3.2	3
Allowance for credit loss increase (decrease)										$ 168,400,000	$ (16,600,000)
Allowance for credit loss reserve		$ 214,586,000				$ 46,209,000				214,586,000	46,209,000
Allowance for credit loss from individually assessed loans										84,500,000
Allowance for credit losses increase (decrease) due to increased loan origination										26,200,000	13,400,000
Allowance for credit loss for macroeconomic events										70,000,000	5,900,000
Allowance for credit losses increase (decrease) due to increased repayments										$ (12,400,000)
Allowance for credit losses increase (decrease) due to loan repayments											24,100,000
Number of loans satisfying criteria for individual assessment | loan		4								4
Total allowance for credit losses	[1]	$ 197,272,000				41,999,000				$ 197,272,000	41,999,000
Number of loans on non-accrual status | loan		1								1
Number of loans not on non accrual status | loan		3								3
Loans accrued interest income		$ 0				0				$ 0	$ 0
Total PIK interest		$ 0	$ 0	$ 0	$ 0	0	$ 209,000	$ 360,000	$ 816,000	$ 0
Tranche One
Accounts Notes And Loans Receivable [Line Items]
Sales price on par											98%
Tranche Two
Accounts Notes And Loans Receivable [Line Items]
Sales price on par											100%
Weighted Average Tranche
Accounts Notes And Loans Receivable [Line Items]
Sales price on par											99.20%
Minimum
Accounts Notes And Loans Receivable [Line Items]
Terminal capitalization rate (in percent)		6.50%								6.50%
Minimum | Measurement Input, Discount Rate
Accounts Notes And Loans Receivable [Line Items]
Discount rate (in percent)		0.100								0.100
Maximum
Accounts Notes And Loans Receivable [Line Items]
Terminal capitalization rate (in percent)		9%								9%
Maximum | Measurement Input, Discount Rate
Accounts Notes And Loans Receivable [Line Items]
Discount rate (in percent)		0.145								0.145
One First Mortgage Loan, Office Property
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment, net		$ 76,500,000								$ 76,500,000
Loans and leases receivable unpaid principal balance		89,200,000								89,200,000
Loss on sale		12,700,000
Amortized cost of loan		71,300,000								71,300,000
Three First Mortgage Loan, Office Property
Accounts Notes And Loans Receivable [Line Items]
Amortized cost of loan		173,900,000								173,900,000
Total allowance for credit losses		$ 78,100,000								$ 78,100,000
Mortgage Loan, Retail Property
Accounts Notes And Loans Receivable [Line Items]
Write-off			4,400,000
Mortgage Loan, Retail Property | Borrower
Accounts Notes And Loans Receivable [Line Items]
Proceeds from sale of productive assets, gross			19,700,000
Net cash proceeds from sale of property			$ 18,600,000
Real Estate
Accounts Notes And Loans Receivable [Line Items]
Number of loans on non-accrual status | loan		2								2
Real Estate | One First Mortgage Loan, Office Property
Accounts Notes And Loans Receivable [Line Items]
Amortized cost of loan		$ 245,100,000				250,700,000				$ 245,100,000	$ 250,700,000
Real Estate | Mortgage Loan, Retail Property
Accounts Notes And Loans Receivable [Line Items]
Amortized cost of loan		190,400,000				23,000,000				190,400,000	$ 23,000,000
Amortized cost of loans past due		$ 119,200,000								$ 119,200,000
Real Estate | Mortgage Loan, Retail Property | Minimum
Accounts Notes And Loans Receivable [Line Items]
Loans, maturity, past due		30 days								30 days
Real Estate | Mortgage Loan, Retail Property | Maximum
Accounts Notes And Loans Receivable [Line Items]
Loans, maturity, past due		59 days								59 days
Eighteen Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | loan										18
Total loan commitment		$ 1,700,000,000								$ 1,700,000,000
Loans and leases receivable unpaid principal balance		1,500,000,000								1,500,000,000
Unfunded loan commitments		200,000,000								$ 200,000,000
Five Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | loan										5
Twenty One Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | loan										21
Loan repayment principal amount										$ 1,300,000,000
Thirteen Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | loan											13
Loan repayment principal amount											$ 1,200,000,000
Twenty Five Loan Investments
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | loan										25
Interest received in kind										$ 200,000,000
Total loan repayments										1,500,000,000
Twenty Seven Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | loan											27
Total loan commitment						1,900,000,000					$ 1,900,000,000
Loans and leases receivable unpaid principal balance						1,600,000,000					1,600,000,000
Unfunded loan commitments						300,000,000					$ 300,000,000
Nineteen Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | loan											19
Principal amortization payments											$ 200,000,000
Two Loan
Accounts Notes And Loans Receivable [Line Items]
Number of mortgage loans originated or acquired | loan											2
Two Loan Investments
Accounts Notes And Loans Receivable [Line Items]
Impairment of investment										0	$ 2,109,000	$ 13,773,000
Accrued Interest and Fees Receivable
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment, net		26,400,000				$ 14,300,000				26,400,000	$ 14,300,000
Accrued PIK interest
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment, net		$ 1,700,000								$ 1,700,000
Number of first mortgage loans held for investment | loan										2
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

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		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Loans And Leases Receivable Disclosure [Line Items]
Total loan commitment			$ 5,429,146	$ 5,411,944
Unpaid principal balance			5,004,798	4,919,343
Unfunded loan commitments			426,061	487,773
Loans held for investment	[1]		$ 4,978,674	$ 4,909,202
Number of non-consolidated senior interest | loan			0	1
Non-consolidated senior interest outstanding				$ 132,000
PIK interest			$ 1,700	$ 3,000
Percentage of loans subject to yield maintenance or other prepayment restrictions			37.80%
Percentage of loans open to repayment by borrower without penalty			62.20%
SOFR
Loans And Leases Receivable Disclosure [Line Items]
Total loan commitment			$ 1,100,000
Percentage of loan commitment subject to benchmark interest rate			20.70%
LIBOR
Loans And Leases Receivable Disclosure [Line Items]
Total loan commitment			$ 4,300,000
Percentage of loan commitment subject to benchmark interest rate			79.30%
Balance sheet portfolio
Loans And Leases Receivable Disclosure [Line Items]
Number of loans | loan			70	69
Floating rate loans			100%	100%
Total loan commitment			$ 5,429,146	$ 5,411,944
Unpaid principal balance			5,004,798	4,919,343
Unfunded loan commitments			426,061	487,773
Loans held for investment			$ 4,978,674	$ 4,909,202
Weighted average credit spread			3.40%	3.40%
Weighted average all-in yield (in percent)			8.10%	4.80%
Weighted average term to extended maturity (in years)		2 years 9 months 18 days	2 years 9 months 18 days
Total loan exposure
Loans And Leases Receivable Disclosure [Line Items]
Number of loans | loan			70	70
Floating rate loans			100%	100%
Total loan commitment			$ 5,429,146	$ 5,543,944
Unpaid principal balance			5,004,798	5,051,343
Unfunded loan commitments			426,061	487,773
Loans held for investment			$ 4,978,674	$ 4,909,202
Weighted average credit spread			3.40%	3.40%
Weighted average all-in yield (in percent)			8.10%	4.80%
Weighted average term to extended maturity (in years)		2 years 9 months 18 days	2 years 9 months 18 days
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Loans Held for Investment and_5

Loans Held for Investment and the Allowance for Credit Losses - Schedule of Loans Held for Investment Portfolio by Loan Seniority (Details) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Loans And Leases Receivable Disclosure [Line Items]
Outstanding principal		$ 5,004,798	$ 4,919,343
Unamortized premium (discount) and loan origination fees, net		(26,124)	(10,141)
Amortized cost	[1]	4,978,674	4,909,202
Allowance for credit losses	[1]	(197,272)	(41,999)
Loans held for investment, net	[1]	4,781,402	4,867,203
Senior loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding principal		5,004,798	4,884,343
Unamortized premium (discount) and loan origination fees, net		(26,124)	(10,101)
Amortized cost		4,978,674	4,874,242
Subordinated and mezzanine loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding principal		0	35,000
Unamortized premium (discount) and loan origination fees, net		0	(40)
Amortized cost		$ 0	$ 34,960
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Loans Held for Investment and_6

Loans Held for Investment and the Allowance for Credit Losses - Summary of Loans Held for Investment Portfolio Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable, Related Parties [Roll Forward]
Balance as of January 1	$ 4,867,203	$ 4,456,460	$ 4,980,389
Loans originated and acquired	1,519,406	1,623,585	430,050
Additional fundings	145,199	146,032	237,856
Amortization of origination fees and discounts	11,085	7,203
Collection of principal	(1,506,870)	(1,236,032)	(885,565)
Collection of accrued PIK interest	(1,314)	0
Write-off	(4,400)	0
Loan sale	0	(147,986)
Loan extinguishment on conversion to REO	(89,234)	0
(Increase) decrease of allowance for credit losses	(159,673)	17,941
Balance as of December 31	$ 4,781,402	$ 4,867,203	$ 4,456,460

Loans Held for Investment and_7

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		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		$ 1,006,831	$ 1,634,280
Amortized cost basis of loans by origination year, Two		1,905,539	173,871
Amortized cost basis of loans by origination year, Three		289,315	1,672,184
Amortized cost basis of loans by origination year, Four		1,216,490	856,873
Amortized cost basis of loans by origination year, Five		508,957	554,831
Amortized cost basis of loans by origination year, Prior		51,542	17,163
Amortized cost	[1]	4,978,674	4,909,202
Write-off		(4,400)	0
Senior loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		1,006,831	1,634,280
Amortized cost basis of loans by origination year, Two		1,905,539	173,871
Amortized cost basis of loans by origination year, Three		289,315	1,637,224
Amortized cost basis of loans by origination year, Four		1,216,490	856,873
Amortized cost basis of loans by origination year, Five		508,957	554,831
Amortized cost basis of loans by origination year, Prior		51,542	17,163
Amortized cost		4,978,674	4,874,242
Current-period write-offs, current fiscal year		0
Current-period write-offs, year before current fiscal year		0
Current-period write-offs, two years before current fiscal year		0
Current-period write-offs, three years before current fiscal year		0
Current-period write-offs, four years before current fiscal year		4,400
Current-period write-offs, more than Five Years before Current fiscal year		0
Write-off		(4,400)
Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		0	0
Amortized cost basis of loans by origination year, Two		0	0
Amortized cost basis of loans by origination year, Three		0	34,960
Amortized cost basis of loans by origination year, Four		0	0
Amortized cost basis of loans by origination year, Five		0	0
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		0	34,960
1
Accounts Notes And Loans Receivable [Line Items]
Amortized cost		0	0
1 | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		0	0
Amortized cost basis of loans by origination year, Two		0	0
Amortized cost basis of loans by origination year, Three		0	0
Amortized cost basis of loans by origination year, Four		0	0
Amortized cost basis of loans by origination year, Five		0	0
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		0	0
1 | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		0	0
Amortized cost basis of loans by origination year, Two		0	0
Amortized cost basis of loans by origination year, Three		0	0
Amortized cost basis of loans by origination year, Four		0	0
Amortized cost basis of loans by origination year, Five		0	0
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		0	0
2
Accounts Notes And Loans Receivable [Line Items]
Amortized cost		511,878	527,051
2 | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		22,732	33,621
Amortized cost basis of loans by origination year, Two		216,960	0
Amortized cost basis of loans by origination year, Three		0	82,461
Amortized cost basis of loans by origination year, Four		272,185	242,614
Amortized cost basis of loans by origination year, Five		0	168,355
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		511,877	527,051
2 | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		0	0
Amortized cost basis of loans by origination year, Two		0	0
Amortized cost basis of loans by origination year, Three		0	0
Amortized cost basis of loans by origination year, Four		0	0
Amortized cost basis of loans by origination year, Five		0	0
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		0	0
3
Accounts Notes And Loans Receivable [Line Items]
Amortized cost		3,231,324	3,726,753
3 | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		907,161	1,600,659
Amortized cost basis of loans by origination year, Two		1,609,556	95,858
Amortized cost basis of loans by origination year, Three		98,874	1,400,670
Amortized cost basis of loans by origination year, Four		505,377	407,509
Amortized cost basis of loans by origination year, Five		110,356	169,934
Amortized cost basis of loans by origination year, Prior		0	17,163
Amortized cost		3,231,324	3,691,793
3 | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		0	0
Amortized cost basis of loans by origination year, Two		0	0
Amortized cost basis of loans by origination year, Three		0	34,960
Amortized cost basis of loans by origination year, Four		0	0
Amortized cost basis of loans by origination year, Five		0	0
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		0	34,960
4
Accounts Notes And Loans Receivable [Line Items]
Amortized cost		990,337	632,398
4 | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		76,938	0
Amortized cost basis of loans by origination year, Two		79,023	78,013
Amortized cost basis of loans by origination year, Three		119,172	154,093
Amortized cost basis of loans by origination year, Four		320,793	183,750
Amortized cost basis of loans by origination year, Five		342,869	216,542
Amortized cost basis of loans by origination year, Prior		51,542	0
Amortized cost		990,337	632,398
4 | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		0	0
Amortized cost basis of loans by origination year, Two		0	0
Amortized cost basis of loans by origination year, Three		0	0
Amortized cost basis of loans by origination year, Four		0	0
Amortized cost basis of loans by origination year, Five		0	0
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		0	0
5
Accounts Notes And Loans Receivable [Line Items]
Amortized cost		245,135	23,000
5 | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		0	0
Amortized cost basis of loans by origination year, Two		0	0
Amortized cost basis of loans by origination year, Three		71,269	0
Amortized cost basis of loans by origination year, Four		118,135	23,000
Amortized cost basis of loans by origination year, Five		55,732	0
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		245,136	23,000
5 | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Amortized cost basis of loans by origination year, One		0	0
Amortized cost basis of loans by origination year, Two		0	0
Amortized cost basis of loans by origination year, Three		0	0
Amortized cost basis of loans by origination year, Four		0	0
Amortized cost basis of loans by origination year, Five		0	0
Amortized cost basis of loans by origination year, Prior		0	0
Amortized cost		$ 0	$ 0
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Loans Held for Investment and_8

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		Dec. 31, 2022 USD ($) rating	Dec. 31, 2021 USD ($) rating
Accounts Notes And Loans Receivable [Line Items]
Total	[1]	$ 4,978,674	$ 4,909,202
Allowance for credit losses	[1]	(197,272)	(41,999)
Loans held for investment, net	[1]	$ 4,781,402	$ 4,867,203
Weighted average risk rating | rating		3.2	3
1
Accounts Notes And Loans Receivable [Line Items]
Total		$ 0	$ 0
2
Accounts Notes And Loans Receivable [Line Items]
Total		511,878	527,051
3
Accounts Notes And Loans Receivable [Line Items]
Total		3,231,324	3,726,753
4
Accounts Notes And Loans Receivable [Line Items]
Total		990,337	632,398
5
Accounts Notes And Loans Receivable [Line Items]
Total		$ 245,135	$ 23,000
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Loans Held for Investment and_9

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 ($)		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	[1]	$ 41,999,000
Allowance for credit losses for loans held for investment	[1]	197,272,000	$ 41,999,000
Total allowance for credit losses		214,586,000	46,209,000
Total unpaid principal balance		5,004,798,000	4,919,343,000
General reserve
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Total unpaid principal balance		4,759,663,000	4,919,343,000
Specific reserve
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Total unpaid principal balance		245,135,000	0
Loans held for investment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		41,999,000	59,940,000
Allowance for (reversal of) credit losses, net		159,673,000	(9,741,000)
Write-off		(4,400,000)	(8,200,000)
Allowance for credit losses for loans held for investment		197,272,000	41,999,000
Loans held for investment | General reserve
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		41,999,000
Allowance for credit losses for loans held for investment		119,190,000	41,999,000
Loans held for investment | Specific reserve
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		0
Allowance for credit losses for loans held for investment		78,082,000	0
Unfunded loan commitments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		4,210,000	2,888,000
Allowance for (reversal of) credit losses, net		13,104,000	1,322,000
Allowance for credit losses for loans held for investment		17,314,000	4,210,000
Allowance for credit losses on unfunded loan commitments		17,314,000	4,210,000
Unfunded loan commitments | General reserve
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		4,210,000
Allowance for credit losses for loans held for investment		10,927,000	4,210,000
Unfunded loan commitments | Specific reserve
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		0
Allowance for credit losses for loans held for investment		6,387,000	0
Loans held for investment and unfunded loan commitments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		46,209,000
Allowance for credit losses for loans held for investment		214,586,000	46,209,000
Loans held for investment and unfunded loan commitments | General reserve
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		46,209,000
Allowance for credit losses for loans held for investment		130,117,000	46,209,000
Loans held for investment and unfunded loan commitments | Specific reserve
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		0
Allowance for credit losses for loans held for investment		84,469,000	0
Senior loans
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Total allowance for credit losses		214,586,000	45,403,000
Senior loans | Loans held for investment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		41,193,000	58,210,000
Allowance for (reversal of) credit losses, net		160,479,000	(8,817,000)
Write-off		(4,400,000)	(8,200,000)
Allowance for credit losses for loans held for investment		197,272,000	41,193,000
Senior loans | Unfunded loan commitments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		4,210,000	2,756,000
Allowance for (reversal of) credit losses, net		13,104,000	1,454,000
Allowance for credit losses for loans held for investment			4,210,000
Allowance for credit losses on unfunded loan commitments		17,314,000	4,210,000
Subordinated and mezzanine loans
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Total allowance for credit losses		0	806,000
Subordinated and mezzanine loans | Loans held for investment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		806,000	1,730,000
Allowance for (reversal of) credit losses, net		(806,000)	(924,000)
Write-off		0	0
Allowance for credit losses for loans held for investment		0	806,000
Subordinated and mezzanine loans | Unfunded loan commitments
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance		0	132,000
Allowance for (reversal of) credit losses, net		0	(132,000)
Allowance for credit losses for loans held for investment			0
Allowance for credit losses on unfunded loan commitments		$ 0	$ 0
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Loans Held for Investment an_10

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		Dec. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment	[1]	$ 4,978,674	$ 4,909,202
Senior loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		4,978,674	4,874,242
Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		0	34,960
Current
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		4,541,692	4,886,202
Current | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		4,541,692	4,851,242
Current | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		0	34,960
Days: 30-59
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		365,713	0
Days: 30-59 | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		365,713	0
Days: 30-59 | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		0	0
Days: 60-89
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		0	0
Days: 60-89 | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		0	0
Days: 60-89 | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		0	0
Days: 90 or more
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		71,269	23,000
Days: 90 or more | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		71,269	23,000
Days: 90 or more | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		0	0
Total loans past due
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		436,982	23,000
Total loans past due | Senior loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		436,982	23,000
Total loans past due | Subordinated and mezzanine loans
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment		$ 0	$ 0
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Loans Held for Investment an_11

Loans Held for Investment and the Allowance for Credit Losses - Schedule of Paid-in-Kind Interest (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022
Loans and Leases Receivable, Related Parties [Roll Forward]
Balance	$ 2,415,000	$ 2,415,000	$ 2,715,000	$ 3,028,000	$ 3,491,000	$ 4,153,000	$ 5,517,000	$ 4,701,000	$ 3,028,000
Accrued PIK interest	0	0	0	0	0	209,000	360,000	816,000	0
Repayments of accrued PIK interest	(701,000)	0	(300,000)	(313,000)	(120,000)	(871,000)	(1,034,000)	0
Write-off of accrued PIK interest	0	0	0		(343,000)	0	(690,000)
Balance	$ 1,714,000	$ 2,415,000	$ 2,415,000	$ 2,715,000	$ 3,028,000	$ 3,491,000	$ 4,153,000	$ 5,517,000	$ 1,714,000

Real Estate Owned - Additional

Real Estate Owned - Additional Information (Details) $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 21, 2022 USD ($)	Apr. 04, 2022 USD ($) a	Dec. 31, 2020 USD ($) a property	Dec. 31, 2021 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 USD ($)	Oct. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)
Real Estate Owned [Line Items]
Carrying amount of loans			$ 4,456,460	$ 4,867,203	$ 4,781,402	$ 4,867,203	$ 4,456,460		$ 4,980,389
Gain on sale of real estate owned, net					$ 13,291	15,790	0
Capital loss carry forward used to offset gains		$ 13,300		15,800
Available capital loss carryforwards		187,600		203,400		$ 203,400
Mortgage Loan Office Property
Real Estate Owned [Line Items]
Carrying amount of loans								$ 76,500
Mortgage loan payable								$ 2,100
Net cash proceeds from sale of property	$ 78,600
First Mortgage Loan
Real Estate Owned [Line Items]
Carrying amount of loans			99,200				99,200
Mortgage loan payable			$ 50,000				$ 50,000
Net cash proceeds from sale of property		$ 73,900		$ 54,400
Number of undeveloped commercially-zoned land parcel | property			2
Acres of land | a			27	10
Acres of land sold | a		10		17		17
Gain on sale of real estate owned, net		$ 13,300		$ 15,800
Cost basis property value				$ 60,600		$ 60,600

Variable Interest Entities an_3

Variable Interest Entities and Collateralized Loan Obligations - Additional Information (Details) $ in Thousands	Feb. 17, 2022 USD ($) CreditFacility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Total loan commitment		$ 5,429,146	$ 5,411,944
FL2 Mortgage Assets
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Redemption of investment-grade bonds outstanding	$ 600,000
FL2 Mortgage Assets | Goldman, Sachs & Co.
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Loans and leases receivable unpaid principal balance	463,800
Total loan commitment	250,000
Borrowing	$ 359,100
FL5 Mortgage Assets
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Number of secured credit facilities | CreditFacility	17
Loans and leases receivable unpaid principal balance	$ 805,700
Collateralized loan obligations | TRTX 2022-FL5
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Deferred financing costs, including issuance, legal, and accounting related costs		$ 6,500
Collateralized loan obligations | TRTX 2021-FL4
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Deferred financing costs, including issuance, legal, and accounting related costs			8,300
Collateralized loan obligations | TRTX 2019-FL3
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Deferred financing costs, including issuance, legal, and accounting related costs			$ 7,800
Collateralized loan obligations | FL2-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Deferred financing costs, including issuance, legal, and accounting related costs				$ 8,700

Variable Interest Entities an_4

Variable Interest Entities and Collateralized Loan Obligations - Summary of Variable Interest Entities Assets and Liabilities (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Assets
Cash and cash equivalents	[1]	$ 254,050	$ 260,635
Collateralized loan obligation proceeds held at trustee	[1]	297,168	204
Accounts receivable from servicer/trustee	[1]	163,648	176
Loans held for investment, net	[1]	4,781,402	4,867,203
Total assets	[1]	5,545,138	5,218,020
Liabilities
Accrued interest payable	[1]	11,080	2,723
Collateralized loan obligations, net	[1]	2,452,212	2,545,691
Payable to affiliates	[1]	5,984	5,609
Total liabilities	[1]	4,223,142	3,753,314
Loans held for investment	[1]	4,978,674	4,909,202
Unamortized deferred financing costs		9,000	10,300
FL5 Securities | Collateralized loan obligations
Liabilities
Cash available to acquire eligible assets		72,500
FL4 Securities
Liabilities
Cash available to acquire eligible assets			200
FL4 Securities | Collateralized loan obligations
Liabilities
Cash available to acquire eligible assets		224,700
F L 3 And F L 5 Securities
Liabilities
Principal repayments of loans held for investment held by servicer/trustee, net		155,200
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents		28,011	28,167
Collateralized loan obligation proceeds held at trustee		297,168	204
Accounts receivable from servicer/trustee		156,633	150
Accrued interest receivable		5,584	6,765
Loans held for investment, net		2,779,978	3,138,603
Total assets		3,267,374	3,173,889
Liabilities
Accrued interest payable		6,106	1,823
Accrued expenses		761	1,490
Collateralized loan obligations, net		2,452,212	2,545,691
Payable to affiliates		8,175	3,830
Total liabilities		$ 2,467,254	2,552,834
Number of loans held for investment | loan		3
Loans held for investment		$ 2,900	$ 100
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 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) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2022 USD ($) loan participationInterest	Mar. 31, 2022	Dec. 31, 2021 USD ($) loan	Dec. 31, 2022 USD ($) loan participationInterest	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Other loan held for investment, net	$ 2,900			$ 2,900
Interest expense				160,755	$ 85,090	$ 107,237
Amortization of deferred financing costs				15,007	$ 15,891	$ 13,504
FL2-Notes
Debt Instrument [Line Items]
Loans held for investment, aggregate unpaid principal balance percentage			16.40%		16.40%
TRTX 2019-FL3
Debt Instrument [Line Items]
Loans held for investment, aggregate unpaid principal balance percentage			22.50%		22.50%
TRTX 2021-FL4
Debt Instrument [Line Items]
Loans held for investment, aggregate unpaid principal balance percentage			25.40%		25.40%
TRTX 2022-FL5
Debt Instrument [Line Items]
Amortization of deferred financing costs				1,100
Collateralized loan obligations
Debt Instrument [Line Items]
Interest expense	34,700		$ 13,800	93,500	$ 49,400
Amortization of deferred financing costs	$ 1,800		$ 2,600	$ 7,800	$ 7,700
Collateralized loan obligations | FL3 Mortgage Assets
Debt Instrument [Line Items]
Loans held for investment, aggregate unpaid principal balance percentage	14.10%			14.10%
Collateralized loan obligations | Collateral (Loan Investments)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)	3.19%		3.24%	3.19%	3.24%
Weighted average maturity (years)		2 years 8 months 12 days		2 years 8 months 12 days
Collateralized loan obligations | Debt (Notes Issued)
Debt Instrument [Line Items]
Number of loans | loan	3		3	3	3
Collateral (loans), outstanding principal	$ 2,461,170		$ 2,555,988	$ 2,461,170	$ 2,555,988
Collateral (loans), carrying value	$ 2,452,212		$ 2,545,691	$ 2,452,212	$ 2,545,691
Weighted average credit spread (in percent)	1.78%		1.55%	1.78%	1.55%
Weighted average maturity (years)		15 years 2 months 12 days		14 years 9 months 18 days
Collateralized loan obligations | LIBOR | Collateral (Loan Investments)
Debt Instrument [Line Items]
Number of loans | loan	51		60	51	60
Collateralized loan obligations | FL2-Notes | Collateral (Loan Investments)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)			3.39%		3.39%
Weighted average maturity (years)		2 years
Collateralized loan obligations | FL2-Notes | Debt (Notes Issued)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)			1.56%		1.56%
Weighted average maturity (years)		15 years 10 months 24 days
Collateralized loan obligations | FL2-Notes | LIBOR | Collateral (Loan Investments)
Debt Instrument [Line Items]
Number of loans | loan			17		17
Collateralized loan obligations | FL2-Notes | LIBOR | Debt (Notes Issued)
Debt Instrument [Line Items]
Number of loans | loan			1		1
Collateral (loans), outstanding principal			$ 600,031		$ 600,031
Collateral (loans), carrying value			$ 599,394		$ 599,394
Collateralized loan obligations | TRTX 2019-FL3 | Collateral (Loan Investments)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)	3.16%		3.19%	3.16%	3.19%
Weighted average maturity (years)		2 years 2 months 12 days		1 year 4 months 24 days
Collateralized loan obligations | TRTX 2019-FL3 | Debt (Notes Issued)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)	1.72%		1.48%	1.72%	1.48%
Weighted average maturity (years)		12 years 9 months 18 days		11 years 9 months 18 days
Collateralized loan obligations | TRTX 2019-FL3 | LIBOR | Collateral (Loan Investments)
Debt Instrument [Line Items]
Number of loans | loan	10		19	10	19
Collateralized loan obligations | TRTX 2019-FL3 | SOFR | Debt (Notes Issued)
Debt Instrument [Line Items]
Number of loans | loan	1		1	1	1
Collateral (loans), outstanding principal	$ 516,639		$ 918,457	$ 516,639	$ 918,457
Collateral (loans), carrying value	$ 516,639		$ 915,451	$ 516,639	$ 915,451
Collateralized loan obligations | TRTX 2021-FL4 | Collateral (Loan Investments)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)	3.08%		3.19%	3.08%	3.19%
Weighted average maturity (years)		3 years 1 month 6 days		2 years 8 months 12 days
Collateralized loan obligations | TRTX 2021-FL4 | Debt (Notes Issued)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)	1.60%		1.60%	1.60%	1.60%
Weighted average maturity (years)		16 years 2 months 12 days		15 years 2 months 12 days
Collateralized loan obligations | TRTX 2021-FL4 | LIBOR
Debt Instrument [Line Items]
Participating interest	$ 118,900			$ 118,900
Number of participation interest | participationInterest	4			4
Collateralized loan obligations | TRTX 2021-FL4 | LIBOR | Collateral (Loan Investments)
Debt Instrument [Line Items]
Number of loans | loan	23		24	23	24
Collateralized loan obligations | TRTX 2021-FL4 | LIBOR | Debt (Notes Issued)
Debt Instrument [Line Items]
Number of loans | loan	1		1	1	1
Collateral (loans), outstanding principal	$ 1,037,500		$ 1,037,500	$ 1,037,500	$ 1,037,500
Collateral (loans), carrying value	$ 1,033,264		1,030,846	$ 1,033,264	1,030,846
Collateralized loan obligations | TRTX 2022-FL5 | Collateral (Loan Investments)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)	3.31%			3.31%
Weighted average maturity (years)				3 years 4 months 24 days
Collateralized loan obligations | TRTX 2022-FL5 | Debt (Notes Issued)
Debt Instrument [Line Items]
Weighted average credit spread (in percent)	2.02%			2.02%
Weighted average maturity (years)				16 years 1 month 6 days
Collateralized loan obligations | TRTX 2022-FL5 | LIBOR
Debt Instrument [Line Items]
Participating interest	$ 178,500			$ 178,500
Number of participation interest | participationInterest	2			2
Collateralized loan obligations | TRTX 2022-FL5 | LIBOR | Collateral (Loan Investments)
Debt Instrument [Line Items]
Number of loans | loan	18			18
Collateralized loan obligations | TRTX 2022-FL5 | Compounded SOFR | Debt (Notes Issued)
Debt Instrument [Line Items]
Number of loans | loan	1			1
Collateral (loans), outstanding principal	$ 907,031			$ 907,031
Collateral (loans), carrying value	$ 902,309			$ 902,309
Collateralized loan obligations | FL4 Securities
Debt Instrument [Line Items]
Loans held for investment, aggregate unpaid principal balance percentage	25%			25%
Collateralized loan obligations | FL5 Securities
Debt Instrument [Line Items]
Loans held for investment, aggregate unpaid principal balance percentage	21.50%			21.50%
Collateral Assets | Collateralized loan obligations | LIBOR
Debt Instrument [Line Items]
Collateral (loans), outstanding principal	$ 3,032,456		3,164,710	$ 3,032,456	3,164,710
Collateral (loans), carrying value	2,777,061		3,138,603	2,777,061	3,138,603
Collateral Assets | Collateralized loan obligations | FL2-Notes | LIBOR
Debt Instrument [Line Items]
Collateral (loans), outstanding principal			805,685		805,685
Collateral (loans), carrying value			795,815		795,815
Collateral Assets | Collateralized loan obligations | TRTX 2019-FL3 | LIBOR
Debt Instrument [Line Items]
Collateral (loans), outstanding principal	707,456		1,109,229	707,456	1,109,229
Collateral (loans), carrying value	508,507		1,100,497	508,507	1,100,497
Collateral Assets | Collateralized loan obligations | TRTX 2021-FL4 | LIBOR
Debt Instrument [Line Items]
Collateral (loans), outstanding principal	1,250,000			1,250,000
Collateral (loans), carrying value	1,210,550			1,210,550
Collateralized loan obligations | Collateralized loan obligations | TRTX 2021-FL4 | LIBOR
Debt Instrument [Line Items]
Collateral (loans), outstanding principal			1,249,796		1,249,796
Collateral (loans), carrying value			$ 1,242,291		$ 1,242,291
Collateralized loan obligations | Collateralized loan obligations | TRTX 2022-FL5 | LIBOR
Debt Instrument [Line Items]
Collateral (loans), outstanding principal	1,075,000			1,075,000
Collateral (loans), carrying value	$ 1,058,004			$ 1,058,004

Investment Portfolio Financin_2

Investment Portfolio Financing - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding principal amount	$ 4,179,211	$ 3,722,199
Collateralized loan obligations
Debt Instrument [Line Items]
Outstanding principal amount	2,461,170	2,555,988
Secured credit agreements
Debt Instrument [Line Items]
Outstanding principal amount	1,108,386	1,166,211
Asset-specific financing arrangements
Debt Instrument [Line Items]
Outstanding principal amount	565,376	0
Secured revolving credit facility
Debt Instrument [Line Items]
Outstanding principal amount	44,279	0
Mortgage loan payable
Debt Instrument [Line Items]
Outstanding principal amount	$ 0	$ 0

Investment Portfolio Financin_3

Investment Portfolio Financing - Schedule of Information Related to Secured Credit Agreements (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Apr. 15, 2022	Feb. 01, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Apr. 11, 2022	Apr. 10, 2022
Debt Instrument [Line Items]
Balance outstanding				$ 4,179,211	$ 3,722,199
Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Commitment amount				2,849,546	3,072,901
Maximum current availability				1,741,160	1,906,690
Balance outstanding				1,108,386	1,166,211
Principal balance of collateral				1,557,248	1,719,735
Amortized cost of collateral				$ 1,552,820	1,711,457
Secured credit agreements
Debt Instrument [Line Items]
Recourse guarantee percentage				25%
Commitment amount						$ 500,000	$ 750,000
Balance outstanding				$ 1,108,386	$ 1,166,211
Accordion feature, decrease amount						$ 250,000
Reduction in borrowings	$ 9,400	$ 9,400
Holdco | Secured credit agreements
Debt Instrument [Line Items]
Recourse guarantee percentage				25%	25%
Goldman Sachs | Debt Instrument, Interest Rate at 3.5% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date				Aug. 19, 2023
Extended maturity date				Aug. 19, 2024
Weighted average credit spread (in percent)				2.20%
Interest rate (in percent)				6.60%
Commitment amount				$ 500,000
Maximum current availability				114,662
Balance outstanding				385,338
Principal balance of collateral				595,576
Amortized cost of collateral				$ 595,136
Goldman Sachs | Debt Instrument, Interest Rate at 2.1% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date			Aug. 19, 2022
Extended maturity date			Aug. 19, 2024
Weighted average credit spread (in percent)					2%
Interest rate (in percent)					2.10%
Commitment amount					$ 250,000
Maximum current availability					153,680
Balance outstanding					96,320
Principal balance of collateral					158,177
Amortized cost of collateral					$ 157,550
Wells Fargo | Debt Instrument, Interest Rate at 3.3% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date				Apr. 18, 2025
Extended maturity date				Apr. 18, 2025
Weighted average credit spread (in percent)				1.60%
Interest rate (in percent)				6%
Commitment amount				$ 500,000
Maximum current availability				77,998
Balance outstanding				422,002
Principal balance of collateral				544,557
Amortized cost of collateral				$ 541,134
Wells Fargo | Debt Instrument, Interest Rate at 1.7% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date			Apr. 18, 2022
Extended maturity date			Apr. 18, 2024
Weighted average credit spread (in percent)					1.60%
Interest rate (in percent)					1.70%
Commitment amount					$ 750,000
Maximum current availability					179,784
Balance outstanding					570,216
Principal balance of collateral					779,791
Amortized cost of collateral					$ 773,868
Barclays | Debt Instrument, Interest Rate at 3.3% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date				Aug. 13, 2025
Extended maturity date				Aug. 13, 2026
Weighted average credit spread (in percent)				1.60%
Interest rate (in percent)				5.90%
Commitment amount				$ 500,000
Maximum current availability				403,074
Balance outstanding				96,926
Principal balance of collateral				129,049
Amortized cost of collateral				$ 128,489
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
Extended maturity date			Aug. 13, 2023
Weighted average credit spread (in percent)					1.50%
Interest rate (in percent)					1.70%
Commitment amount					$ 750,000
Maximum current availability					726,686
Balance outstanding					23,314
Principal balance of collateral					41,294
Amortized cost of collateral					$ 41,058
Morgan Stanley Bank | Debt Instrument, Interest Rate at 4.0% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date				May 04, 2023
Extended maturity date				May 04, 2023
Weighted average credit spread (in percent)				2.30%
Interest rate (in percent)				6.70%
Commitment amount				$ 500,000
Maximum current availability				444,421
Balance outstanding				55,579
Principal balance of collateral				79,103
Amortized cost of collateral				$ 79,103
Morgan Stanley Bank | Debt Instrument, Interest Rate at 2.1% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date			May 04, 2022
Extended maturity date			May 04, 2023
Weighted average credit spread (in percent)					2%
Interest rate (in percent)					2.10%
Commitment amount					$ 500,000
Maximum current availability					319,269
Balance outstanding					180,731
Principal balance of collateral					255,125
Amortized cost of collateral					$ 254,559
JP Morgan Chase Bank | Debt Instrument, Interest Rate at 3.4% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date				Oct. 30, 2023
Extended maturity date				Oct. 30, 2025
Weighted average credit spread (in percent)				1.60%
Interest rate (in percent)				6%
Commitment amount				$ 400,000
Maximum current availability				287,324
Balance outstanding				112,676
Principal balance of collateral				159,601
Amortized cost of collateral				$ 159,596
JP Morgan Chase Bank | Debt Instrument, Interest Rate at 1.8% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date			Oct. 30, 2023
Extended maturity date			Oct. 30, 2025
Weighted average credit spread (in percent)					1.70%
Interest rate (in percent)					1.80%
Commitment amount					$ 400,000
Maximum current availability					290,523
Balance outstanding					109,477
Principal balance of collateral					200,148
Amortized cost of collateral					$ 199,246
US Bank | Debt Instrument, Interest Rate at 1.7% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date			Jul. 09, 2022
Extended maturity date			Jul. 09, 2024
Weighted average credit spread (in percent)					1.40%
Interest rate (in percent)					1.70%
Commitment amount					$ 44,730
Maximum current availability					10,748
Balance outstanding					33,982
Principal balance of collateral					59,060
Amortized cost of collateral					$ 59,060
Bank of America | Debt Instrument, Interest Rate at 0% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date				Mar. 31, 2023
Extended maturity date				Mar. 31, 2023
Weighted average credit spread (in percent)				1.80%
Interest rate (in percent)				6.10%
Commitment amount				$ 200,000
Maximum current availability				164,135
Balance outstanding				35,865
Principal balance of collateral				47,820
Amortized cost of collateral				$ 47,820
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
Extended maturity date			Sep. 29, 2022
Weighted average credit spread (in percent)					1.80%
Interest rate (in percent)					1.90%
Commitment amount					$ 128,625
Maximum current availability					0
Balance outstanding					128,625
Principal balance of collateral					183,750
Amortized cost of collateral					$ 183,750
Institutional Lender 1 | Debt Instrument, Interest Rate at 6.3% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date				Oct. 30, 2023
Extended maturity date				Oct. 30, 2025
Weighted average credit spread (in percent)				0%
Interest rate (in percent)				0%
Commitment amount				$ 249,546
Maximum current availability				249,546
Balance outstanding				0
Principal balance of collateral				1,542
Amortized cost of collateral				$ 1,542
Institutional Lender 1 | Debt Instrument, Interest Rate at 4.8% | Secured Credit Agreements and Secured Credit Facilities
Debt Instrument [Line Items]
Initial maturity date			Oct. 30, 2023
Extended maturity date			Oct. 30, 2025
Weighted average credit spread (in percent)					4.50%
Interest rate (in percent)					4.80%
Commitment amount					$ 249,546
Maximum current availability					226,000
Balance outstanding					23,546
Principal balance of collateral					42,390
Amortized cost of collateral					$ 42,366

Investment Portfolio Financin_4

Investment Portfolio Financing - Additional Information (Details) $ in Thousands, shares in Millions

12 Months Ended

Apr. 26, 2022

Apr. 11, 2022 USD ($)

Feb. 22, 2022 USD ($) lender

Dec. 31, 2022 USD ($) Agreement loan

Dec. 31, 2021 USD ($) loan Agreement

Dec. 31, 2020 USD ($)

Nov. 17, 2022 USD ($)

Sep. 01, 2022 USD ($)

Jun. 30, 2022 USD ($)

Apr. 10, 2022 USD ($)

Dec. 15, 2021 USD ($)

Jun. 16, 2021 shares

Debt Instrument [Line Items]

Amortization of deferred financing costs

$ 15,007

$ 15,891

$ 13,504

Loan Pledged As Collateral

Debt Instrument [Line Items]

Aggregate collateral principal balance

$ 59,800

Number of loan investments | loan

1

TRTX 2022-FL5

Debt Instrument [Line Items]

Amortization of deferred financing costs

$ 1,100

Secured revolving credit facility

Debt Instrument [Line Items]

Maximum commitment amount

$ 250,000

$ 290,000

Number of lenders provided credit facility | lender

5

Credit facility term

3 years

Percentage of unused fee (in basis points)

0.18%

Unused fee, Target utilization percent (in percent)

50%

Maximum period permits to finance eligible loans

180 days

Initial advance rate (in percent)

75%

Outstanding borrowings

$ 44,300

Secured revolving credit facility | Minimum

Debt Instrument [Line Items]

Percentage of unused fee (in basis points)

0.15%

Secured revolving credit facility | Maximum

Debt Instrument [Line Items]

Percentage of unused fee (in basis points)

0.20%

SOFR | Secured revolving credit facility

Debt Instrument [Line Items]

Interest Payment Rates

2%

Secured credit agreements

Debt Instrument [Line Items]

Number of secured credit agreements | Agreement

6

7

Recourse guarantee percentage

25%

Aggregate collateral principal balance

$ 500,000

$ 750,000

Secured credit agreements | US Bank

Debt Instrument [Line Items]

Payments on secured financing

$ 34,000

Asset-specific financing arrangements | Office Property Mortgage Loan

Debt Instrument [Line Items]

Credit facility term

2 years

Asset-specific financing arrangements | BMO Facility

Debt Instrument [Line Items]

Maximum commitment amount

$ 200,000

Asset-specific financing arrangements | BMO Facility | Office Property Mortgage Loan

Debt Instrument [Line Items]

Number of asset-specific financing arrangements | loan

1

Number of performing first mortgage loans | loan

2

Asset-specific financing arrangements | Institutional Lender 2

Debt Instrument [Line Items]

Maximum commitment amount

$ 397,900

Asset-specific financing arrangements | Institutional Lender 2 | Office Property Mortgage Loan

Debt Instrument [Line Items]

Number of asset-specific financing arrangements | loan

1

Number of performing first mortgage loans | loan

5

Asset-specific financing arrangements | Customers Bank

Debt Instrument [Line Items]

Maximum commitment amount

$ 23,300

Asset-specific financing arrangements | Customers Bank | Office Property Mortgage Loan

Debt Instrument [Line Items]

Number of asset-specific financing arrangements | loan

1

Number of performing first mortgage loans | loan

1

Mortgages

Debt Instrument [Line Items]

Mortgage loan payable

$ 50,000

Posted cash to pre-fund interest payments

$ 2,400

Mortgages | LIBOR

Debt Instrument [Line Items]

Interest Payment Rates

4.50%

Series B Preferred Stock

Debt Instrument [Line Items]

Covenant maximum debt equity ratio

3

Redeemed outstanding shares | shares

9

Holdco | Secured revolving credit facility

Debt Instrument [Line Items]

Recourse guarantee percentage

100%

Holdco | Secured credit agreements

Debt Instrument [Line Items]

Recourse guarantee percentage

25%

25%

Holdco | Asset-specific financing arrangements

Debt Instrument [Line Items]

Recourse guarantee percentage

25%

Holdco | Asset-specific financing arrangements | Office Property Mortgage Loan

Debt Instrument [Line Items]

Recourse guarantee percentage

15%

Commercial Mortgage Loans | US Bank

Debt Instrument [Line Items]

Aggregate collateral principal balance

$ 44,730

Commercial Mortgage Loans | Secured credit agreements

Debt Instrument [Line Items]

Number of secured credit facilities | loan

45

53

Company transfers rights to counter party with option to buy back | Secured credit agreements

Debt Instrument [Line Items]

Number of secured credit agreements | loan

5

After 90 days from initial borrowing | Secured revolving credit facility

Debt Instrument [Line Items]

Initial advance rate (in percent)

65%

After 135 days from initial borrowing | Secured revolving credit facility

Debt Instrument [Line Items]

Initial advance rate (in percent)

45%

After 180 days from initial borrowing | Secured revolving credit facility

Debt Instrument [Line Items]

Initial advance rate (in percent)

0%

Interest Rate Floor | Mortgages | LIBOR

Debt Instrument [Line Items]

Interest Payment Rates

0.50%

Rate Cap | Mortgages

Debt Instrument [Line Items]

Interest Payment Rates

0.50%

Investment Portfolio Financin_5

Investment Portfolio Financing - Summary of Secured Credit Agreements Secured by Mortgage Loan Investments, CRE Debt Securities and Counterparty Concentration Risks (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Repurchase Agreement Counterparty [Line Items]
Amount payable				$ 4,179,211
Accrued interest payable	[1]			11,080	$ 2,723
Unamortized deferred financing costs				9,000	10,300
Secured Credit Agreements and Secured Credit Facilities
Repurchase Agreement Counterparty [Line Items]
Commitment amount				2,849,546	3,072,901
Collateral (loans), outstanding principal				1,557,248	1,719,735
Amortized cost of collateral				1,561,097	1,719,489
Amount payable				1,111,086	1,167,323
Net counterparty exposure				$ 450,011	552,165
Days to extended maturity		794 days		757 days
Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Accrued interest receivable				$ 8,300	8,000
Premium, discount and origination fees			$ 8,800	4,400
Accrued interest payable				2,700	1,100
Unamortized deferred financing costs				2,800	4,000
Goldman Sachs Bank | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount				500,000	250,000
Collateral (loans), outstanding principal				595,576	158,177
Amortized cost of collateral				596,838	159,269
Amount payable				386,124	96,389
Net counterparty exposure				$ 210,714	$ 62,880
Percent of stockholders' equity				15.90%	4.30%
Days to extended maturity		962 days		597 days
Wells Fargo | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount				$ 500,000	$ 750,000
Collateral (loans), outstanding principal				544,557	779,791
Amortized cost of collateral				544,824	776,196
Amount payable				422,870	570,839
Net counterparty exposure				$ 121,954	$ 205,357
Percent of stockholders' equity				9.20%	14%
Days to extended maturity		839 days		839 days
Barclays | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount				$ 500,000	$ 750,000
Collateral (loans), outstanding principal				129,049	41,294
Amortized cost of collateral				128,900	41,019
Amount payable				97,215	23,330
Net counterparty exposure				$ 31,685	$ 17,689
Percent of stockholders' equity				2.40%	1.20%
Days to extended maturity		590 days		1321 days
Morgan Stanley Bank | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount				$ 500,000	$ 500,000
Collateral (loans), outstanding principal				79,103	255,125
Amortized cost of collateral				79,935	255,858
Amount payable				55,798	180,891
Net counterparty exposure				$ 24,137	$ 74,967
Percent of stockholders' equity				1.80%	5.10%
Days to extended maturity		489 days		124 days
JP Morgan Chase Bank | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount				$ 649,546	$ 649,546
Collateral (loans), outstanding principal				161,143	242,538
Amortized cost of collateral				162,328	243,181
Amount payable				113,197	133,191
Net counterparty exposure				$ 49,131	$ 109,990
Percent of stockholders' equity				3.70%	7.50%
Days to extended maturity		1399 days		1034 days
US Bank | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount					$ 44,730
Collateral (loans), outstanding principal					59,060
Amortized cost of collateral					59,435
Amount payable					34,035
Net counterparty exposure					$ 25,400
Percent of stockholders' equity					1.70%
Days to extended maturity		921 days
Bank of America | Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment amount				$ 200,000	$ 128,625
Collateral (loans), outstanding principal				47,820	183,750
Amortized cost of collateral				48,272	184,531
Amount payable				35,882	128,648
Net counterparty exposure				$ 12,390	$ 55,883
Percent of stockholders' equity				0.90%	3.80%
Days to extended maturity		272 days		90 days
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Investment Portfolio Financin_6

Investment Portfolio Financing - Asset-Specific Financing Arrangements (Details) $ in Thousands	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Outstanding principal amount	$ 4,179,211	$ 3,722,199
Long-term Debt	4,179,211
Unamortized deferred financing costs	7,900	10,100
Asset-specific financing arrangements
Debt Instrument [Line Items]
Outstanding principal amount	565,376	$ 0
Long-term Debt	565,376
Asset-specific financing arrangements | Financing
Debt Instrument [Line Items]
Aggregate collateral principal balance	726,330
Outstanding principal amount	565,376
Long-term Debt	$ 561,017
Weighted average credit spread (in percent)	3.50%
Weighted Average Term	2 years 4 months 24 days
Unamortized deferred financing costs	$ 4,400
Asset-specific financing arrangements | Collateral
Debt Instrument [Line Items]
Outstanding principal amount	$ 799,720
Weighted Average Term	2 years 3 months 18 days
Amortized cost of collateral	$ 780,160
Axos Bank | Asset-specific financing arrangements | Office Property Mortgage Loan
Debt Instrument [Line Items]
Number of asset-specific financing arrangements | loan	2
Number of loans | loan	2
Axos Bank | Asset-specific financing arrangements | Financing
Debt Instrument [Line Items]
Aggregate collateral principal balance	$ 105,152
Outstanding principal amount	105,152
Long-term Debt	$ 104,504
Weighted average credit spread (in percent)	4.40%
Weighted Average Term	1 year 3 months 18 days
Axos Bank | Asset-specific financing arrangements | Collateral
Debt Instrument [Line Items]
Outstanding principal amount	$ 198,603
Weighted Average Term	1 year 2 months 12 days
Amortized cost of collateral	$ 198,246
BMO Facility | Asset-specific financing arrangements | Office Property Mortgage Loan
Debt Instrument [Line Items]
Number of asset-specific financing arrangements | loan	1
Number of loans | loan	2
BMO Facility | Asset-specific financing arrangements | Financing
Debt Instrument [Line Items]
Aggregate collateral principal balance	$ 200,000
Outstanding principal amount	47,545
Long-term Debt	$ 46,985
Weighted average credit spread (in percent)	1.80%
Weighted Average Term	4 years 6 months
BMO Facility | Asset-specific financing arrangements | Collateral
Debt Instrument [Line Items]
Outstanding principal amount	$ 59,431
Weighted Average Term	4 years 6 months
Amortized cost of collateral	$ 58,717
Institutional Lender 2 | Asset-specific financing arrangements | Office Property Mortgage Loan
Debt Instrument [Line Items]
Number of asset-specific financing arrangements | loan	1
Number of loans | loan	5
Institutional Lender 2 | Asset-specific financing arrangements | Financing
Debt Instrument [Line Items]
Aggregate collateral principal balance	$ 397,928
Outstanding principal amount	392,070
Long-term Debt	$ 389,442
Weighted average credit spread (in percent)	3.50%
Weighted Average Term	2 years 4 months 24 days
Institutional Lender 2 | Asset-specific financing arrangements | Collateral
Debt Instrument [Line Items]
Outstanding principal amount	$ 513,181
Weighted Average Term	2 years 4 months 24 days
Amortized cost of collateral	$ 494,965
Customers Bank | Asset-specific financing arrangements | Office Property Mortgage Loan
Debt Instrument [Line Items]
Number of asset-specific financing arrangements | loan	1
Number of loans | loan	1
Customers Bank | Asset-specific financing arrangements | Financing
Debt Instrument [Line Items]
Aggregate collateral principal balance	$ 23,250
Outstanding principal amount	20,609
Long-term Debt	$ 20,086
Weighted average credit spread (in percent)	2.50%
Weighted Average Term	2 years 4 months 24 days
Customers Bank | Asset-specific financing arrangements | Collateral
Debt Instrument [Line Items]
Outstanding principal amount	$ 28,505
Weighted Average Term	2 years 4 months 24 days
Amortized cost of collateral	$ 28,232

Schedule of Maturities - Schedu

Schedule of Maturities - Schedule of Future Principal Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
2023	$ 1,281,462
2024	815,775
2025	865,621
2026	423,275
2027	47,545
Thereafter	745,533
Total	4,179,211
Collateralized loan obligations
Debt Instrument [Line Items]
2023	879,513
2024	339,106
2025	281,805
2026	215,213
2027	0
Thereafter	745,533
Total	2,461,170
Secured credit agreements
Debt Instrument [Line Items]
2023	304,120
2024	285,338
2025	518,928
2026	0
2027	0
Thereafter	0
Total	1,108,386
Secured revolving credit facility
Debt Instrument [Line Items]
2023	0
2024	0
2025	44,279
2026	0
2027	0
Thereafter	0
Total	44,279
Asset-specific financing arrangements
Debt Instrument [Line Items]
2023	97,829
2024	191,331
2025	20,609
2026	208,062
2027	47,545
Thereafter	0
Total	$ 565,376

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Money market funds	$ 145,100,000	$ 199,300,000
Threshold period of delinquency	90 days
Estimated fair value of loans held for investment	$ 4,900,000,000	$ 4,900,000,000
Weighted average gross spread percentage	3.44%	3.39%
Weighted average maturity period	2 years 9 months 18 days	2 years 9 months 18 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) - Estimate of Fair Value Measurement - Fair Value Measurements Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans held for investment
Financial assets
Fair value of financial assets	$ 4,781,402	$ 4,867,203
Collateralized loan obligations
Financial liabilities
Fair value of financial liabilities	2,452,212	2,545,691
Secured credit agreements
Financial liabilities
Fair value of financial liabilities	1,105,151	1,162,206
Secured revolving credit facility
Financial liabilities
Fair value of financial liabilities	42,137
Asset-specific financing arrangements
Financial liabilities
Fair value of financial liabilities	561,017
Level I | Loans held for investment
Financial assets
Fair value of financial assets	0	0
Level I | Collateralized loan obligations
Financial liabilities
Fair value of financial liabilities	0	0
Level I | Secured credit agreements
Financial liabilities
Fair value of financial liabilities	0	0
Level I | Secured revolving credit facility
Financial liabilities
Fair value of financial liabilities	0
Level I | Asset-specific financing arrangements
Financial liabilities
Fair value of financial liabilities	0
Level II | Loans held for investment
Financial assets
Fair value of financial assets	0	0
Level II | Collateralized loan obligations
Financial liabilities
Fair value of financial liabilities	0	0
Level II | Secured credit agreements
Financial liabilities
Fair value of financial liabilities	0	0
Level II | Secured revolving credit facility
Financial liabilities
Fair value of financial liabilities	0
Level II | Asset-specific financing arrangements
Financial liabilities
Fair value of financial liabilities	0
Level III | Loans held for investment
Financial assets
Fair value of financial assets	4,922,290	4,899,666
Level III | Collateralized loan obligations
Financial liabilities
Fair value of financial liabilities	2,498,853	2,558,544
Level III | Secured credit agreements
Financial liabilities
Fair value of financial liabilities	1,128,847	$ 1,169,710
Level III | Secured revolving credit facility
Financial liabilities
Fair value of financial liabilities	42,137
Level III | Asset-specific financing arrangements
Financial liabilities
Fair value of financial liabilities	$ 571,097

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax [Line Items]
Excise tax percentage	100%		100%
Reserve for uncertain income tax positions	$ 0	$ 0	$ 0	$ 0
Interest for underpayment of income taxes	0		0	0
Penalties for underpayment of income taxes		0
Current portion of income tax expense (benefit)			$ 500,000	$ 1,100,000	$ 300,000
Effective income tax rate (in percent)			0.50%	0.80%	0.20%
Losses from sales			$ 0	$ 0	$ 1,051,000
Remaining capital loss carryforwards	174,300,000		174,300,000
Capital loss carryforward	13,300,000		13,300,000
CRE Debt Securities
Income Tax [Line Items]
Losses from sales					203,400,000
Capital gains				15,800,000	$ 0
Remaining capital loss carryforwards		187,600,000		187,600,000
TRSs
Income Tax [Line Items]
Deferred tax assets	0	0	0	0
Deferred tax liabilities, net	$ 100,000	$ 300,000	$ 100,000	$ 300,000
REIT Subsidiaries
Income Tax [Line Items]
Equity interest percentage by parent	100%		100%
Sub-REIT
Income Tax [Line Items]
Equity interest percentage by parent	100%		100%
U.S. federal corporate tax rate (in percent)			21%

Income Taxes - Dividends Declar

Income Taxes - Dividends Declared (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax [Line Items]
Total common stock dividends	$ 0.96	$ 0.95	$ 1.21
Ordinary Income Dividends
Income Tax [Line Items]
Total common stock dividends	0.96	0.95	1.21
Capital Gain Dividends
Income Tax [Line Items]
Total common stock dividends	$ 0	$ 0	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)			3 Months Ended	12 Months Ended
		Jun. 16, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Incentive management fee percentage of core earnings less seven percent of stockholders equity				20%
Payable to affiliates	[1]			$ 5,984,000	$ 5,609,000
Manager
Related Party Transaction [Line Items]
Maximum reimbursable expense per annum				$ 1,000,000
Percentage of allocated reimbursable expense of management agreement				20%
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%
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
Management Agreement
Related Party Transaction [Line Items]
Percentage of annual base management fee				1.50%
Percentage of quarterly base management fee				0.375%
Percentage multiplied by stockholders equity included in incentive management fee				7%
Payable to affiliates				$ 6,000,000	$ 5,600,000
Incentive management fee				5,200,000	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				1,000,000	1,000,000	$ 1,000,000
Reimbursable expenses remained outstanding				$ 0	$ 0
TPG Capital BD, LLC | Series C Preferred Stock
Related Party Transaction [Line Items]
Payments for underwriting expense			$ 700,000
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Fees Incurred	$ 28,638	$ 21,519	$ 20,767
Fees Paid	28,263	21,269	22,660
Management Agreement
Related Party Transaction [Line Items]
Fees Incurred	23,455	21,519	20,767
Fees Paid	23,080	21,269	21,031
Incentive Management
Related Party Transaction [Line Items]
Fees Incurred	5,183	0	0
Fees Paid	$ 5,183	$ 0	$ 1,629

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 28, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Participating securities' share in earnings (loss)	$ 1	$ 0.7	$ 0.8
Undistributed net income attributable to common stockholders	$ 1	$ 0.7	$ 0.8
Warrants excluded from earnings per share (in shares)	2,881,459		1,980,684
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Average market price of common stock		$ 12.34
Strike price of common share for warrants outstanding (in USD per share)		$ 7.50
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Accretion period for preferred stock (in years)		4 years		4 years
Adjustments to accretion of discount on preferred stock		$ 3	$ 3.2

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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income	$ (60,066)	$ 138,550	$ (136,826)
Preferred stock dividends	(12,592)	(19,194)	(14,685)
Participating securities' share in (loss) earnings	(986)	(717)	(832)
Series B Preferred Stock redemption make-whole payment	0	(22,485)	0
Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs	0	(25,449)	(3,189)
Net (loss) income attributable to common stockholders	$ (73,644)	$ 70,705	$ (155,532)
Weighted average common shares outstanding, basic (in shares)	77,296,524	76,977,743	76,656,756
Incremental shares of common stock issued from the assumed exercise of the warrants (in shares)	0	4,706,645	0
Weighted average common shares outstanding, diluted (in shares)	77,296,524	81,684,388	76,656,756
Earnings Per Share, Basic and Diluted EPS [Abstract]
(Loss) earnings per common share, basic (in USD per share)	$ (0.95)	$ 0.92	$ (2.03)
(Loss) earnings per common share, diluted (in USD per share)	$ (0.95)	$ 0.87	$ (2.03)
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs		$ (22,500)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands						1 Months Ended		12 Months Ended					19 Months Ended
	Dec. 09, 2022 USD ($) $ / shares	Dec. 09, 2021 USD ($) $ / shares	Jun. 16, 2021 USD ($) shares	Jun. 14, 2021 USD ($) shares	May 28, 2020 USD ($) tranche $ / shares shares	Dec. 31, 2021 USD ($) shares		Dec. 31, 2022 USD ($) $ / shares shares		Dec. 31, 2021 USD ($) shares		Dec. 31, 2020 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares		Dec. 13, 2022 $ / shares
Class Of Stock [Line Items]
Number of tranches | tranche					3
Temporary equity, shares outstanding (in shares) | shares			0
Issuance costs												$ 27
Gross proceeds from issuance of common stock								$ 0		$ 0		12,895
Dividends paid in cash	$ 19,000					$ 18,700
Unpaid dividends						24,156	[1]	$ 18,970	[1]	$ 24,156	[1]	$ 29,481	$ 18,970	[1]
Non-Recurring Special Cash Dividend
Class Of Stock [Line Items]
Dividends paid in cash						$ 5,500
Warrants
Class Of Stock [Line Items]
Warrants to purchase common stock					$ 225,000
Strike price of common share for warrants outstanding (in USD per share) | $ / shares					$ 7.50
Warrants expiration date					May 28, 2025
Fair value of warrants					$ 14,400
Warrants exercised (in shares) | shares								0					0
Common Stock
Class Of Stock [Line Items]
Number of common shares issued | shares								226,390		440,509		819,425
Dividend payable (in USD per share) | $ / shares	$ 0.24														$ 0.24
Common Stock | Non-Recurring Special Cash Dividend
Class Of Stock [Line Items]
Dividend payable (in USD per share) | $ / shares															$ 0.07
Maximum
Class Of Stock [Line Items]
Taxable income distribution percentage								90%
PE Holder L.L.C | Investment Agreement | 2023
Class Of Stock [Line Items]
Warrants to purchase common stock					$ 225,000
PE Holder L.L.C | Investment Agreement | Maximum
Class Of Stock [Line Items]
Warrants to purchase common stock, authorized (in shares) | shares					15,000,000
Aggregate cash purchase price					$ 325,000
PE Holder L.L.C | Investment Agreement | Maximum | 2023
Class Of Stock [Line Items]
Warrants to purchase common stock (in shares) | shares					12,000,000
Series C Preferred Stock
Class Of Stock [Line Items]
Proceeds from issuance of Series C Cumulative Redeemable Preferred Stock				$ 194,400				$ 0		$ 201,250		$ 0
Number of common shares issued | shares				8,050,000
Underwriting discount and commissions				$ 6,300
Issuance costs				$ 600
Liquidation preference (in USD per share) | $ / shares								$ 25					$ 25
Dividend percentage								6.25%
Liquidation preference (in USD per share annually) | $ / shares								$ 1.5624
Liquidation preference (in USD per share quarterly) | $ / shares								0.3906
Dividend payable (in USD per share) | $ / shares	$ 0.3906	$ 0.3906						0.4601					0.4601
Redemption price (in USD per share) | $ / shares								$ 25					25
Dividend rate (in percent)				6.25%
Dividends paid in cash	$ 3,100	$ 3,100
Dividends								$ 12,600		6,900
Series C Preferred Stock | TPG Capital BD, LLC
Class Of Stock [Line Items]
Payments for underwriting expense				$ 700
Series C Preferred Stock | Change of Control Event
Class Of Stock [Line Items]
Redemption price (in USD per share) | $ / shares								$ 25					25
Series B Preferred Stock
Class Of Stock [Line Items]
Proceeds from issuance of Series C Cumulative Redeemable Preferred Stock								$ 0		$ 0		$ 210,598
Liquidation preference (in USD per share) | $ / shares								$ 25					$ 25
Dividend percentage					11%			11%
Outstanding shares redeemed (in shares) | shares			9,000,000
Cash redemption of series B preferred stock			$ 247,500
Temporary equity, shares outstanding (in shares) | shares						0		0		0			0
Accretion period for preferred stock (in years)					4 years	4 years				4 years
Dividends										$ 12,300
Series B Preferred Stock | Warrants
Class Of Stock [Line Items]
Fair value of warrants					$ 14,400
Issuance costs					$ 14,200
Series B Preferred Stock | Maximum
Class Of Stock [Line Items]
Liquidation preference (in percent)					2%
Series B Preferred Stock | PE Holder L.L.C | Investment Agreement
Class Of Stock [Line Items]
Dividend percentage					11%
Shares authorized to issue and sell | shares					13,000,000
Par value (in USD per share) | $ / shares					$ 0.001
Series B Preferred Stock | PE Holder L.L.C | Investment Agreement | 2023
Class Of Stock [Line Items]
Shares issued | shares					9,000,000
Series A Preferred Stock
Class Of Stock [Line Items]
Dividend rate (in percent)								12.50%
Liquidation preference per annum (in USD per share) | $ / shares								$ 0.001					$ 0.001
Class A Common Stock
Class Of Stock [Line Items]
Dividends								$ 75,100		$ 73,800
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued shares of common stock for dividends	11,361	7,083
Stock compensation expense	$ 5,052	$ 5,763	$ 5,768
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
Share vesting installment period (in years)	4 years
Total unrecognized compensation cost relating to unvested share-based compensation arrangements	$ 13,900
Unrecognized compensation cost, recognition period (in years)	1 year 4 months 24 days
Stock compensation expense	$ 5,100	$ 5,800	$ 5,800
2017 Equity Incentive Plan | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	1,683,440
2017 Equity Incentive Plan | 2023 | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	476,184
2017 Equity Incentive Plan | 2024 | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	392,285
2017 Equity Incentive Plan | 2025 | Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	285,504

Stock-based Compensation - Shar

Stock-based Compensation - Share-based Compensation Arrangements by Share-based Payment Award (Details) - Common Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Beginning balance (in shares)	835,929	888,991	624,006
Granted (in shares)	1,141,926	436,213	386,003
Vested (in shares)	(278,821)	(407,706)	(121,018)
Forfeited (in shares)	(15,594)	(81,569)	0
Ending balance (in shares)	1,683,440	835,929	888,991
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in usd per share)	$ 13.16	$ 16.09	$ 19.93
Granted (in usd per share)	7.93	12.15	11.05
Vested (in usd per share)	14.25	17.34	20.30
Forfeited (in usd per share)	12.06	15.25	0
Ending balance (in usd per share)	$ 9.44	$ 13.16	$ 16.09

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Awarded Shares Vesting Period (Details) - 2017 Equity Incentive Plan - Common Stock	12 Months Ended
	Dec. 31, 2022 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	1,683,440
2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	529,467
2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	476,184
2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	392,285
2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest (in shares)	285,504

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Long Term Purchase Commitment [Line Items]
Unfunded commitments related to loans held for investment	$ 426,100,000	$ 487,800,000
COVID-19
Long Term Purchase Commitment [Line Items]
Contingencies	0
Accrued Expenses and Other Liabilities
Long Term Purchase Commitment [Line Items]
Allowance for credit losses on loan commitments	$ 17,300,000	$ 4,200,000

Concentration of Credit Risk -

Concentration of Credit Risk - Summary of Loans Held for Investment Portfolio by Property Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 5,411,944	$ 5,429,146
Unfunded commitment	$ 487,773	$ 426,061
% of loan commitment	100%	100%
Outstanding principal	$ 4,919,343	$ 5,004,798
% of loan UPB	100%	100%
Multifamily
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,595,643	$ 2,491,441
Unfunded commitment	$ 121,211	$ 110,769
% of loan commitment	29.50%	46%
Outstanding principal	$ 1,474,731	$ 2,380,672
% of loan UPB	30%	47.50%
Office
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 2,265,187	$ 1,553,378
Unfunded commitment	$ 178,878	$ 155,986
% of loan commitment	41.90%	28.50%
Outstanding principal	$ 2,086,309	$ 1,397,392
% of loan UPB	42.40%	28%
Hotel
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 658,943	$ 483,743
Unfunded commitment	$ 4,000	$ 11,666
% of loan commitment	12.20%	8.90%
Outstanding principal	$ 657,672	$ 473,790
% of loan UPB	13.40%	9.50%
Life Science
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 494,600	$ 404,600
Unfunded commitment	$ 163,860	$ 93,092
% of loan commitment	9.10%	7.50%
Outstanding principal	$ 330,740	$ 311,508
% of loan UPB	6.70%	6.20%
Mixed-Use
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 347,408	$ 283,340
Unfunded commitment	$ 17,681	$ 15,061
% of loan commitment	6.40%	5.20%
Outstanding principal	$ 329,728	$ 268,279
% of loan UPB	6.70%	5.40%
Industrial
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment		$ 93,044
Unfunded commitment		$ 5,987
% of loan commitment		1.70%
Outstanding principal		$ 87,057
% of loan UPB		1.70%
Self Storage
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment		$ 69,000
Unfunded commitment		$ 11,900
% of loan commitment		1.30%
Outstanding principal		$ 57,100
% of loan UPB		1.10%
Other
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment		$ 50,600
Unfunded commitment		$ 21,600
% of loan commitment		0.90%
Outstanding principal		$ 29,000
% of loan UPB		0.60%
Retail
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 33,000
Unfunded commitment	$ 2,143
% of loan commitment	0.60%
Outstanding principal	$ 23,000
% of loan UPB	0.50%
Non-drawable outstanding unfunded loan commitments	$ 2,100	$ 2,100
Condominium
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	17,163
Unfunded commitment	$ 0
% of loan commitment	0.30%
Outstanding principal	$ 17,163
% of loan UPB	0.30%
Participation interests in whole mortgage loans related to one project and borrower (in percent)	24%

Concentration of Credit Risk _2

Concentration of Credit Risk - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Loan commitment capitalized interest		$ 3	$ 1.7
Commitment related to non-performing retail loan held for investment	$ 7.8	$ 7.8

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	Dec. 31, 2022	Dec. 31, 2021
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 5,429,146	$ 5,411,944
Unfunded commitment	$ 426,061	$ 487,773
% of loan commitment	100%	100%
Outstanding principal	$ 5,004,798	$ 4,919,343
% of loan UPB	100%	100%
East
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,844,087	$ 1,925,457
Unfunded commitment	$ 73,104	$ 63,459
% of loan commitment	33.90%	35.60%
Outstanding principal	$ 1,772,155	$ 1,863,172
% of loan UPB	35.40%	37.80%
West
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,629,727	$ 1,484,883
Unfunded commitment	$ 179,104	$ 244,100
% of loan commitment	30%	27.40%
Outstanding principal	$ 1,450,623	$ 1,233,628
% of loan UPB	29%	25.10%
South
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,496,382	$ 1,323,800
Unfunded commitment	$ 138,836	$ 115,714
% of loan commitment	27.60%	24.50%
Outstanding principal	$ 1,358,087	$ 1,208,940
% of loan UPB	27.10%	24.60%
Midwest
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 319,950	$ 677,804
Unfunded commitment	$ 17,130	$ 64,500
% of loan commitment	5.90%	12.50%
Outstanding principal	$ 302,820	$ 613,603
% of loan UPB	6.10%	12.50%
Various
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 139,000
Unfunded commitment	$ 17,887
% of loan commitment	2.60%
Outstanding principal	$ 121,113
% of loan UPB	2.40%

Concentration of Credit Risk _4

Concentration of Credit Risk - Summary of Loans Held for Investment Portfolio by Loan Category Type (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 5,429,146	$ 5,411,944
Unfunded commitment	$ 426,061	$ 487,773
% of loan commitment	100%	100%
Outstanding principal	$ 5,004,798	$ 4,919,343
% of loan UPB	100%	100%
Moderate Transitional
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,524,284	$ 1,950,739
Unfunded commitment	$ 225,914	$ 294,693
% of loan commitment	28.10%	36.10%
Outstanding principal	$ 1,299,541	$ 1,657,218
% of loan UPB	26%	33.70%
Bridge
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 2,249,442	$ 1,646,895
Unfunded commitment	$ 52,588	$ 47,459
% of loan commitment	41.40%	30.40%
Outstanding principal	$ 2,197,397	$ 1,593,436
% of loan UPB	43.90%	32.40%
Light Transitional
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 1,604,820	$ 1,779,310
Unfunded commitment	$ 125,959	$ 145,621
% of loan commitment	29.60%	32.90%
Outstanding principal	$ 1,478,860	$ 1,633,689
% of loan UPB	29.50%	33.20%
Construction
Loans And Leases Receivable Disclosure [Line Items]
Loan commitment	$ 50,600	$ 35,000
Unfunded commitment	$ 21,600	$ 0
% of loan commitment	0.90%	0.60%
Outstanding principal	$ 29,000	$ 35,000
% of loan UPB	0.60%	0.70%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	2 Months Ended
	Feb. 21, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Total loan commitment		$ 5,429,146	$ 5,411,944
Subsequent Events | Two Mortgage Loan
Subsequent Event [Line Items]
Number of mortgage loans originated or acquired | loan	2
Total loan commitment	$ 123,800
Loans and leases receivable unpaid principal balance	$ 111,400
Subsequent Events | First Mortgage Loan
Subsequent Event [Line Items]
Number of mortgage loans originated or acquired | loan	1
Total loan commitment	$ 35,200
Loan commitment principal amount	$ 30,400

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Mortgage Loans on Real Estate (Details)		12 Months Ended
		Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying amount of loans		$ 4,781,402,000	$ 4,867,203,000	$ 4,456,460,000	$ 4,980,389,000
Financing Receivable Allowance For Credit Losses Loans Held For Investment		(197,272,000)
Aggregate tax basis		$ 5,000,000,000
Number of loans satisfying criteria for individual assessment | loan		4
Financing Receivable, Allowance for Credit Loss	[1]	$ (197,272,000)	(41,999,000)
One First Mortgage Loan, Office Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Amortized cost of loan		71,300,000
One First Mortgage Loan, Office Property | Real Estate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Amortized cost of loan		245,100,000	$ 250,700,000
Three First Mortgage Loan, Office Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Amortized cost of loan		173,900,000
Financing Receivable, Allowance for Credit Loss		(78,100,000)
Four First Mortgage Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing Receivable, Allowance for Credit Loss		$ (78,100,000)
Senior Loans in excess of 3% of the carrying amount of total loans | Borrower A | Senior loans | NEW YORK
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(3.40%)
Extended maturity date		2027
Periodic payment terms		I/O
Unpaid Principal Balance		$ 245,000,000
Carrying amount of loans		$ 245,000,000
Senior Loans in excess of 3% of the carrying amount of total loans | Borrower B | Senior loans | Atlanta
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(1.50%)
Extended maturity date		2024
Periodic payment terms		I/O
Unpaid Principal Balance		$ 226,914,000
Carrying amount of loans		$ 226,914,000
Senior Loans in excess of 3% of the carrying amount of total loans | Borrower C | Senior loans | Daly City
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(3.90%)
Extended maturity date		2026
Periodic payment terms		I/O
Unpaid Principal Balance		$ 174,788,000
Carrying amount of loans		$ 174,348,000
Senior Loans in excess of 3% of the carrying amount of total loans | Borrower D | Senior loans | Detroit
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(3.40%)
Extended maturity date		2026
Periodic payment terms		I/O
Unpaid Principal Balance		$ 187,000,000
Carrying amount of loans		$ 187,000,000
Senior Loans in excess of 3% of the carrying amount of total loans | Borrower E | Senior loans | NEW YORK
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(2.90%)
Extended maturity date		2023
Periodic payment terms		I/O
Unpaid Principal Balance		$ 175,000,000
Carrying amount of loans		$ 175,000,000
Senior Loans in excess of 3% of the carrying amount of total loans | Borrower F | Senior loans | Various
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(4.70%)
Extended maturity date		2024
Periodic payment terms		I/O
Unpaid Principal Balance		$ 169,603,000
Carrying amount of loans		169,603,000
Senior Loans less than 3% of the carrying amount of total loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior liens		0
Unpaid Principal Balance		5,004,800,000
Carrying amount of loans		$ 4,978,674,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Periodic payment terms		I/O
Prior liens		$ 0
Unpaid Principal Balance		1,948,674,000
Carrying amount of loans		$ 1,933,482,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Office Building
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Periodic payment terms		I/O
Prior liens		$ 0
Unpaid Principal Balance		825,875,000
Carrying amount of loans		$ 824,488,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Periodic payment terms		I/O
Prior liens		$ 0
Unpaid Principal Balance		473,790,000
Carrying amount of loans		$ 466,311,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Mixed-Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Periodic payment terms		I/O
Prior liens		$ 0
Unpaid Principal Balance		268,279,000
Carrying amount of loans		$ 268,106,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Life Science
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Periodic payment terms		I/O
Prior liens		$ 0
Unpaid Principal Balance		136,720,000
Carrying amount of loans		$ 136,229,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Extended maturity date		2027
Periodic payment terms		I/O
Prior liens		$ 0
Unpaid Principal Balance		87,057,000
Carrying amount of loans		$ 86,746,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Self Storage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Periodic payment terms		I/O
Prior liens		$ 0
Unpaid Principal Balance		57,100,000
Carrying amount of loans		$ 56,804,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Condominium
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Periodic payment terms		I/O
Prior liens		$ 0
Unpaid Principal Balance		29,000,000
Carrying amount of loans		$ 28,643,000
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Minimum | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(2.70%)
Extended maturity date		2023
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Minimum | Office Building
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(2.50%)
Extended maturity date		2023
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Minimum | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(3.40%)
Extended maturity date		2023
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Minimum | Mixed-Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(3.60%)
Extended maturity date		2023
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Minimum | Life Science
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(3.10%)
Extended maturity date		2026
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Minimum | Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(3.30%)
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Minimum | Self Storage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(4.20%)
Extended maturity date		2027
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Minimum | Condominium
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(8.50%)
Extended maturity date		2024
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Maximum | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(4.20%)
Extended maturity date		2027
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Maximum | Office Building
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(5.30%)
Extended maturity date		2027
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Maximum | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(5.30%)
Extended maturity date		2026
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Maximum | Mixed-Use
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(4.00%)
Extended maturity date		2026
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Maximum | Life Science
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(5.50%)
Senior Loans less than 3% of the carrying amount of total loans | Senior loans | Maximum | Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates		(4.00%)
[1]The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.3 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 to the Consolidated Financial Statements for details.

Schedule IV - Mortgage Loans _3

Schedule IV - Mortgage Loans on Real Estate - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance as of January 1	$ 4,867,203	$ 4,456,460	$ 4,980,389
Loans originated and acquired	1,519,406	1,623,585	430,050
Additional fundings	145,199	146,032	237,856
Amortization of origination fees and discounts	11,085	7,203	11,345
Collection of principal	(1,506,870)	(1,236,032)	(885,565)
Collection of accrued PIK interest	(1,314)	0	0
Write-off	(4,400)	0	0
Loan sales	0	(147,986)	(145,675)
Loan extinguishment on conversion to REO	(89,234)	0	(112,000)
Allowance for credit losses	(159,673)	17,941	(59,940)
Balance as of December 31	$ 4,781,402	$ 4,867,203	$ 4,456,460