Loans Held for Investment (includes $2,159,565 and $2,694,106 pledged as collateral under secured revolving repurchase agreements, respectively)

^[1]

18,769

16,861

3,597,210

3,175,672

Investment in Commercial Mortgage-Backed Securities, Available-for-Sale (includes $47,417 and $47,762 pledged as collateral under secured revolving repurchase agreements, respectively)

149,044

85,895

Other Assets, net

^[1]

734

859

Total Assets

^[1]

3,841,899

3,355,385

Liabilities

Collateralized Loan Obligation (net of deferred financing costs of $8,471 and $0, respectively)

^[1]

5,630

5,385

Accrued Expenses

^[1]

6,734

5,067

^[1]

737,433

Secured Revolving Repurchase and Senior Secured Agreements (net of deferred financing costs of $7,533 and $8,697, respectively)

1,631,817

1,827,104

Notes Payable (net of deferred financing costs of $1,213 and $1,601, respectively)

^[1]

236,378

287,886

Payable to Affiliates

^[1]

5,875

5,227

Deferred Revenue

^[1]

112

317

Dividends Payable

^[1]

25,307

23,068

Total Liabilities

^[1]

2,649,286

2,154,054

Commitments and Contingencies—See Note 14

^[1]

Stockholders’ Equity:

Preferred Stock ($0.001 par value; 100,000,000 and 125 shares authorized; 125 and 125 shares issued and outstanding, respectively)

^[1]

Additional Paid-in-Capital

^[1]

1,216,155

1,216,112

Accumulated Deficit

^[1]

(23,355)

(14,808)

Accumulated Other Comprehensive (Loss)

(248)

(34)

Total Stockholders' Equity

^[1]

1,192,613

1,201,331

Total Liabilities and Stockholders' Equity

^[1]

3,841,899

3,355,385

Common Stock, Undefined Class

Stockholders’ Equity:

Common Stock Value

^[1]

60

Total Stockholders' Equity

Stockholders’ Equity:

Common Stock Value

^[1]

1

$ 1

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($)
$ in Thousands

Mar. 31, 2018

Dec. 31, 2017

Preferred stock, par value

$ 0.001

Preferred stock, authorized shares

100,000,000

Preferred stock, shares issued

0

125

Preferred stock, shares outstanding

0

125

Common stock, par value

$ 0.001

Common stock, authorized shares

300,000,000

Common stock, shares issued

59,020,613

59,440,112

Common stock, shares outstanding

59,020,613

59,440,112

Total assets

^[1]

$ 3,841,899

$ 3,355,385

Total liabilities

^[1]

2,649,286

2,154,054

Variable Interest Entity, Primary Beneficiary

Total assets

0

937,500

Total liabilities

$ 0

$ 738,500

Common stock, authorized shares

Common stock, par value

$ 0.001

2,500,000

Common stock, shares issued

1,154,547

1,178,618

Common stock, shares outstanding

1,154,547

1,178,618

Repurchase Agreements

Loans pledged as collateral

$ 2,159,565

$ 2,694,106

Deferred financing costs

7,533

8,697

Commercial Mortgage-Backed Securities | Repurchase Agreements

Available-for-sale securities pledged as collateral

47,417

47,762

Collateralized Loan Obligation

Loans pledged as collateral

932,380

Deferred financing costs

8,471

0

Notes Payable

Deferred financing costs

$ 1,213

$ 1,601

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

INTEREST INCOME

Interest Income

$ 59,365

$ 47,941

Interest Expense

(25,998)

(17,800)

Net Interest Income

33,367

30,141

OTHER REVENUE

Other Income, net

366

122

Total Other Revenue

366

122

OTHER EXPENSES

Professional Fees

899

729

General and Administrative

1,108

469

Servicing and Asset Management Fees

767

1,136

Management Fee

4,704

2,588

Collateral Management Fee

131

Incentive Management Fee

926

1,581

Total Other Expenses

8,404

6,634

Income Before Income Taxes

25,329

23,629

Income Taxes

(215)

(154)

Preferred Stock Dividends

25,114

23,475

(3)

Net Income Attributable to Common Stockholders

$ 25,111

$ 23,475

Basic Earnings per Common Share

^[1]

$ 0.42

$ 0.48

Diluted Earnings per Common Share

^[1]

$ 0.42

$ 0.48

Weighted Average Number of Common Shares Outstanding

Basic:

^[1]

60,393,818

48,446,028

Diluted:

^[1]

60,393,818

48,446,028

OTHER COMPREHENSIVE INCOME

Unrealized (Loss) Gain on Commercial Mortgage-Backed Securities

$ 25,114

$ 23,475

(214)

1,232

Comprehensive Net Income

$ 24,900

$ 24,707

[1]	Share and per share data reflect the impact of the common stock and Class A common stock dividend which was paid upon completion of the Company’s initial public offering on July 25, 2017 to holders of record as of July 3, 2017. See Note 12 to the Consolidated Financial Statements for details.

Consolidated Statement of Changes in Equity (Unaudited) - USD ($)
$ in Thousands

Total

Class A Common Stock

Preferred Stock

Common Stock

Additional Paid-in-Capital

Accumulated Deficit

Accumulated Other Comprehensive (Loss) Income

Balance at Dec. 31, 2016

$ 970,689

$ 1

$ 39

$ 979,467

$ (10,068)

$ 1,250

Balance, Shares at Dec. 31, 2016

967,500

125

38,260,053

Other Comprehensive Income (Loss)

23,475

1,232

Dividends on Common Stock (Dividends Declared per Share)

(20,773)

Dividends on Class A Common Stock (Dividends Declared per Share)

(508)

Balance at Mar. 31, 2017

974,115

$ 1

$ 39

979,467

(7,874)

2,482

Balance, Shares at Mar. 31, 2017

967,500

125

38,260,053

Balance at Dec. 31, 2017

1,201,331

^[1]

$ 1

$ 60

1,216,112

(14,808)

(34)

Balance, Shares at Dec. 31, 2017

1,178,618

125

59,440,112

Conversion of Class A Shares to Common Shares

(24,071,000)

24,071,000

Repurchases of Common Stock

(8,360)

$ (443,570)

(9)

(8,351)

Redemption of Preferred Stock

(125)

$ (125)

(125)

Amortization of Share Based Compensation

177

Other Comprehensive Income (Loss)

25,114

(214)

Dividends on Preferred Stock

(3)

Dividends on Common Stock (Dividends Declared per Share)

(24,822)

Dividends on Class A Common Stock (Dividends Declared per Share)

(485)

Balance at Mar. 31, 2018

$ 1,192,613

^[1]

$ 1

$ 60

$ 1,216,155

$ (23,355)

$ (248)

Balance, Shares at Mar. 31, 2018

1,154,547

59,020,613

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Common stock dividends declared per share	$ 0.42	$ 0.44
Class A Common Stock
Common stock dividends declared per share	$ 0.42	$ 0.44

Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Cash Flows from Operating Activities:

Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities:

$ 25,114

$ 23,475

Amortization and Accretion of Premiums, Discounts and Loan Origination Fees, Net

(4,147)

(1,959)

Amortization of Deferred Financing Costs

3,658

2,576

Capitalized Accrued Interest

2,972

Stock Compensation Expense

177

Cash Flows Due to Changes in Operating Assets and Liabilities:

Accounts Receivable

153

(2,771)

(1,229)

Accrued Expenses

610

(2,895)

Net Cash Provided by Operating Activities

245

719

Payable to Affiliates

648

1,150

Deferred Fee Income

(205)

(49)

Other Assets

125

68

23,454

24,981

Cash Flows from Investing Activities:

Origination of Loans Held for Investment

(512,522)

(244,700)

Advances on Loans Held for Investment

(60,972)

(55,090)

Principal Advances Held by Servicer/Trustee

(3,279)

Principal Repayments of Loans Held for Investment

156,258

89,822

Proceeds from Sales of Loans Held for Investment

52,443

Purchase of Commercial Mortgage-Backed Securities

(63,654)

(38,259)

Principal Repayments of Commercial Mortgage-Backed Securities

1,698

Purchases and Disposals of Fixed Assets

(79)

Net Cash (Used in) Investing Activities

(480,890)

(197,444)

Payments on Collateralized Loan Obligation

(27,791)

Proceeds from Collateralized Loan Obligation

745,904

10,175

Payments on Secured Financing Agreements

(762,695)

(156,623)

Proceeds from Secured Financing Agreements

514,347

341,695

Payment of Deferred Financing Costs

(9,519)

1,860

Payments to Repurchase Common Stock

(8,360)

Net Cash Provided by Financing Activities

456,481

150,970

Net Change in Cash, Cash Equivalents, and Restricted Cash

(955)

(21,493)

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

75,737

103,975

Cash, Cash Equivalents and Restricted Cash at End of Period

74,782

82,482

Supplemental Disclosure of Cash Flow Information:

Interest Paid

22,096

14,507

Taxes Paid

215

154

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

Principal Repayments of Loans Held for Investment by Servicer/Trustee, Net

36,206

Interest Payments of Loans Held for Investment and Commercial Mortgage-Backed Securities Held by Servicer/Trustee, Net

863

Principal Repayments of Commercial Mortgage-Backed Securities Held by Servicer/Trustee, net

211

Dividends Declared, not paid

25,307

^[1]

21,281

Accrued Deferred Financing Costs

1,057

3,249

Proceeds from Secured Financing Agreements Held by Trustee

20,918

Accrued Other Assets Costs

223

Commercial Mortgage-Backed Securities

Cash Flows from Investing Activities:

Purchase of Commercial Mortgage-Backed Securities

(63,700)

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

Unrealized (Loss) Gain on Commercial Mortgage-Backed Securities, Available-for-Sale

(214)

1,232

Preferred Class A

Payments to Redeem Series A Preferred Stock

(125)

Dividends paid

(3)

Common Stock, Undefined Class

Dividends paid

(22,620)

(17,838)

Summary of Significant Accounting Policies

Dividends paid

$ (448)

$ (508)

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business and Organization	(1) Business and Organization TPG RE Finance Trust, Inc. (together with its consolidated subsidiaries, “we”, “us”, “our”, or the “Company”) is a Maryland corporation that was incorporated on October 24, 2014 and commenced operations on December 18, 2014 (“Inception”). We are organized as a holding company and conduct our operations primarily through our various subsidiaries. We conduct our operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. The Company’s principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate related assets, primarily consisting of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States, and commercial mortgage-backed securities (“CMBS”). As of March 31, 2018 and December 31, 2017, the Company conducted substantially all of its operations through a Delaware limited liability company, TPG RE Finance Trust Holdco, LLC (“Holdco”), and the Company’s other wholly-owned subsidiaries.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

(2) Summary of Significant Accounting Policies

Basis of Presentation

The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The interim consolidated financial statements include the Company’s accounts, consolidated variable interest entities for which the Company is the primary beneficiary, and its wholly-owned subsidiaries (see Note 5 for details). 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: impairment; adequacy of provisions for loan losses; and valuation of financial instruments.

Principles of Consolidation

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810—Consolidation (“ASC 810”) provides guidance on the identification of a VIE (a variable interest entity for which control is achieved through means other than voting rights) and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

At each reporting date, the Company reconsiders its primary beneficiary conclusion to determine if its obligation to absorb losses of, or its rights to receive benefits from, the VIE could potentially be more than insignificant, and will consolidate or not consolidate accordingly.

Revenue Recognition

Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for credit impairment, if any. The objective of the interest method is to arrive at periodic interest income including recognition of fees and costs at a constant effective yield. 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 income on a straight line basis, when it approximates the interest method, over the related extension or modification period. Exit fees are accreted into 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. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s loan investments may provide for additional interest based on the borrower’s operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon certainty of collection.

The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of a default; (2) the loan becomes 90 days delinquent; or (3) the loan has a maturity default. While on non-accrual status, based on the Company’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for principal and interest payments, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value, and interest income is only recorded when such carrying value has been fully recovered. For the period ended March 31, 2018, no loans were placed on non-accrual status, and we have sustained no losses or impairments to our loan portfolio since Inception.

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 any premiums, discounts, loan origination fees and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, or on a straight line basis when it approximates the interest method, adjusted for actual prepayments.

The Company evaluates each loan classified as a loan held for investment for impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate, or the fair value of the collateral, less estimated costs to sell, if recovery of the Company’s investment is expected solely from the sale of the collateral. As part of the quarterly impairment review, we evaluate the risk of each loan and assign a risk rating based on a variety of factors, grouped as follows to include (without limitation): (i) loan and credit structure, including the as-is loan-to-value (“LTV”) and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geographic, property-type and local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; and (iv) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, our loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-

Outperform—Exceeds performance metrics (for example, technical milestones, occupancy, rents, net operating income) included in original or current credit underwriting and business plan;

2-

Meets or Exceeds Expectations—Collateral performance meets or exceeds substantially all performance metrics included in original or current underwriting / business plan;

3-

Satisfactory—Collateral performance meets or is on track to meet underwriting; business plan is met or can reasonably be achieved;

4-

Underperformance—Collateral performance falls short of original underwriting, and material differences exist from business plan; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and

5-

Risk of Impairment/Default—Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable.

Since Inception, the Company has not recorded asset-specific loan loss reserves, nor has it recognized any impairments on its loan portfolio. Our determination of asset-specific loan loss reserves, should any such reserves be necessary, relies on material estimates regarding the fair value of loan collateral. Such losses could be caused by various factors, including, but not limited to, unanticipated adverse changes in the economy or events adversely affecting specific assets, borrowers, industries in which our borrowers operate or markets in which our borrowers or their properties are located. Significant judgment is required when evaluating loans for impairment.

The Company’s loans are typically collateralized by real estate, or a partnership or similar equity interest in an entity that owns real estate. As a result, the Company regularly evaluates on a loan-by-loan basis the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial 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 impairment analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data.

Commercial Mortgage-Backed Securities

The Company acquires CMBS investments for cash management and investment purposes. The Company designates CMBS investments as available-for-sale on the acquisition date. CMBS investments that are classified as available-for-sale are recorded at fair value in the Company’s consolidated financial statements. Additionally, CMBS investments that are not classified as held-to-maturity and which the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are also designated as available-for-sale and are carried at fair value. The Company’s recognition of interest income from its CMBS, including its amortization of premium and discount, follows the Company’s revenue recognition policy as described above under “Revenue Recognition”. The Company uses a specific identification method when determining the cost of a security sold and the amount of unrealized gain or loss reclassified from accumulated other comprehensive income (loss) into earnings. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income and comprehensive income. Significant valuation inputs are Level II in the fair value hierarchy as described below under “Fair Value Measurements”.

Portfolio Financing Arrangements

The Company finances certain loan and CMBS investments using secured revolving repurchase agreements, asset-specific financing arrangements (notes payable on the consolidated balance sheets), a senior secured credit facility, 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 March 31, 2018, the Company has transferred 100% of the senior mortgage loan that the Company originated on a non-recourse basis to a third-party lender and has retained as a loan investment a separate mezzanine loan investment secured by a pledge of the equity in the mortgage borrower. With respect to the senior mortgage loan transferred, the Company retains: no control over the mortgage loan; no economic interest in the mortgage loan; and no recourse to the purchaser or the borrower. Consequently, based on these circumstances and because the Company does not have any continuing involvement with the transferred senior mortgage loan, these syndications are accounted for as sales under GAAP and are removed from the Company’s consolidated financial statements at the time of transfer. The Company’s consolidated balance sheets only include the separate mezzanine loan remaining after the transfer, and not the non-consolidated senior loan interest sold or co-originated that the Company transferred.

Fair Value Measurements

The Company follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), 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 and cash equivalents, restricted cash and available-for-sale CMBS investments. 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 various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for such financial instrument is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar assets or liabilities. The income approach uses projections of the future economic benefits of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period.

Income Taxes

The Company qualifies and has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, commencing with its 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. 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.

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. 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. Accordingly, the Company does not expect to pay corporate level taxes.

Earnings per Common Share

The Company utilizes the two-class method when assessing participating securities to calculate earnings per common share. Basic and diluted earnings per common share is computed by dividing net income attributable to common stockholders (i.e., holders of common stock and Class A common stock), by the weighted-average number of common shares (both common stock and Class A common stock) outstanding during the period. The preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of the Class A common stock are identical to the common stock, except (1) the Class A common stock is not a “margin security” as defined in Regulation U of the Board of Governors of the U.S. Federal Reserve System (and rulings and interpretations thereunder) and may not be listed on a national securities exchange or a national market system and (2) each share of Class A common stock is convertible at any time or from time to time, at the option of the holder, for one fully paid and non-assessable share of common stock. The Class A common stock votes together with the common stock as a single class. Shares of Class A common stock have been issued to, and are owned by, certain individuals or entities affiliated with the Company’s external manager, TPG RE Finance Trust Management, L.P., a Delaware limited partnership (the “Manager”), and the sale or conversion to common stock by investors of such shares of Class A common stock is subject to certain restrictions.

Diluted earnings per common share is calculated by including the effect of dilutive securities. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method.

Share-Based Compensation

Share-based compensation consists of awards issued by the Company to certain employees of affiliates of our Manager and certain members of our Board of Directors. These share-based awards generally vest in installments over a fixed period of time. Compensation expense is recognized in net income on a variable basis over the applicable award vesting period based on the value of our common stock. Forfeitures of share-based awards are recognized as they occur.

Deferred Financing Costs

Deferred financing costs are reflected net of the collateralized loan obligation and secured financing agreements on the Company’s consolidated balance sheets. These costs are amortized in interest expense using the interest method or on a straight line basis when it approximates the interest method over the life of the related obligations.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of March 31, 2018 and December 31, 2017. The balances in these accounts may exceed the insured limits.

Restricted Cash

Restricted cash primarily represents deposit proceeds from potential borrowers which may be returned to borrowers, after deducting transaction costs paid by the Company for the benefit of the borrowers, upon the closing of a loan transaction.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the “incurred loss” model under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. Upon adoption, and resulting from this change, the Company expects that it will be required to record a loan loss reserve at origination or acquisition of an individual loan or a loan portfolio. ASU 2016-13 also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the impact ASU 2016-13 will have on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In August 2015, the FASB issued an update (“ASU 2015-14”) to Topic 606, Deferral of the Effective Date, which deferred the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2017. In March 2016, the FASB issued an update (“ASU 2016-08”) to Topic 606, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard pursuant to ASU 2014-09. In April 2016, the FASB issued an update (“ASU 2016-10”) to Topic 606, Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB issued an update (“ASU 2016-12”) to Topic 606, Narrow-Scope Improvements and Practical Expedients, which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the revenue recognition standard updates on January 1, 2018. The Company’s adoption of the revenue recognition standard updates on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements.

Loans Held for Investment

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Loans Held for Investment

(3) Loans Held for Investment

The Company currently originates and acquires first mortgage and mezzanine loans secured by commercial properties. These loans can potentially subject the Company to concentrations of credit risk as measured by various attributes, including the property type collateralizing the loan, loan size, loans to a single sponsor and loans in a single geographic area, among others. The Company’s loans held for investment are accounted for at amortized cost.

During the three months ended March 31, 2018, the Company originated seven loans with a total commitment of approximately $579.2 million, an initial unpaid principal balance of $516.7 million, and unfunded commitments at closing of $62.5 million. To fund these loan originations, the Company used cash on hand and its secured revolving repurchase facilities and senior secured credit facility. Total commitments related to the syndication of non-consolidated senior interests as of March 31, 2018 was $81.5 million.

The following tables present an overview of the loan investment portfolio as of March 31, 2018 and December 31, 2017 (dollars in thousands):

	March 31, 2018
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	3,561,696	$	(22,257	)	$	3,539,439
Subordinated and mezzanine loans		57,946		(175	)		57,771
Subtotal before allowance		3,619,642		(22,432	)		3,597,210
Allowance for loan losses		—		—			—
Total	$	3,619,642	$	(22,432	)	$	3,597,210

	December 31, 2017
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	3,122,670	$	(22,143	)	$	3,100,527
Subordinated and mezzanine loans		75,446		(301	)		75,145
Subtotal before allowance		3,198,116		(22,444	)		3,175,672
Allowance for loan losses		—		—			—
Total	$	3,198,116	$	(22,444	)	$	3,175,672

For the three months ended March 31, 2018, loan portfolio activity was as follows (dollars in thousands):


	Carrying Value
Balance at December 31, 2017	$	3,175,672
Additions during the period:
Loans originated		512,522
Additional fundings		60,972
Amortization of discount and origination fees		4,227
Deductions during the period:
Collection of principal		(156,183	)
Balance at March 31, 2018	$	3,597,210

At March 31, 2018 and December 31, 2017, there was $1.1 million and $2.0 million of unamortized discount included in loans held for investment at amortized cost on the consolidated balance sheets.

The table below summarizes the carrying values and results of the Company’s internal risk rating review performed as of March 31, 2018 and December 31, 2017 (dollars in thousands):

	Carrying Value
Rating	March 31, 2018		December 31, 2017
1	$	49,000	$	—
2		1,217,948		1,318,816
3		2,156,579		1,680,913
4		173,683		175,943
5		—		—
Totals	$	3,597,210	$	3,175,672
Weighted Average Risk Rating⁽¹⁾		2.7		2.6

(1)	Weighted Average Risk Rating calculated based on unpaid principal balance at period end.

The weighted average risk rating at March 31, 2018 and December 31, 2017 was 2.7 and 2.6, respectively. During the three months ended March 31, 2018, one loan was moved from the Company’s Category 2 risk rating into its Category 1 risk rating as a result of improved operating performance of the underlying loan collateral. Additionally, the Company moved one loan that was classified in its Category 2 risk rating into its Category 3 risk rating, resulting from a delay in achieving certain construction milestones.

At March 31, 2018 and December 31, 2017, there were no loans on non-accrual status or that were impaired; thus, the Company did not record a reserve for loan loss. See Note 16 for details about the Company’s mortgage loan originations subsequent to March 31, 2018.

Commercial Mortgage-Backed Securities

3 Months Ended

Mar. 31, 2018

Investments Debt And Equity Securities [Abstract]

Commercial Mortgage-Backed Securities

(4) Commercial Mortgage-Backed Securities

During the three months ended March 31, 2018, the Company purchased 10 CMBS investments for $63.7 million. The purchased CMBS consist of floating rate instruments which have a weighted average coupon of 2.6%. As of March 31, 2018 and December 31, 2017, the Company had 15 and five CMBS, respectively, designated as available-for-sale securities. Details of the carrying and fair values of the Company’s CMBS portfolio are as follows (dollars in thousands):

	March 31, 2018
	Face Amount		Unamortized Premium (Discount)		Gross Unrealized Loss			Estimated Fair Value
Investments, at Fair Value
Commercial mortgage-backed securities	$	148,534	$	758	$	(248	)	$	149,044

	December 31, 2017
	Face Amount		Unamortized Premium (Discount)		Gross Unrealized Loss			Estimated Fair Value
Investments, at Fair Value
Commercial mortgage-backed securities	$	85,661	$	268	$	(34	)	$	85,895

CMBS fair values are considered Level II fair value measurements within the fair value hierarchy of ASC 820-10. The CMBS fair values are based upon market, broker, and counterparty or pricing services quotations, which provide valuation estimates, based upon reasonable market order indications. These fair value quotations are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity, and are reviewed by the Company for reasonableness and consistency.

The Company’s CMBS have a weighted average contractual maturity, based on estimated fair value, of 19.8 years. The amortized cost and estimated fair value of the Company’s available-for-sale CMBS by contractual maturity are shown in the following table (dollars in thousands):

	March 31, 2018
	Amortized Cost		Estimated Fair Value
Maturity Date
After one, within five years	$	36,700	$	36,872
After five years		112,593		112,172
Total investment in commercial mortgage-backed securities, at amortized cost and estimated fair value	$	149,293	$	149,044

	December 31, 2017
	Amortized Cost		Estimated Fair Value
Maturity Date
After one, within five years	$	36,700	$	36,872
After five years		49,229		49,023
Total investment in commercial mortgage-backed securities, at amortized cost and estimated fair value	$	85,929	$	85,895

None of the Company’s CMBS were in an unrealized loss position for longer than 12 months. No other-than-temporary impairments were recognized through income during the three months ended March 31, 2018 or year ended December 31, 2017.

Variable Interest Entities and Collateralized Loan Obligation

3 Months Ended

Mar. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Variable Interest Entities And Collateralized Loan Obligation Disclosure

(5) Variable Interest Entities and Collateralized Loan Obligations

On February 14, 2018 (the “Closing Date”), the Company entered into a collateralized loan obligation (“TRTX 2018-FL1”) through its wholly-owned subsidiaries TPG Real Estate Finance 2018-FL1 Issuer, Ltd., an exempted company incorporated in the Cayman Islands with limited liability, as issuer (the “Issuer”), and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, a Delaware limited liability company, as co-issuer (the “Co-Issuer” and together with the Issuer, the “Issuers”). On the Closing Date, the Issuer issued $820.5 million principal amount of notes (the “Notes”). The Co-Issuer co-issued $745.9 million principal amount of investment grade-rated notes which were purchased by third party investors. Concurrently with the issuance of the Notes, the Issuer also issued preferred shares, par value $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share (the “Preferred Shares” and, together with the Notes, the “Securities”), to TPG RE Finance Trust 2018-FL1 Retention Holder, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Company. The Company retained ownership of $186.5 million of the Notes sold and Preferred Shares in the Issuers.

Proceeds from the issuance of the Securities were used by the Issuers to purchase one commercial real estate whole loan (the “Whole Loan) and 25 fully-funded pari passu participations (the “Pari Passu Participations,” and, together with the Whole Loan, the “Mortgage Assets”) in certain commercial real estate mortgage loans. The Mortgage Assets were purchased by the Issuer from TPG RE Finance Trust CLO Loan Seller, LLC, a Delaware limited liability company, wholly-owned subsidiary of the Company and an affiliate of the Issuers (the “Seller”). The Mortgage Assets represented 25.8% of the aggregate unpaid principal balance of the Company’s loan investment portfolio, and had an aggregate principal balance of approximately $932.4 million, as of March 31, 2018.

Proceeds received by the Seller from the issuance of the Securities were used: (i) to repay an aggregate of $670.3 million of borrowings under the Company’s secured revolving repurchase facilities with Goldman Sachs Bank USA, Morgan Stanley Bank, N.A. and Wells Fargo Bank, National Association, thus creating additional borrowing capacity for new loan originations; (ii) to pay transactions expenses; and (iii) for new loan originations and general corporate purposes.

In accordance with ASC 810, the Company evaluated the key attributes of the Issuers to determine if they were VIEs and, if so, whether the Company was the primary beneficiary of the Issuers’ operating activities. This analysis caused the Company to conclude that the Issuers were VIEs, that the Company was the primary beneficiary and it would consolidate the entities.

The carrying values of the Company’s total assets and total liabilities related to TRTX 2018-FL1 at March 31, 2018 included the following VIE assets and liabilities (dollars in thousands):

	March 31, 2018
ASSETS
Cash and Cash Equivalents	$	2,386
Accrued Interest Receivable		2,693
Loans Held for Investment		932,380
Total Assets	$	937,459
LIABILITIES
Accrued Interest Payable	$	(969	)
Accrued Expenses		(124	)
Collateralized Loan Obligation		(737,433	)
Total Liabilities	$	(738,526	)

Assets held by the Issuers are restricted and can only be used to settle obligations of the Issuers. The liabilities of the Issuers are non-recourse to the Company and can only be satisfied from the Issuers’ assets.

The following table outlines TRTX 2018-FL1 borrowings and loan collateral under the Company’s consolidated Issuers (dollars in thousands):

As of March 31, 2018
Collateral (loan investments)				Debt (notes issued)
Outstanding Principal		Carrying Value		Face Value			Carrying Value
$	932,380	$	932,380	$	(745,904	)	$	(737,433	)

On December 18, 2014, the Company entered into a collateralized loan obligation (“2014-CLO”) through TPG RE Finance Trust CLO Issuer, L.P., a wholly-owned subsidiary of the Company (“CLO Issuer”) and on December 29, 2014, the Company acquired from German American Capital Corporation (“GACC”) a portfolio of 75% participation interests in certain loans secured primarily by first mortgages on commercial properties, with a face value of approximately $2.4 billion. To partially fund the investment, on December 18, 2014, the CLO Issuer issued a Class A Note secured by the Company’s 75% participation interests in the portfolio of loans acquired. In accordance with ASC 810, the Company evaluated the key attributes of the CLO Issuer to determine if it was a VIE and, if so, whether the Company was the primary beneficiary of the CLO Issuer’s operating activities. This analysis resulted in the Company concluding that the CLO Issuer was a VIE, that the Company was the primary beneficiary, and that it would consolidate the entity.

On August 16, 2017, the outstanding principal balance of the Class A Note issued by the CLO Issuer was approximately $118.0 million. On August 16, 2017, the CLO Issuer sold to GACC two first mortgage loan participation interests with an aggregate unpaid principal balance of $12.8 million that collateralized the Class A Note in part and recognized in Other income, net a $0.2 million loss on sale. The sales price of the two first mortgage loans was approximately par value. These loans were sold because they were determined to no longer be consistent with the Company’s current investment strategy.

On August 18, 2017, one of the Company’s wholly-owned subsidiaries purchased from the CLO Issuer seven first mortgage loan participation interests with an aggregate unpaid principal balance of $138.5 million that collateralized the remainder of the Class A Note issued by the CLO Issuer. The first mortgage loan participation interests were sold by the CLO Issuer for approximately par value. On August 23, 2017, proceeds from both transactions were used in combination with approximately $3.0 million of Company cash to retire all amounts outstanding under the Class A Note issued by the CLO Issuer, which totaled $118.0 million. 2014-CLO was subsequently terminated.

For the three months ended March 31, 2018 and 2017, $3.4 million and $5.4 million is included in the Company’s consolidated statements of income as interest expense related to TRTX 2018-FL1 and 2014-CLO, respectively (including amortization of deferred financing costs).

Secured Revolving Repurchase Agreements, Senior Secured Credit Facility and Notes Payable

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Secured Revolving Repurchase Agreements, Senior Secured Credit Facility and Notes Payable

(6) Secured Revolving Repurchase Agreements, Senior Secured Credit Facility and Notes Payable

At March 31, 2018 and December 31, 2017, the Company had secured revolving repurchase agreements, a senior secured credit facility, and notes payable for certain of the Company’s originated loans. These financing agreements bear interest at a rate equal to LIBOR plus a credit spread determined primarily by advance rate and property type. The agreements contain covenants that include certain financial requirements, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio, current ratio and limitations on capital expenditures, indebtedness, distributions, transactions with affiliates and maintenance of positive net income as defined in the agreements.

The following table presents certain information regarding the Company’s notes payable, secured revolving repurchase agreements, and senior secured credit facility as of March 31, 2018 and December 31, 2017, respectively. Except as otherwise noted, all agreements are on a non-recourse basis. Amounts included are shown in thousands:

As of March 31, 2018
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	08/23/19	1 Month Libor		4.5	%		6.2	%	$	92,400	$	33,370	$	59,030	$	84,329
Bank of the Ozarks	08/31/18	1 Month Libor		4.0			5.7			65,017		12,762		52,255		74,651
Deutsche Bank	09/25/19	1 Month Libor		3.5			5.2			64,779		12,817		51,962		86,603
Deutsche Bank	06/29/18	1 Month Libor		3.3			4.9			49,644		16,403		33,241		51,140
Bank of the Ozarks	05/22/18	1 Month Libor		4.8			6.4			26,417		17,815		8,602		18,123
BMO Harris Bank⁽¹⁾	04/09/20	1 Month Libor		2.7			4.3			32,500		—		32,500		45,000
Subtotal										330,757		93,167		237,590		359,846

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	08/19/18	1 Month Libor		2.1	%		3.9	%	$	750,000	$	277,080	$	472,920	$	656,159
Wells Fargo⁽¹⁾	05/25/19	1 Month Libor		2.1			3.9			750,000		320,217		429,783		572,996
JP Morgan⁽¹⁾	08/20/18	1 Month Libor		2.5			4.2			376,407		108,783		267,624		381,176
Morgan Stanley⁽¹⁾	05/04/19	1 Month Libor		2.4			4.2			500,000		234,904		265,096		364,587
US Bank⁽¹⁾	12/09/19	1 Month Libor		2.0			4.0			150,000		78,600		71,400		93,000
Goldman Sachs (CMBS)⁽²⁾	06/01/18	3 Month Libor		—			2.0			100,000		64,782		35,218		39,127
Royal Bank of Canada (CMBS)⁽²⁾	06/20/18	3 Month Libor		1.0			3.2			100,000		92,291		7,709		8,418
Subtotal										2,726,407		1,176,657		1,549,750		2,115,463

Senior Secured Credit Facility	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of America⁽¹⁾	09/29/20	1 Month Libor		2.5			4.4		$	250,000	$	160,400		89,600		112,000
Total									$	3,307,164	$	1,430,224	$	1,876,940	$	2,587,309

⁽¹⁾	Borrowings under secured revolving repurchase agreements, senior secured credit facility, and one note payable with a guarantee for 25% recourse.

⁽²⁾	Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to March 31, 2018.

As of December 31, 2017
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	08/23/19	1 Month Libor		4.5	%		5.9	%	$	92,400	$	43,979	$	48,421	$	69,172
Bank of the Ozarks	08/31/18	1 Month Libor		4.0			5.4			68,600		14,151		54,449		77,784
Deutsche Bank	09/25/19	1 Month Libor		3.5			4.9			64,779		15,895		48,884		81,473
Deutsche Bank	06/29/18	1 Month Libor		3.3			4.6			49,644		18,224		31,420		48,339
Bank of the Ozarks	05/22/18	1 Month Libor		4.8			6.1			48,750		17,479		31,271		48,109
Deutsche Bank	12/09/18	1 Month Libor		3.7			5.0			42,543		1		42,542		60,775
BMO Harris Bank⁽¹⁾	04/09/20	1 Month Libor		2.7			4.0			32,500		—		32,500		45,000
Subtotal										399,216		109,729		289,487		430,652

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	08/19/18	1 Month Libor		2.2	%		3.6	%	$	750,000	$	183,253	$	566,747	$	890,736
Wells Fargo⁽¹⁾	05/25/19	1 Month Libor		2.1			3.6			750,000		232,462		517,538		814,886
JP Morgan⁽¹⁾	08/20/18	1 Month Libor		2.5			4.0			376,942		120,014		256,928		382,135
Morgan Stanley⁽¹⁾	05/04/19	1 Month Libor		2.4			3.9			500,000		120,002		379,998		533,707
US Bank⁽¹⁾	12/09/19	1 Month Libor		2.0			3.6			150,000		78,600		71,400		93,000
Goldman Sachs (CMBS)⁽²⁾	03/02/18	3 Month Libor		0.1			1.6			100,000		64,615		35,385		39,332
Royal Bank of Canada (CMBS)⁽²⁾	03/20/18	3 Month Libor		1.0			2.6			100,000		92,195		7,805		8,418
Subtotal										2,726,942		891,141		1,835,801		2,762,214

Senior Secured Credit Facility

Maturity

Date

Index Rate

Weighted Average Spread

Interest

Rate

Commitment

Amount

Maximum

Current

Availability

Balance

Outstanding

Principal

Balance of

Collateral

Bank of America⁽¹⁾

09/29/20

1 Month Libor

—

$

250,000

$

250,000

—

Total

$

3,376,158

$

1,250,870

$

2,125,288

$

3,192,866

⁽¹⁾	Borrowings under secured revolving repurchase agreements, senior secured credit facility, and one note payable with a guarantee for 25% recourse.

⁽²⁾

Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to December 31, 2017.

Notes Payable

The Company uses note-on-note financing agreements to finance certain of its lending activities. The Company designates these asset-specific financings as notes payable on the consolidated balance sheets. Our ability to draw the undrawn capacity is conditioned upon satisfaction by our borrower of conditions precedent to a funding on the underlying loan pledged as collateral, and by our pro rata funding with equity of the remaining future funding obligation. Amounts designated as undrawn capacity under our asset-specific financings may only be used to satisfy our future funding obligations on the respective underlying pledged loan.

As of March 31, 2018 and December 31, 2017, the Company had six and seven note-on-note financing agreements, respectively. These notes payable allow for additional advances up to a specified cap. As of March 31, 2018 and December 31, 2017, the note-on-note financing agreements were secured by six and seven particular loans held for investment, respectively. The Company’s notes payable have the following guarantees:

(1)

Deutsche Bank and Bank of the Ozarks: Holdco has provided funding guarantees under which Holdco guarantees the funding obligations of the special purpose lending entity in limited circumstances. In addition, under the Deutsche Bank and Bank of the Ozarks asset-specific financings, Holdco has delivered limited non-recourse carve-out guarantees in favor of the lenders as additional credit support for the financings. These guarantees trigger recourse to Holdco as a result of certain “bad boy” defaults for actual losses incurred by such party, or the entire outstanding obligations of the financing borrower, depending on the nature of the “bad boy” default in question; and

(2)

BMO Harris: Holdco has delivered a payment guarantee in favor of the lender as additional credit support for the financing. The liability of Holdco under this guarantee is generally capped at 25% of the outstanding obligations of the special purpose subsidiary which is the primary obligor under the financing. In addition, Holdco has delivered a non-recourse carveout guarantee, which can trigger recourse to Holdco as a result of certain “bad boy” defaults for losses incurred by BMO Harris or the entire outstanding obligations of the financing borrower, depending on the nature of the “bad boy” default in question.

All notes payable at March 31, 2018 are guaranteed by Holdco, and the agreements include guarantor covenants regarding liquid assets and net worth requirements. The Company believes it is in compliance with all covenants as of March 31, 2018 and December 31, 2017. One of these loans at March 31, 2018 is 25% recourse to Holdco. See Note 16 for details about certain amendments to the Company’s financial covenants subsequent to March 31, 2018.

Secured Revolving Repurchase Agreements

The Company utilizes secured revolving repurchase agreements to finance the direct origination or acquisition of commercial real estate mortgage loans and CMBS. Under these secured revolving repurchase agreements, the Company transfers all of its rights, title and interest in the loans or CMBS to the repurchase counterparty in exchange for cash, and simultaneously agrees to reacquire the asset at a future date for an amount equal to the cash exchanged plus an interest factor. The repurchase counterparty collects all principal and interest on related loans or CMBS and remits to the Company only the net after collecting its interest and other fees.

At March 31, 2018 and December 31, 2017, the Company had two secured revolving repurchase agreements to finance its CMBS investing activities. Credit spreads vary depending upon the CMBS and advance rate. Assets pledged at March 31, 2018 and December 31, 2017 consisted of three and three mortgage-backed securities, respectively. These facilities are 100% recourse to Holdco. The agreements include various covenants covering net worth, liquidity, recourse limitations, and debt coverage. The Company believes it is in compliance with all covenants as of March 31, 2018 and December 31, 2017. See Note 16 for details about certain amendments to the Company’s financial covenants subsequent to March 31, 2018.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at March 31, 2018 (dollars in thousands):

	March 31, 2018
	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity
Goldman Sachs Bank	$	750,000	$	656,159	$	651,976	$	474,110	$	177,866		14.9	%		506
Wells Fargo Bank		750,000		572,996		569,711		430,524		139,187		11.7			1,151
Morgan Stanley Bank⁽⁴⁾		500,000		364,587		363,339		265,593		97,746		8.2		N/A
JP Morgan Chase Bank		376,407		381,176		381,143		267,730		113,413		9.5			873
US Bank		150,000		93,000		93,490		71,978		21,512		1.8			1,714
Subtotal / Weighted Average		2,526,407		2,067,918		2,059,659		1,509,935		549,724					878

⁽¹⁾	Amounts shown in the table include interest receivable of $11.0 million and are net of premium, discount and origination fees of $19.3 million.

⁽²⁾	Amounts shown in the table include interest payable of $3.1 million and do not reflect unamortized deferred financing fees of $5.5 million.

⁽³⁾	Represents the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

⁽⁴⁾	The Morgan Stanley Bank credit facility is excluded from the Days to Extended Maturity calculation because it does not have a contractual maturity date.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at March 31, 2018 (dollars in thousands):

	March 31, 2018
	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	100,000	$	39,127	$	38,951	$	35,308	$	3,643		0.3	%	$	62
Royal Bank of Canada		100,000		8,418		8,593		7,769		824		0.1			81
Subtotal / Weighted Average	$	200,000	$	47,545	$	47,544	$	43,077	$	4,467					65
Total / Weighted Average - Loans and CMBS	$	2,726,407	$	2,115,463	$	2,107,203	$	1,553,012	$	554,191					851

⁽¹⁾	Amounts shown in the table include interest receivable of $0.1 million and are net of premium, discount, and unrealized gains of $0.1 million.

⁽²⁾	Amounts shown in the table include interest payable of $0.2 million.

⁽³⁾	Represents the net carrying value of available-for-sale securities sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

⁽⁴⁾	Represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to March 31, 2018.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at December 31, 2017 (dollars in thousands):

	December 31, 2017
	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity
Goldman Sachs Bank	$	750,000	$	890,736	$	887,667	$	568,012	$	319,655		26.6	%		596
Wells Fargo Bank		750,000		814,886		811,257		518,353		292,904		24.4			1,241
Morgan Stanley Bank⁽⁴⁾		500,000		533,707		531,747		380,592		151,155		12.6		N/A
JP Morgan Chase Bank		376,942		382,135		382,542		257,484		125,058		10.4			963
US Bank		150,000		93,000		92,448		71,573		20,875		1.7			1,804
Subtotal / Weighted Average		2,526,942		2,714,464		2,705,661		1,796,014		909,647					960

⁽¹⁾	Amounts shown in the table include interest receivable of $11.6 million and are net of premium, discount and origination fees of $20.4 million.

⁽²⁾	Amounts shown in the table include interest payable of $3.4 million and do not reflect unamortized deferred financing fees of $8.7 million.

⁽³⁾	Represents the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

⁽⁴⁾	The Morgan Stanley Bank credit facility is excluded from the Days to Extended Maturity calculation because it does not have a contractual maturity date.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at December 31, 2017 (dollars in thousands):

	December 31, 2017
	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	100,000	$	39,332	$	39,213	$	35,426	$	3,787		0.3	%		61
Royal Bank of Canada		100,000		8,418		8,675		7,879		796		0.1			79
Subtotal / Weighted Average	$	200,000	$	47,750	$	47,888	$	43,305	$	4,583					64
Total / Weighted Average - Loans and CMBS	$	2,726,942	$	2,762,214	$	2,753,549	$	1,839,319	$	914,230					933

⁽¹⁾	Amounts shown in the table include interest receivable of $0.1 million.

⁽²⁾	Amounts shown in the table include interest payable of $0.1 million.

⁽³⁾	Represents the net carrying value of available-for-sale securities sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

⁽⁴⁾	Represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to December 31, 2017.

Senior Secured Credit Facility

During the year ended December 31, 2017, we entered into a senior secured credit facility agreement with Bank of America, N.A. that has a maximum facility amount of $250 million, which may increase from time to time, up to $500 million, at our request and agreement by the lender. The current extended maturity of this facility is September 2022. This facility is 25% recourse to Holdco, and the related guaranty includes various covenants covering net worth, liquidity, recourse limitations and debt coverage. See Note 16 for details about certain amendments to the Company’s financial covenants subsequent to March 31, 2018.

The following table details the senior secured credit facility as of March 31, 2018 (dollars in thousands):

March 31, 2018

Senior Secured Credit Facility

Maturity

Date

Index Rate

Weighted Average Spread

Interest

Rate

Commitment

Amount

Maximum

Current

Availability

Balance

Outstanding

Bank of America

9/29/2020

1 Month Libor

2.5

%

4.4

%

$

250,000

$

160,400

$

89,600

There were no amounts outstanding on the senior secured credit facility at December 31, 2017.

Schedule of Maturities

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Maturities

(7) Schedule of Maturities

The future principal payments for the five years subsequent to March 31, 2018 and thereafter are as follows (in thousands):

	CLO (TRTX 2018-FL1)		Senior Secured Credit Facility		Repurchase Agreements		Notes Payable
2018	$	63,680	$	—	$	826,450	$	94,099
2019		427,875		—		723,300		110,991
2020		201,337		89,600		—		32,500
2021		53,012		—		—		—
2022		—		—		—		—
Thereafter		—		—		—		—
Total	$	745,904	$	89,600	$	1,549,750	$	237,590

Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

(8) 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. At March 31, 2018, the Company had $3.5 million invested in money market funds with original maturities of less than 90 days. The carrying values of these financial assets and liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The consolidated balance sheet also includes Loans Held for Investment, a collateralized loan obligation (as of March 31, 2018), and secured financing arrangements that are considered Level III fair value measurements that are not measured at fair value on a recurring basis, but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment. The Company did not have any nonrecurring fair value items as of March 31, 2018 and December 31, 2017.

The following tables provide information about financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheet (dollars in thousands):

	March 31, 2018
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	3,597,210	$	—	$	—	$	3,626,659
Financial Liabilities
Collateralized Loan Obligation (TRTX 2018-FL1)		737,433		—		—		737,433
Secured Financing Arrangements		1,868,195		—		—		1,868,195

	December 31, 2017
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	3,175,672	$	—	$	—	$	3,202,150
Financial Liabilities
Secured Financing Arrangements		2,114,990		—		—		2,114,990

Level III fair values were determined based on standardized valuation models and significant unobservable market inputs, including holding period, discount rates based on loan to value, property type and loan pricing expectations developed by the Manager that were corroborated with other institutional lenders to determine a market spread that was added to the one-month LIBOR forward curve. There were no transfers of financial assets or liabilities within the fair value hierarchy during the three months ended March 31, 2018 or year ended December 31, 2017.

At March 31, 2018 and December 31, 2017, the estimated fair value of loans held for investment was $3.6 billion and $3.2 billion, respectively. The weighted average gross spread at March 31, 2018 and December 31, 2017 was 4.5% and 4.8%, respectively. The weighted average years to maturity at March 31, 2018 and December 31, 2017 was 3.7 years and 3.6 years, respectively, assuming full extension of all loans.

At March 31, 2018 and December 31, 2017, the carrying value of the secured financing agreements approximates fair value as current borrowing spreads reflect market terms. At March 31, 2018, the carrying value of the collateralized loan obligation (TRTX 2018-FL1) approximates fair value as current borrowing spreads reflect market terms.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	(9) Income Taxes As of March 31, 2018 and December 31, 2017, the Company indirectly owned 100% of the equity of multiple taxable REIT subsidiaries (collectively, “TRS”). TRS is subject to applicable U.S. federal, state, local and foreign income tax on its taxable income. In addition, as a REIT, the Company also may be subject to a 100% excise tax on certain transactions between it and its TRS that are not conducted on an arm’s-length basis. The Company files income tax returns in the United States federal jurisdiction as well as various state and local jurisdictions. The filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires, with open tax years for all years since the Company’s initial capitalization in 2014. The years open to examination range from 2014 to present. The Company’s TRS had no operations as of March 31, 2018 and December 31, 2017, and accordingly no deferred tax assets or liabilities exist relating to the TRS’s operations. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. As of March 31, 2018 and December 31, 2017, based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of general and administrative expense on its consolidated statements of income. For the periods ended March 31, 2018 and March 31, 2017, the Company did not have interest or penalties associated with the underpayment of any income taxes. For the three months ended March 31, 2018 and March 31, 2017, the Company incurred $0.2 million and $0.2 million, respectively, of federal, state and local tax expense relating to its TRS. At March 31, 2018 and 2017, the Company’s effective tax rate was 0.85% and 0.66%, respectively. At March 31, 2018 and December 31, 2017, the Company had no deferred tax assets or liabilities.

Related Party Transactions

3 Months Ended

Mar. 31, 2018

Related Party Transactions

(10) Related Party Transactions

Management Agreements

Post-IPO Management Agreement

The Company is externally managed and advised by the Manager. During the year ended December 31, 2017, upon the completion of the Company’s initial public offering on July 25, 2017, the pre-IPO Management Agreement (as defined below) terminated without payment of any termination fee to the Manager, and the Company entered into a new management agreement with the Manager (the “Management Agreement”). For the three months ended March 31, 2018, the management fee and incentive management fee were calculated under 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) and 1.50% per annum (0.375% per quarter) of the Company’s “Equity.” The base management fee is payable in cash, quarterly in arrears. “Equity” means: (1) the sum of (a) the net proceeds received by the Company from all issuances of the Company’s common stock and Class A common stock (for purposes of calculating this amount, the net proceeds received by the Company from all issuances of the Company’s outstanding common stock and Class A common stock prior to the completion of the Company’s initial public offering equals approximately $1.0 billion), plus (b) the Company’s cumulative Core Earnings for the period commencing on the completion of the Company’s initial public offering to the end of the most recently completed calendar quarter, and (2) less (a) any distributions to the Company’s stockholders following the completion of the Company’s initial public offering, (b) any amount that the Company or any of its subsidiaries have paid to repurchase for cash the Company’s common stock or Class A common stock following the completion of the Company’s initial public offering and (c) any incentive compensation earned by the Manager following the completion of the Company’s initial public offering. With respect to that portion of the period from and after the completion of the Company’s initial public offering that is used in the calculation of incentive compensation, which is described below, or the base management fee, all items in the foregoing sentence (other than the Company’s cumulative Core Earnings) will be calculated on a daily weighted average basis.

The Manager is entitled to incentive compensation which is calculated and payable in cash with respect to each calendar quarter following the completion of the Company’s initial public offering (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the difference between: (1) the product of (a) 20% and (b) the difference between (i) the Company’s Core Earnings for the most recent 12-month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of incentive compensation is being made (the “applicable period”), and (ii) the product of (A) the Company’s Equity in the most recent 12-month period (or such lesser number of completed calendar quarters, if applicable), including the applicable period, and (B) 7% per annum; and (2) the sum of any incentive compensation paid to the Manager with respect to the first three calendar quarters of the most recent 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive compensation is payable to the Manager with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters following the completion of the Company’s initial public offering) is greater than zero.

The Company is required to reimburse the Manager or its affiliates for documented costs and expenses incurred by it and its affiliates on the Company’s behalf except those specifically required to be borne by the Manager or its affiliates under the Management Agreement. The Company’s reimbursement obligation is not subject to any dollar limitation. The Manager or its affiliates is responsible for, and the Company will not reimburse the Manager or its affiliates for, the expenses related to the personnel of the Manager and its affiliates who provide services to the Company. However, the Company will reimburse the Manager for the Company’s allocable share of the compensation (including, without limitation, annual base salary, bonus, any related withholding taxes and employee benefits) paid to (1) the Manager’s personnel serving as the Company’s chief financial officer based on the percentage of his or her time spent managing the Company’s affairs and (2) other corporate finance, tax, accounting, internal audit, legal risk management, operations, compliance and other non-investment personnel of the Manager or its affiliates who spend all or a portion of their time managing the Company’s affairs, based on the percentage of time devoted by such personnel to the Company’s and the Company’s subsidiaries’ affairs.

Subsequent to March 31, 2018, the Company entered into Amendment No. 1 to the Management Agreement solely for the purpose of amending the definitions of “Equity,” “Core Earnings” and “Incentive Compensation” in the Management Agreement. See Part II, Item 5. Other Information included in this Form 10-Q for details regarding the amendment to the Management Agreement.

Pre-IPO Management Agreement

Through July 24, 2017, the Company paid the Manager a management fee in accordance with the management agreement which was executed on December 15, 2014 (the “pre-IPO Management Agreement”). For the three months ended March 31, 2017, the management fee and incentive management fee were calculated under the pre-IPO Management Agreement. Under the pre-IPO Management Agreement, the management fee was equal to 1.25% of the Company’s stockholders’ equity per annum, and was calculated and payable quarterly in arrears. For purposes of calculating the management fee under the pre-IPO Management Agreement, stockholders’ equity meant: (i) the sum of (A) the net proceeds received by the Company from all issuances of the Company’s common stock, plus (B) the Company’s cumulative Core Earnings from and after the date of the pre-IPO Management Agreement to the end of the most recently completed calendar quarter, (ii) less (A) any distributions to the Company’s stockholders from and after the date of the pre-IPO Management Agreement, (B) any amount that the Company or any of its subsidiaries had paid to repurchase the Company’s common stock since the date of the pre-IPO Management Agreement, and (C) any incentive management fee paid from and after the date of the pre-IPO Management Agreement. With respect to that portion of the period from and after the date of the pre-IPO Management Agreement that was used in any calculation of the incentive management fee or the management fee, all items in the foregoing sentence (other than clause (i) (B)) were calculated on a daily weighted average basis.

In addition, pursuant to the pre-IPO Management Agreement, the Manager was entitled to an incentive management fee each calendar quarter in arrears in an amount, not less than zero, equal to (I) the product of (i) 16% and (ii) the positive sum, if any, remaining after (A) Core Earnings of the Company for the previous 12 month period were reduced by (B) the product of (1) the average of the Company’s stockholders’ equity as of the end of each calendar quarter during such previous 12 month period, and (2) 7% per annum, minus (II) the sum of any incentive management fee paid to the Manager with respect to the first three calendar quarters of such previous 12 month period; provided, however, that no incentive management fee was payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters in the aggregate was greater than zero.

2014-CLO Collateral Management Fee

The Manager also served as Collateral Manager for the 2014-CLO under a collateral management agreement (the “Collateral Management Agreement”). The collateral management fee was equal to 0.075% per annum of the aggregate par amount of the loans in the 2014-CLO, and was calculated and payable monthly in arrears in cash. Pursuant to an arrangement that the Company had with the Manager prior to the Company’s initial public offering, the Company was entitled to reduce the base management fee payable to the Manager under the pre-IPO Management Agreement by an amount equal to the collateral management fee the Manager was entitled to receive for acting as the collateral manager for the 2014-CLO. After the completion of the initial public offering and prior to the termination of the 2014-CLO, the Manager was entitled to earn a collateral management fee for acting as the collateral manager for the 2014-CLO without any reduction or offset right to the base management fee payable to the Manager under the Management Agreement. As of March 31, 2017, the aggregate par amount of the loans in the 2014-CLO was $675.0 million.

Management Fees Incurred and Paid for the three months ended March 31, 2018 and March 31, 2017

For the three months ended March 31, 2018 and 2017, the Company incurred and paid the following management fees, incentive management fees, and collateral management fees related to its pre-IPO and Post-IPO Management Agreements and the 2014-CLO Collateral Management Agreement (dollars in thousands):

	March 31, 2018		March 31, 2017
Post-IPO Management Agreement fees incurred	$	5,630	$	—
Post-IPO Management Agreement fees paid		5,232		—

Pre-IPO Management Agreement and Collateral Management fees incurred		—		4,299
Pre-IPO Management Agreement and Collateral Management fees paid		—		3,065

Management fees, incentive management fees, and collateral management fees included in payable to affiliates on the consolidated balance sheets at March 31, 2018 and December 31, 2017 are approximately $5.6 million and $5.2 million, respectively.

The Company is responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company or for certain services provided by the Manager to the Company. Expenses incurred by the Manager and reimbursed by the Company are reflected in the respective consolidated statements of income expense category or the consolidated balance sheets based on the nature of the item. For the three months ended March 31, 2018 and 2017, $0.3 million and $0.0 million were incurred by the Manager and reimbursable by the Company, respectively.

Termination Fee

A termination fee will be payable 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 or, if such termination occurs prior to July 25, 2019, and such termination fee is payable, the base management fees and the incentive compensation will be annualized for the period from July 25, 2017 to July 25, 2019 based on such fees actually received by the Manager during such period.

Earnings per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Earnings per Share

(11) Earnings per Share

The Company calculates its basic and diluted earnings per share using the two-class method for all periods presented, as the unvested shares of its common stock qualify as participating securities. These restricted shares have the same rights as the Company’s other shares of common stock and Class A common stock, including participating in any dividends, and therefore have been included in the Company’s basic and diluted earnings per share calculation. For the three months ended March 31, 2018 and 2017, $0.03 million and $0.0 million of common stock dividends declared and undistributed net income attributable to common stockholders, respectively, were allocated to unvested shares of our common stock.

At March 31, 2018, all share and per share data reflect the impact of the common stock and Class A common stock dividend which was paid upon completion of the Company’s initial public offering on July 25, 2017 to holders of record as of July 3, 2017. The following table sets forth the calculation of basic and diluted earnings per common share (common stock and Class A common stock) based on the weighted-average number of shares of common stock and Class A common stock outstanding (in thousands, except share and per share data):

	Three Months Ended March 31,
	2018		2017
Net Income Attributable to Common Stockholders	$	25,111	$	23,475
Weighted-Average Common Shares Outstanding, Basic and Diluted		60,393,818		48,446,028
Per Common Share Amount, Basic and Diluted	$	0.42	$	0.48

Share-based Incentive Plan	3 Months Ended
Share-based Incentive Plan	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Incentive Plan	(13) Share-based Incentive Plan The Company does not have any employees as we are externally managed by our Manager. However, as of March 31, 2018, certain individuals employed by an affiliate of our Manager and certain members of our Board of Directors were compensated, in part, through the issuance of share-based instruments. The Company’s Board of Directors has adopted, and the Company’s stockholders have approved, the TPG RE Finance Trust, Inc. 2017 Equity Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the grant of equity-based awards to the Company’s, and its affiliates’, directors, officers, employees (if any) and consultants, and the members, officers, directors, employees and consultants of our Manager or its affiliates, as well as to our Manager and other entities that provide services to us and our affiliates and the employees of such entities. The total number of shares of common stock or long term incentive plan (“LTIP”) units that may be awarded under the Incentive Plan is 4,600,463, or 7.5% of the issued and outstanding shares of our common stock after completion of our common and Class A common stock dividend, initial public offering and the issuance of shares in connection with the partial exercise of the option to purchase additional shares related to the initial public offering. The Incentive Plan will automatically expire on the tenth anniversary of its effective date, unless terminated earlier by the Company’s Board of Directors. No equity grants were awarded in conjunction with the Company’s initial public offering. The shares generally vest in installments over a three-year period, pursuant to the terms of the award and the Incentive Plan. As of March 31, 2018, there were 77,418 shares of common stock outstanding and total unrecognized compensation cost related to unvested share-based compensation arrangements of $1.3 million, based on the March 29, 2018 closing price of our common stock on the New York Stock Exchange of $19.89, which is expected to be recognized over a weighted average period of 3.25 years from March 31, 2018. For the three months ended March 31, 2018, the Company recognized $0.2 million of share-based compensation expense as general and administrative expense in the consolidated statements of income and comprehensive income.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2018
Stockholders Equity Note [Abstract]
Stockholders' Equity	(12) Stockholders’ Equity Stock Dividend On July 3, 2017, we declared a stock dividend that resulted in the issuance of 9,224,268 shares of our common stock and 230,815 shares of our Class A common stock upon the completion of our initial public offering. The stock dividend was paid on July 25, 2017 to holders of record of our common stock and Class A common stock as of July 3, 2017. All prior periods have been restated to give effect to the impact of these transactions on our common and Class A common stock issued, shares outstanding, per share calculations, and basic and diluted weighted average number of common shares outstanding. 10b5-1 Purchase Plan The Company entered into an agreement and related amendments (the “10b5-1 Purchase Plan”) with Goldman Sachs & Co. LLC, pursuant to which Goldman Sachs & Co. LLC, as our agent, will buy in the open market up to $35.0 million in shares of our common stock in the aggregate during the period beginning on or about August 21, 2017 and ending 12 months thereafter or, if sooner, the date on which all the capital committed to the 10b5-1 Purchase Plan has been exhausted. The 10b5-1 Purchase Plan requires Goldman Sachs & Co. LLC to purchase for us shares of our common stock when the market price per share is below the threshold price specified in the 10b5-1 Purchase Plan which is based on our book value per common share. During the three months ended March 31, 2018, the Company repurchased 0.4 million shares of common stock, at a weighted average price of $18.83 per share, for total consideration (including commissions and related fees) of $8.4 million. Through March 31, 2018, the Company has purchased 1.2 million shares of common stock, at a weighted average price of $19.28 per share, for total consideration (including commissions and related fees) of $22.5 million. At March 31, 2018, the Company’s remaining commitment under the 10b5-1 Purchase Plan is $12.5 million. Dividends Prior to the completion of the Company’s initial public offering, dividends were accrued at the time of approval by the Special Actions Committee (the “Committee”), a standing committee comprised of directors who are employed by TPG Global, LLC or an affiliate thereof. Subsequent to the completion of the Company’s initial public offering, dividends are accrued at the time of approval by the Company’s Board of Directors. Upon the approval of the Committee, or the Company’s Board of Directors, as applicable, 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, and second to the holders of the Company’s common stock and Class A common stock. The Company intends to distribute each year substantially all of its taxable income to its stockholders to comply with the REIT provisions of the Internal Revenue Code of 1986, as amended. On March 19, 2018, the Company’s Board of Directors declared a dividend for the first quarter of 2018 in the amount of $0.42 per share of common stock and Class A common stock, or $25.3 million in the aggregate, which dividend was payable on April 25, 2018 to holders of record of our common stock and Class A common stock as of March 29, 2018. On March 31, 2017, the Company declared a dividend associated with the first quarter of 2017 in the amount of $0.44 per share of common stock and Class A common stock, or $21.3 million in the aggregate, which was paid on April 25, 2017. As of March 31, 2018 and December 31, 2017, $25.3 million and $23.1 million, respectively, remain unpaid and are reflected in dividends payable on the Company’s consolidated balance sheets. Liquidation Upon liquidation of the Company, subsequent to the redemption of any outstanding shares of preferred stock, the net assets attributable to all classes of common stock shall be distributed pro rata among the common shareholders in proportion to the number of shares of common stock, regardless of class, held by each such holder. Redemption of Series A Preferred Stock On February 28, 2018, the Company redeemed all outstanding shares of Series A preferred stock for $0.1 million. At December 31, 2017, there were 125 shares of Series A preferred stock outstanding. Other Comprehensive (Loss) Income For the three months ended March 31, 2018 and 2017, other comprehensive (loss) income was $(0.2) million and $1.2 million, respectively. Other comprehensive (loss) income is a result of unrealized (losses) gains on CMBS available-for-sale.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(14) Commitments and Contingencies Unfunded Commitments As of March 31, 2018 and December 31, 2017, the Company had $530.5 million and $529.0 million, respectively, of unfunded commitments related to loans held for investment. These commitments are not reflected on the 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 March 31, 2018 and December 31, 2017, the Company was not involved in any material legal proceedings and has not recorded an accrued liability for loss contingencies.

Concentration of Credit Risk

3 Months Ended

Mar. 31, 2018

Risks And Uncertainties [Abstract]

Concentration of Credit Risk

(15) Concentration of Credit Risk

Property Type

A summary of the loan portfolio by property type as of March 31, 2018 and December 31, 2017 based on total loan commitment and current unpaid principal balance (“UPB”) is as follows (dollars in thousands):

	As of March 31, 2018
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	1,139,065	$	198,708		27.5	%	$	940,357		26.0	%
Multifamily		961,175		74,921		23.2			886,254		24.5
Hotel		693,569		23,071		16.7			670,498		18.5
Condominium		541,260		136,377		13.0			404,883		11.2
Mixed Use		543,500		55,968		13.1			487,532		13.5
Retail		194,980		41,500		4.7			153,480		4.2
Industrial		66,500		—		1.6			66,500		1.8
Other		10,138		—		0.2			10,138		0.3
Total	$	4,150,187	$	530,545		100.0	%	$	3,619,642		100.0	%

	As of December 31, 2017
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	836,826	$	160,450		22.5	%	$	676,376		21.1	%
Multifamily		813,775		75,509		21.8			738,266		23.1
Hotel		693,569		27,980		18.6			665,589		20.8
Condominium		679,779		166,358		18.2			513,421		16.1
Mixed Use		431,500		57,243		11.6			374,257		11.7
Retail		195,012		41,500		5.2			153,512		4.8
Industrial		66,500		—		1.8			66,500		2.1
Other		10,195		—		0.3			10,195		0.3
Total	$	3,727,156	$	529,040		100.0	%	$	3,198,116		100.0	%

Geography

All of the Company’s loans held for investment are secured by properties within the United States. The geographic composition of loans held for investment based on total loan commitment and current UPB is as follows (dollars in thousands):

	March 31, 2018
Geographic Region	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB
East	$	1,892,296	$	186,007		45.5	%	$	1,706,289		47.0	%
South		1,124,791		250,399		27.1			874,392		24.2
West		716,228		80,492		17.3			635,736		17.6
Midwest		367,872		13,647		8.9			354,225		9.8
Various		49,000		—		1.2			49,000		1.4
Total	$	4,150,187	$	530,545		100.0	%	$	3,619,642		100.0	%

	December 31, 2017
Geographic Region	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB
East	$	1,600,619	$	167,447		42.9	%	$	1,433,172		44.8	%
South		1,147,510		278,890		30.8			868,620		27.2
West		674,123		67,746		18.1			606,377		19.0
Midwest		255,904		14,957		6.9			240,947		7.5
Various		49,000		—		1.3			49,000		1.5
Total	$	3,727,156	$	529,040		100.0	%	$	3,198,116		100.0	%

Category

A summary of the loan portfolio by category as of March 31, 2018 and December 31, 2017 based on total loan commitment and current UPB is as follows (dollars in thousands):

	As of March 31, 2018
Loan Category	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB
Bridge	$	2,323,007	$	185,515		56.0	%	$	2,137,492		59.0	%
Moderate Transitional		810,693		147,399		19.5			663,294		18.3
Construction		466,362		135,017		11.2			331,345		9.2
Light Transitional		550,125		62,614		13.3			487,511		13.5
Total	$	4,150,187	$	530,545		100.0	%	$	3,619,642		100.0	%

	As of December 31, 2017
Loan Category	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB
Bridge	$	1,927,488	$	176,316		51.7	%	$	1,751,172		54.7	%
Moderate Transitional		723,075		132,483		19.4			590,592		18.5
Construction		609,468		166,358		16.4			443,110		13.9
Light Transitional		467,125		53,883		12.5			413,242		12.9
Total	$	3,727,156	$	529,040		100.0	%	$	3,198,116		100.0	%

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	(16) Subsequent Events The following events occurred subsequent to March 31, 2018: Cash Dividend On April 25, 2018, the Company paid a cash dividend on its common stock and Class A common stock of $0.42 per share, or $25.3 million, to stockholders of record as of March 29, 2018. 10b5-1 Purchase Plan The Company did not repurchase any shares of common stock under the 10b5-1 Purchase Plan from April 1, 2018 through May 7, 2018. Senior Mortgage Loan Originations From April 1, 2018 through May 7, 2018, the Company originated and is in the process of closing, five first mortgage loans with a total loan commitment amount of $450.0 million. Upon closing, these loans will be funded upon closing with a combination of cash-on-hand and borrowings. Amendments to Lending Arrangements On May 4, 2018, the Company amended its guaranty agreements to align and simplify its financial covenants and allow for additional leverage across its lending arrangements where Holdco is the guarantor. See Part II, Item 5. Other Information included in this Form 10-Q for details about certain amendments to the Company’s financial covenants subsequent to March 31, 2018. The Company has evaluated subsequent events through May 7, 2018.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The interim consolidated financial statements include the Company’s accounts, consolidated variable interest entities for which the Company is the primary beneficiary, and its wholly-owned subsidiaries (see Note 5 for details). 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: impairment; adequacy of provisions for loan losses; and valuation of financial instruments.

Principles of Consolidation

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810—Consolidation (“ASC 810”) provides guidance on the identification of a VIE (a variable interest entity for which control is achieved through means other than voting rights) and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

At each reporting date, the Company reconsiders its primary beneficiary conclusion to determine if its obligation to absorb losses of, or its rights to receive benefits from, the VIE could potentially be more than insignificant, and will consolidate or not consolidate accordingly.

Revenue Recognition

Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for credit impairment, if any. The objective of the interest method is to arrive at periodic interest income including recognition of fees and costs at a constant effective yield. 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 income on a straight line basis, when it approximates the interest method, over the related extension or modification period. Exit fees are accreted into 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. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s loan investments may provide for additional interest based on the borrower’s operating cash flow or appreciation of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon certainty of collection.

The Company considers a loan to be non-performing and places loans on non-accrual status at such time as: (1) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of a default; (2) the loan becomes 90 days delinquent; or (3) the loan has a maturity default. While on non-accrual status, based on the Company’s judgment as to collectability of principal, loans are either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for principal and interest payments, or on a cost-recovery basis, where all cash receipts reduce a loan’s carrying value, and interest income is only recorded when such carrying value has been fully recovered. For the period ended March 31, 2018, no loans were placed on non-accrual status, and we have sustained no losses or impairments to our loan portfolio since Inception.

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 any premiums, discounts, loan origination fees and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, or on a straight line basis when it approximates the interest method, adjusted for actual prepayments.

The Company evaluates each loan classified as a loan held for investment for impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan to the present value of the expected future cash flows discounted at the loan’s contractual effective rate, or the fair value of the collateral, less estimated costs to sell, if recovery of the Company’s investment is expected solely from the sale of the collateral. As part of the quarterly impairment review, we evaluate the risk of each loan and assign a risk rating based on a variety of factors, grouped as follows to include (without limitation): (i) loan and credit structure, including the as-is loan-to-value (“LTV”) and structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geographic, property-type and local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; and (iv) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, our loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-

Outperform—Exceeds performance metrics (for example, technical milestones, occupancy, rents, net operating income) included in original or current credit underwriting and business plan;

2-

Meets or Exceeds Expectations—Collateral performance meets or exceeds substantially all performance metrics included in original or current underwriting / business plan;

3-

Satisfactory—Collateral performance meets or is on track to meet underwriting; business plan is met or can reasonably be achieved;

4-

Underperformance—Collateral performance falls short of original underwriting, and material differences exist from business plan; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and

5-

Risk of Impairment/Default—Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable.

Since Inception, the Company has not recorded asset-specific loan loss reserves, nor has it recognized any impairments on its loan portfolio. Our determination of asset-specific loan loss reserves, should any such reserves be necessary, relies on material estimates regarding the fair value of loan collateral. Such losses could be caused by various factors, including, but not limited to, unanticipated adverse changes in the economy or events adversely affecting specific assets, borrowers, industries in which our borrowers operate or markets in which our borrowers or their properties are located. Significant judgment is required when evaluating loans for impairment.

The Company’s loans are typically collateralized by real estate, or a partnership or similar equity interest in an entity that owns real estate. As a result, the Company regularly evaluates on a loan-by-loan basis the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial 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 impairment analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data.

Commercial Mortgage-Backed Securities

The Company acquires CMBS investments for cash management and investment purposes. The Company designates CMBS investments as available-for-sale on the acquisition date. CMBS investments that are classified as available-for-sale are recorded at fair value in the Company’s consolidated financial statements. Additionally, CMBS investments that are not classified as held-to-maturity and which the Company does not hold for the purpose of selling in the near-term, but may dispose of prior to maturity, are also designated as available-for-sale and are carried at fair value. The Company’s recognition of interest income from its CMBS, including its amortization of premium and discount, follows the Company’s revenue recognition policy as described above under “Revenue Recognition”. The Company uses a specific identification method when determining the cost of a security sold and the amount of unrealized gain or loss reclassified from accumulated other comprehensive income (loss) into earnings. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income and comprehensive income. Significant valuation inputs are Level II in the fair value hierarchy as described below under “Fair Value Measurements”.

Portfolio Financing Arrangements

The Company finances certain loan and CMBS investments using secured revolving repurchase agreements, asset-specific financing arrangements (notes payable on the consolidated balance sheets), a senior secured credit facility, 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 March 31, 2018, the Company has transferred 100% of the senior mortgage loan that the Company originated on a non-recourse basis to a third-party lender and has retained as a loan investment a separate mezzanine loan investment secured by a pledge of the equity in the mortgage borrower. With respect to the senior mortgage loan transferred, the Company retains: no control over the mortgage loan; no economic interest in the mortgage loan; and no recourse to the purchaser or the borrower. Consequently, based on these circumstances and because the Company does not have any continuing involvement with the transferred senior mortgage loan, these syndications are accounted for as sales under GAAP and are removed from the Company’s consolidated financial statements at the time of transfer. The Company’s consolidated balance sheets only include the separate mezzanine loan remaining after the transfer, and not the non-consolidated senior loan interest sold or co-originated that the Company transferred.

Fair Value Measurements

The Company follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), 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 and cash equivalents, restricted cash and available-for-sale CMBS investments. 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 various inputs that management uses to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for such financial instrument is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar assets or liabilities. The income approach uses projections of the future economic benefits of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period.

Income Taxes

The Company qualifies and has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, commencing with its 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. 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.

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. 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. Accordingly, the Company does not expect to pay corporate level taxes.

Earnings per Common Share

The Company utilizes the two-class method when assessing participating securities to calculate earnings per common share. Basic and diluted earnings per common share is computed by dividing net income attributable to common stockholders (i.e., holders of common stock and Class A common stock), by the weighted-average number of common shares (both common stock and Class A common stock) outstanding during the period. The preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of the Class A common stock are identical to the common stock, except (1) the Class A common stock is not a “margin security” as defined in Regulation U of the Board of Governors of the U.S. Federal Reserve System (and rulings and interpretations thereunder) and may not be listed on a national securities exchange or a national market system and (2) each share of Class A common stock is convertible at any time or from time to time, at the option of the holder, for one fully paid and non-assessable share of common stock. The Class A common stock votes together with the common stock as a single class. Shares of Class A common stock have been issued to, and are owned by, certain individuals or entities affiliated with the Company’s external manager, TPG RE Finance Trust Management, L.P., a Delaware limited partnership (the “Manager”), and the sale or conversion to common stock by investors of such shares of Class A common stock is subject to certain restrictions.

Diluted earnings per common share is calculated by including the effect of dilutive securities. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method.

Share-Based Compensation

Share-based compensation consists of awards issued by the Company to certain employees of affiliates of our Manager and certain members of our Board of Directors. These share-based awards generally vest in installments over a fixed period of time. Compensation expense is recognized in net income on a variable basis over the applicable award vesting period based on the value of our common stock. Forfeitures of share-based awards are recognized as they occur.

Deferred Financing Costs

Deferred financing costs are reflected net of the collateralized loan obligation and secured financing agreements on the Company’s consolidated balance sheets. These costs are amortized in interest expense using the interest method or on a straight line basis when it approximates the interest method over the life of the related obligations.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of March 31, 2018 and December 31, 2017. The balances in these accounts may exceed the insured limits.

Restricted Cash

Restricted cash primarily represents deposit proceeds from potential borrowers which may be returned to borrowers, after deducting transaction costs paid by the Company for the benefit of the borrowers, upon the closing of a loan transaction.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the “incurred loss” model under existing guidance with an “expected loss” model for instruments measured at amortized cost, and require entities to record allowances for available-for-sale debt securities rather than reduce the carrying amount, as they do today under the other-than-temporary impairment model. Upon adoption, and resulting from this change, the Company expects that it will be required to record a loan loss reserve at origination or acquisition of an individual loan or a loan portfolio. ASU 2016-13 also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and is to be adopted through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently evaluating the impact ASU 2016-13 will have on its consolidated financial statements.

Recently Adopted Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In August 2015, the FASB issued an update (“ASU 2015-14”) to Topic 606, Deferral of the Effective Date, which deferred the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2017. In March 2016, the FASB issued an update (“ASU 2016-08”) to Topic 606, Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard pursuant to ASU 2014-09. In April 2016, the FASB issued an update (“ASU 2016-10”) to Topic 606, Identifying Performance Obligations and Licensing, which clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in ASU 2014-09. In May 2016, the FASB issued an update (“ASU 2016-12”) to Topic 606, Narrow-Scope Improvements and Practical Expedients, which amends certain aspects of the new revenue recognition standard pursuant to ASU 2014-09. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company adopted the revenue recognition standard updates on January 1, 2018. The Company’s adoption of the revenue recognition standard updates on January 1, 2018 did not have a material impact on the Company’s consolidated financial statements.

Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2018

Receivables [Abstract]

Schedule of Loan Investment Portfolio

The following tables present an overview of the loan investment portfolio as of March 31, 2018 and December 31, 2017 (dollars in thousands):

	March 31, 2018
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	3,561,696	$	(22,257	)	$	3,539,439
Subordinated and mezzanine loans		57,946		(175	)		57,771
Subtotal before allowance		3,619,642		(22,432	)		3,597,210
Allowance for loan losses		—		—			—
Total	$	3,619,642	$	(22,432	)	$	3,597,210

	December 31, 2017
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	3,122,670	$	(22,143	)	$	3,100,527
Subordinated and mezzanine loans		75,446		(301	)		75,145
Subtotal before allowance		3,198,116		(22,444	)		3,175,672
Allowance for loan losses		—		—			—
Total	$	3,198,116	$	(22,444	)	$	3,175,672

Summary of Loan Portfolio Activity

For the three months ended March 31, 2018, loan portfolio activity was as follows (dollars in thousands):


	Carrying Value
Balance at December 31, 2017	$	3,175,672
Additions during the period:
Loans originated		512,522
Additional fundings		60,972
Amortization of discount and origination fees		4,227
Deductions during the period:
Collection of principal		(156,183	)
Balance at March 31, 2018	$	3,597,210

Summary of Carrying Values and Results of Internal Risk Rating Review

The table below summarizes the carrying values and results of the Company’s internal risk rating review performed as of March 31, 2018 and December 31, 2017 (dollars in thousands):

	Carrying Value
Rating	March 31, 2018		December 31, 2017
1	$	49,000	$	—
2		1,217,948		1,318,816
3		2,156,579		1,680,913
4		173,683		175,943
5		—		—
Totals	$	3,597,210	$	3,175,672
Weighted Average Risk Rating⁽¹⁾		2.7		2.6

(1)	Weighted Average Risk Rating calculated based on unpaid principal balance at period end.

Commercial Mortgage-Backed Securities (Tables)

3 Months Ended

Mar. 31, 2018

Investments Debt And Equity Securities [Abstract]

Available-for-Sale Commercial Mortgage-Backed Securities

Details of the carrying and fair values of the Company’s CMBS portfolio are as follows (dollars in thousands):

	March 31, 2018
	Face Amount		Unamortized Premium (Discount)		Gross Unrealized Loss			Estimated Fair Value
Investments, at Fair Value
Commercial mortgage-backed securities	$	148,534	$	758	$	(248	)	$	149,044

	December 31, 2017
	Face Amount		Unamortized Premium (Discount)		Gross Unrealized Loss			Estimated Fair Value
Investments, at Fair Value
Commercial mortgage-backed securities	$	85,661	$	268	$	(34	)	$	85,895

Available-for-Sale Commercial Mortgage-Backed Securities by Contractual Maturity

The Company’s CMBS have a weighted average contractual maturity, based on estimated fair value, of 19.8 years. The amortized cost and estimated fair value of the Company’s available-for-sale CMBS by contractual maturity are shown in the following table (dollars in thousands):

	March 31, 2018
	Amortized Cost		Estimated Fair Value
Maturity Date
After one, within five years	$	36,700	$	36,872
After five years		112,593		112,172
Total investment in commercial mortgage-backed securities, at amortized cost and estimated fair value	$	149,293	$	149,044

	December 31, 2017
	Amortized Cost		Estimated Fair Value
Maturity Date
After one, within five years	$	36,700	$	36,872
After five years		49,229		49,023
Total investment in commercial mortgage-backed securities, at amortized cost and estimated fair value	$	85,929	$	85,895

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Variable Interest Entities and Collateralized Loan Obligation (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Variable Interest Entities Assets and Liabilities

The carrying values of the Company’s total assets and total liabilities related to TRTX 2018-FL1 at March 31, 2018 included the following VIE assets and liabilities (dollars in thousands):

	March 31, 2018
ASSETS
Cash and Cash Equivalents	$	2,386
Accrued Interest Receivable		2,693
Loans Held for Investment		932,380
Total Assets	$	937,459
LIABILITIES
Accrued Interest Payable	$	(969	)
Accrued Expenses		(124	)
Collateralized Loan Obligation		(737,433	)
Total Liabilities	$	(738,526	)

Collateralized Loan Obligation

Schedule of Borrowings and Corresponding Collateral

The following table outlines TRTX 2018-FL1 borrowings and loan collateral under the Company’s consolidated Issuers (dollars in thousands):

As of March 31, 2018
Collateral (loan investments)				Debt (notes issued)
Outstanding Principal		Carrying Value		Face Value			Carrying Value
$	932,380	$	932,380	$	(745,904	)	$	(737,433	)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Secured Revolving Repurchase Agreements, Senior Secured Credit Facility and Notes Payable (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Information Related to Notes Payable, Repurchase Agreement, Senior Secured Credit Facility

The following table presents certain information regarding the Company’s notes payable, secured revolving repurchase agreements, and senior secured credit facility as of March 31, 2018 and December 31, 2017, respectively. Except as otherwise noted, all agreements are on a non-recourse basis. Amounts included are shown in thousands:

As of March 31, 2018
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	08/23/19	1 Month Libor		4.5	%		6.2	%	$	92,400	$	33,370	$	59,030	$	84,329
Bank of the Ozarks	08/31/18	1 Month Libor		4.0			5.7			65,017		12,762		52,255		74,651
Deutsche Bank	09/25/19	1 Month Libor		3.5			5.2			64,779		12,817		51,962		86,603
Deutsche Bank	06/29/18	1 Month Libor		3.3			4.9			49,644		16,403		33,241		51,140
Bank of the Ozarks	05/22/18	1 Month Libor		4.8			6.4			26,417		17,815		8,602		18,123
BMO Harris Bank⁽¹⁾	04/09/20	1 Month Libor		2.7			4.3			32,500		—		32,500		45,000
Subtotal										330,757		93,167		237,590		359,846

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	08/19/18	1 Month Libor		2.1	%		3.9	%	$	750,000	$	277,080	$	472,920	$	656,159
Wells Fargo⁽¹⁾	05/25/19	1 Month Libor		2.1			3.9			750,000		320,217		429,783		572,996
JP Morgan⁽¹⁾	08/20/18	1 Month Libor		2.5			4.2			376,407		108,783		267,624		381,176
Morgan Stanley⁽¹⁾	05/04/19	1 Month Libor		2.4			4.2			500,000		234,904		265,096		364,587
US Bank⁽¹⁾	12/09/19	1 Month Libor		2.0			4.0			150,000		78,600		71,400		93,000
Goldman Sachs (CMBS)⁽²⁾	06/01/18	3 Month Libor		—			2.0			100,000		64,782		35,218		39,127
Royal Bank of Canada (CMBS)⁽²⁾	06/20/18	3 Month Libor		1.0			3.2			100,000		92,291		7,709		8,418
Subtotal										2,726,407		1,176,657		1,549,750		2,115,463

Senior Secured Credit Facility	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of America⁽¹⁾	09/29/20	1 Month Libor		2.5			4.4		$	250,000	$	160,400		89,600		112,000
Total									$	3,307,164	$	1,430,224	$	1,876,940	$	2,587,309

⁽¹⁾	Borrowings under secured revolving repurchase agreements, senior secured credit facility, and one note payable with a guarantee for 25% recourse.

⁽²⁾	Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to March 31, 2018.

As of December 31, 2017
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	08/23/19	1 Month Libor		4.5	%		5.9	%	$	92,400	$	43,979	$	48,421	$	69,172
Bank of the Ozarks	08/31/18	1 Month Libor		4.0			5.4			68,600		14,151		54,449		77,784
Deutsche Bank	09/25/19	1 Month Libor		3.5			4.9			64,779		15,895		48,884		81,473
Deutsche Bank	06/29/18	1 Month Libor		3.3			4.6			49,644		18,224		31,420		48,339
Bank of the Ozarks	05/22/18	1 Month Libor		4.8			6.1			48,750		17,479		31,271		48,109
Deutsche Bank	12/09/18	1 Month Libor		3.7			5.0			42,543		1		42,542		60,775
BMO Harris Bank⁽¹⁾	04/09/20	1 Month Libor		2.7			4.0			32,500		—		32,500		45,000
Subtotal										399,216		109,729		289,487		430,652

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	08/19/18	1 Month Libor		2.2	%		3.6	%	$	750,000	$	183,253	$	566,747	$	890,736
Wells Fargo⁽¹⁾	05/25/19	1 Month Libor		2.1			3.6			750,000		232,462		517,538		814,886
JP Morgan⁽¹⁾	08/20/18	1 Month Libor		2.5			4.0			376,942		120,014		256,928		382,135
Morgan Stanley⁽¹⁾	05/04/19	1 Month Libor		2.4			3.9			500,000		120,002		379,998		533,707
US Bank⁽¹⁾	12/09/19	1 Month Libor		2.0			3.6			150,000		78,600		71,400		93,000
Goldman Sachs (CMBS)⁽²⁾	03/02/18	3 Month Libor		0.1			1.6			100,000		64,615		35,385		39,332
Royal Bank of Canada (CMBS)⁽²⁾	03/20/18	3 Month Libor		1.0			2.6			100,000		92,195		7,805		8,418
Subtotal										2,726,942		891,141		1,835,801		2,762,214

Senior Secured Credit Facility

Maturity

Date

Index Rate

Weighted Average Spread

Interest

Rate

Commitment

Amount

Maximum

Current

Availability

Balance

Outstanding

Principal

Balance of

Collateral

Bank of America⁽¹⁾

09/29/20

1 Month Libor

—

$

250,000

$

250,000

—

Total

$

3,376,158

$

1,250,870

$

2,125,288

$

3,192,866

⁽¹⁾	Borrowings under secured revolving repurchase agreements, senior secured credit facility, and one note payable with a guarantee for 25% recourse.

⁽²⁾

Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to December 31, 2017.

Summary of Repurchase Agreements Secured by CMBS, Short-term Borrowings, and Counterparty Concentration

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at March 31, 2018 (dollars in thousands):

	March 31, 2018
	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	100,000	$	39,127	$	38,951	$	35,308	$	3,643		0.3	%	$	62
Royal Bank of Canada		100,000		8,418		8,593		7,769		824		0.1			81
Subtotal / Weighted Average	$	200,000	$	47,545	$	47,544	$	43,077	$	4,467					65
Total / Weighted Average - Loans and CMBS	$	2,726,407	$	2,115,463	$	2,107,203	$	1,553,012	$	554,191					851

⁽¹⁾	Amounts shown in the table include interest receivable of $0.1 million and are net of premium, discount, and unrealized gains of $0.1 million.

⁽²⁾	Amounts shown in the table include interest payable of $0.2 million.

⁽³⁾	Represents the net carrying value of available-for-sale securities sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

⁽⁴⁾	Represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to March 31, 2018.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at December 31, 2017 (dollars in thousands):

	December 31, 2017
	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	100,000	$	39,332	$	39,213	$	35,426	$	3,787		0.3	%		61
Royal Bank of Canada		100,000		8,418		8,675		7,879		796		0.1			79
Subtotal / Weighted Average	$	200,000	$	47,750	$	47,888	$	43,305	$	4,583					64
Total / Weighted Average - Loans and CMBS	$	2,726,942	$	2,762,214	$	2,753,549	$	1,839,319	$	914,230					933

⁽¹⁾	Amounts shown in the table include interest receivable of $0.1 million.

⁽²⁾	Amounts shown in the table include interest payable of $0.1 million.

⁽³⁾	Represents the net carrying value of available-for-sale securities sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

⁽⁴⁾	Represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to December 31, 2017.

Commercial Mortgage Loans

Summary of Repurchase Agreements Secured by Commercial Mortgage Loans, Long - term Borrowings, and Counterparty Concentration

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at March 31, 2018 (dollars in thousands):

	March 31, 2018
	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity
Goldman Sachs Bank	$	750,000	$	656,159	$	651,976	$	474,110	$	177,866		14.9	%		506
Wells Fargo Bank		750,000		572,996		569,711		430,524		139,187		11.7			1,151
Morgan Stanley Bank⁽⁴⁾		500,000		364,587		363,339		265,593		97,746		8.2		N/A
JP Morgan Chase Bank		376,407		381,176		381,143		267,730		113,413		9.5			873
US Bank		150,000		93,000		93,490		71,978		21,512		1.8			1,714
Subtotal / Weighted Average		2,526,407		2,067,918		2,059,659		1,509,935		549,724					878

⁽¹⁾	Amounts shown in the table include interest receivable of $11.0 million and are net of premium, discount and origination fees of $19.3 million.

⁽²⁾	Amounts shown in the table include interest payable of $3.1 million and do not reflect unamortized deferred financing fees of $5.5 million.

⁽³⁾	Represents the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

⁽⁴⁾	The Morgan Stanley Bank credit facility is excluded from the Days to Extended Maturity calculation because it does not have a contractual maturity date.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at December 31, 2017 (dollars in thousands):

	December 31, 2017
	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity
Goldman Sachs Bank	$	750,000	$	890,736	$	887,667	$	568,012	$	319,655		26.6	%		596
Wells Fargo Bank		750,000		814,886		811,257		518,353		292,904		24.4			1,241
Morgan Stanley Bank⁽⁴⁾		500,000		533,707		531,747		380,592		151,155		12.6		N/A
JP Morgan Chase Bank		376,942		382,135		382,542		257,484		125,058		10.4			963
US Bank		150,000		93,000		92,448		71,573		20,875		1.7			1,804
Subtotal / Weighted Average		2,526,942		2,714,464		2,705,661		1,796,014		909,647					960

⁽¹⁾	Amounts shown in the table include interest receivable of $11.6 million and are net of premium, discount and origination fees of $20.4 million.

⁽²⁾	Amounts shown in the table include interest payable of $3.4 million and do not reflect unamortized deferred financing fees of $8.7 million.

⁽³⁾	Represents the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

⁽⁴⁾	The Morgan Stanley Bank credit facility is excluded from the Days to Extended Maturity calculation because it does not have a contractual maturity date.

Secured Revolving Repurchase Agreements, Senior Secured Credit Facility, Notes Payable and Subscription Secured Facility (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of Information Related to Notes Payable, Repurchase Agreement, Senior Secured Credit Facility

The following table presents certain information regarding the Company’s notes payable, secured revolving repurchase agreements, and senior secured credit facility as of March 31, 2018 and December 31, 2017, respectively. Except as otherwise noted, all agreements are on a non-recourse basis. Amounts included are shown in thousands:

As of March 31, 2018
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	08/23/19	1 Month Libor		4.5	%		6.2	%	$	92,400	$	33,370	$	59,030	$	84,329
Bank of the Ozarks	08/31/18	1 Month Libor		4.0			5.7			65,017		12,762		52,255		74,651
Deutsche Bank	09/25/19	1 Month Libor		3.5			5.2			64,779		12,817		51,962		86,603
Deutsche Bank	06/29/18	1 Month Libor		3.3			4.9			49,644		16,403		33,241		51,140
Bank of the Ozarks	05/22/18	1 Month Libor		4.8			6.4			26,417		17,815		8,602		18,123
BMO Harris Bank⁽¹⁾	04/09/20	1 Month Libor		2.7			4.3			32,500		—		32,500		45,000
Subtotal										330,757		93,167		237,590		359,846

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	08/19/18	1 Month Libor		2.1	%		3.9	%	$	750,000	$	277,080	$	472,920	$	656,159
Wells Fargo⁽¹⁾	05/25/19	1 Month Libor		2.1			3.9			750,000		320,217		429,783		572,996
JP Morgan⁽¹⁾	08/20/18	1 Month Libor		2.5			4.2			376,407		108,783		267,624		381,176
Morgan Stanley⁽¹⁾	05/04/19	1 Month Libor		2.4			4.2			500,000		234,904		265,096		364,587
US Bank⁽¹⁾	12/09/19	1 Month Libor		2.0			4.0			150,000		78,600		71,400		93,000
Goldman Sachs (CMBS)⁽²⁾	06/01/18	3 Month Libor		—			2.0			100,000		64,782		35,218		39,127
Royal Bank of Canada (CMBS)⁽²⁾	06/20/18	3 Month Libor		1.0			3.2			100,000		92,291		7,709		8,418
Subtotal										2,726,407		1,176,657		1,549,750		2,115,463

Senior Secured Credit Facility	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of America⁽¹⁾	09/29/20	1 Month Libor		2.5			4.4		$	250,000	$	160,400		89,600		112,000
Total									$	3,307,164	$	1,430,224	$	1,876,940	$	2,587,309

⁽¹⁾	Borrowings under secured revolving repurchase agreements, senior secured credit facility, and one note payable with a guarantee for 25% recourse.

⁽²⁾	Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to March 31, 2018.

As of December 31, 2017
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	08/23/19	1 Month Libor		4.5	%		5.9	%	$	92,400	$	43,979	$	48,421	$	69,172
Bank of the Ozarks	08/31/18	1 Month Libor		4.0			5.4			68,600		14,151		54,449		77,784
Deutsche Bank	09/25/19	1 Month Libor		3.5			4.9			64,779		15,895		48,884		81,473
Deutsche Bank	06/29/18	1 Month Libor		3.3			4.6			49,644		18,224		31,420		48,339
Bank of the Ozarks	05/22/18	1 Month Libor		4.8			6.1			48,750		17,479		31,271		48,109
Deutsche Bank	12/09/18	1 Month Libor		3.7			5.0			42,543		1		42,542		60,775
BMO Harris Bank⁽¹⁾	04/09/20	1 Month Libor		2.7			4.0			32,500		—		32,500		45,000
Subtotal										399,216		109,729		289,487		430,652

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	08/19/18	1 Month Libor		2.2	%		3.6	%	$	750,000	$	183,253	$	566,747	$	890,736
Wells Fargo⁽¹⁾	05/25/19	1 Month Libor		2.1			3.6			750,000		232,462		517,538		814,886
JP Morgan⁽¹⁾	08/20/18	1 Month Libor		2.5			4.0			376,942		120,014		256,928		382,135
Morgan Stanley⁽¹⁾	05/04/19	1 Month Libor		2.4			3.9			500,000		120,002		379,998		533,707
US Bank⁽¹⁾	12/09/19	1 Month Libor		2.0			3.6			150,000		78,600		71,400		93,000
Goldman Sachs (CMBS)⁽²⁾	03/02/18	3 Month Libor		0.1			1.6			100,000		64,615		35,385		39,332
Royal Bank of Canada (CMBS)⁽²⁾	03/20/18	3 Month Libor		1.0			2.6			100,000		92,195		7,805		8,418
Subtotal										2,726,942		891,141		1,835,801		2,762,214

Senior Secured Credit Facility

Maturity

Date

Index Rate

Weighted Average Spread

Interest

Rate

Commitment

Amount

Maximum

Current

Availability

Balance

Outstanding

Principal

Balance of

Collateral

Bank of America⁽¹⁾

09/29/20

1 Month Libor

—

$

250,000

$

250,000

—

Total

$

3,376,158

$

1,250,870

$

2,125,288

$

3,192,866

⁽¹⁾	Borrowings under secured revolving repurchase agreements, senior secured credit facility, and one note payable with a guarantee for 25% recourse.

⁽²⁾

Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to December 31, 2017.

Senior Secured Credit Facility

Schedule of Information Related to Notes Payable, Repurchase Agreement, Senior Secured Credit Facility

The following table details the senior secured credit facility as of March 31, 2018 (dollars in thousands):

March 31, 2018

Senior Secured Credit Facility

Maturity

Date

Index Rate

Weighted Average Spread

Interest

Rate

Commitment

Amount

Maximum

Current

Availability

Balance

Outstanding

Bank of America

9/29/2020

1 Month Libor

2.5

%

4.4

%

$

250,000

$

160,400

$

89,600

Schedule of Maturities (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Future Principal Payments

The future principal payments for the five years subsequent to March 31, 2018 and thereafter are as follows (in thousands):

	CLO (TRTX 2018-FL1)		Senior Secured Credit Facility		Repurchase Agreements		Notes Payable
2018	$	63,680	$	—	$	826,450	$	94,099
2019		427,875		—		723,300		110,991
2020		201,337		89,600		—		32,500
2021		53,012		—		—		—
2022		—		—		—		—
Thereafter		—		—		—		—
Total	$	745,904	$	89,600	$	1,549,750	$	237,590

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Not Carried at Fair Value On Recurring Basis

The following tables provide information about financial assets and liabilities not carried at fair value on a recurring basis in our consolidated balance sheet (dollars in thousands):

	March 31, 2018
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	3,597,210	$	—	$	—	$	3,626,659
Financial Liabilities
Collateralized Loan Obligation (TRTX 2018-FL1)		737,433		—		—		737,433
Secured Financing Arrangements		1,868,195		—		—		1,868,195

	December 31, 2017
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	3,175,672	$	—	$	—	$	3,202,150
Financial Liabilities
Secured Financing Arrangements		2,114,990		—		—		2,114,990

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Summary of Management Agreement Fees Incurred and Paid Related to Pre-IPO and Post-IPO Management Agreements and Collateral Management Agreement

For the three months ended March 31, 2018 and 2017, the Company incurred and paid the following management fees, incentive management fees, and collateral management fees related to its pre-IPO and Post-IPO Management Agreements and the 2014-CLO Collateral Management Agreement (dollars in thousands):

	March 31, 2018		March 31, 2017
Post-IPO Management Agreement fees incurred	$	5,630	$	—
Post-IPO Management Agreement fees paid		5,232		—

Pre-IPO Management Agreement and Collateral Management fees incurred		—		4,299
Pre-IPO Management Agreement and Collateral Management fees paid		—		3,065

Earnings per Share (Tables)	3 Months Ended
Earnings per Share (Tables)	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Earnings per Common Share	The following table sets forth the calculation of basic and diluted earnings per common share (common stock and Class A common stock) based on the weighted-average number of shares of common stock and Class A common stock outstanding (in thousands, except share and per share data):

Concentration of Credit Risk (Tables)

3 Months Ended

Mar. 31, 2018

Loans And Leases Receivable Disclosure [Line Items]

Summary of Loan Portfolio by Property/ Loan Category Type

Property Type

A summary of the loan portfolio by property type as of March 31, 2018 and December 31, 2017 based on total loan commitment and current unpaid principal balance (“UPB”) is as follows (dollars in thousands):

	As of March 31, 2018
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	1,139,065	$	198,708		27.5	%	$	940,357		26.0	%
Multifamily		961,175		74,921		23.2			886,254		24.5
Hotel		693,569		23,071		16.7			670,498		18.5
Condominium		541,260		136,377		13.0			404,883		11.2
Mixed Use		543,500		55,968		13.1			487,532		13.5
Retail		194,980		41,500		4.7			153,480		4.2
Industrial		66,500		—		1.6			66,500		1.8
Other		10,138		—		0.2			10,138		0.3
Total	$	4,150,187	$	530,545		100.0	%	$	3,619,642		100.0	%

	As of December 31, 2017
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	836,826	$	160,450		22.5	%	$	676,376		21.1	%
Multifamily		813,775		75,509		21.8			738,266		23.1
Hotel		693,569		27,980		18.6			665,589		20.8
Condominium		679,779		166,358		18.2			513,421		16.1
Mixed Use		431,500		57,243		11.6			374,257		11.7
Retail		195,012		41,500		5.2			153,512		4.8
Industrial		66,500		—		1.8			66,500		2.1
Other		10,195		—		0.3			10,195		0.3
Total	$	3,727,156	$	529,040		100.0	%	$	3,198,116		100.0	%

Summary of Geographic Composition of Loans Held for Investment Based on Current UPB and Loan Commitment

All of the Company’s loans held for investment are secured by properties within the United States. The geographic composition of loans held for investment based on total loan commitment and current UPB is as follows (dollars in thousands):

	March 31, 2018
Geographic Region	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB
East	$	1,892,296	$	186,007		45.5	%	$	1,706,289		47.0	%
South		1,124,791		250,399		27.1			874,392		24.2
West		716,228		80,492		17.3			635,736		17.6
Midwest		367,872		13,647		8.9			354,225		9.8
Various		49,000		—		1.2			49,000		1.4
Total	$	4,150,187	$	530,545		100.0	%	$	3,619,642		100.0	%

	December 31, 2017
Geographic Region	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB
East	$	1,600,619	$	167,447		42.9	%	$	1,433,172		44.8	%
South		1,147,510		278,890		30.8			868,620		27.2
West		674,123		67,746		18.1			606,377		19.0
Midwest		255,904		14,957		6.9			240,947		7.5
Various		49,000		—		1.3			49,000		1.5
Total	$	3,727,156	$	529,040		100.0	%	$	3,198,116		100.0	%

Loan Category

Loans And Leases Receivable Disclosure [Line Items]

Summary of Loan Portfolio by Property/ Loan Category Type

A summary of the loan portfolio by category as of March 31, 2018 and December 31, 2017 based on total loan commitment and current UPB is as follows (dollars in thousands):

	As of March 31, 2018
Loan Category	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB
Bridge	$	2,323,007	$	185,515		56.0	%	$	2,137,492		59.0	%
Moderate Transitional		810,693		147,399		19.5			663,294		18.3
Construction		466,362		135,017		11.2			331,345		9.2
Light Transitional		550,125		62,614		13.3			487,511		13.5
Total	$	4,150,187	$	530,545		100.0	%	$	3,619,642		100.0	%

	As of December 31, 2017
Loan Category	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB
Bridge	$	1,927,488	$	176,316		51.7	%	$	1,751,172		54.7	%
Moderate Transitional		723,075		132,483		19.4			590,592		18.5
Construction		609,468		166,358		16.4			443,110		13.9
Light Transitional		467,125		53,883		12.5			413,242		12.9
Total	$	3,727,156	$	529,040		100.0	%	$	3,198,116		100.0	%

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018 USD ($) Loan	Dec. 31, 2017 USD ($) Loan
Accounting Policies [Abstract]
Threshold period of delinquency	90 days
Number of loans on non-accrual status \| Loan	0	0
Percentage of senior mortgage loan transferred to third-party	100.00%
Maximum insured amount of each cash account \| $	$ 250,000	$ 250,000

Loans Held for Investment - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018 USD ($) Rating Loan	Dec. 31, 2017 USD ($) Rating Loan
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 4,150,187,000	$ 3,727,156,000
Unfunded loan commitments	530,545,000	529,040,000
Unaccreted discount	$ 1,100,000	$ 2,000,000
Number of loans on non-accrual status \| Loan	0	0
Reserve	$ 0	$ 0
Weighted average risk rating \| Rating	2.7	2.6
Moved from Two Risk Rating into One Risk Rating
Accounts Notes And Loans Receivable [Line Items]
Number of loans selected for risk rate changes \| Loan	1
Moved from Two Risk Rating into Three Risk Rating
Accounts Notes And Loans Receivable [Line Items]
Number of loans selected for risk rate changes \| Loan	1
German American Capital Corporation
Accounts Notes And Loans Receivable [Line Items]
Number of loans originated or acquired \| Loan	7
Total loan commitment amount	$ 579,200,000
Unpaid principal balance	516,700,000
Unfunded loan commitments	62,500,000
German American Capital Corporation \| Non-recourse Senior Loan
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 81,500,000

Loans Held for Investment - Schedule of Loan Investment Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	$ 3,619,642	$ 3,198,116
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(22,432)	(22,444)
Carrying Amount, before allowance for loan losses	3,597,210	3,175,672
Outstanding Principal, after allowance for loan losses	3,619,642	3,198,116
Unamortized Premium (Discount), Loan Origination Fees net, after allowance for loan losses	(22,432)	(22,444)
Carrying Amount, after allowance for loan losses	3,597,210	3,175,672
Senior Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	3,561,696	3,122,670
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(22,257)	(22,143)
Carrying Amount, before allowance for loan losses	3,539,439	3,100,527
Subordinated and Mezzanine Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	57,946	75,446
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(175)	(301)
Carrying Amount, before allowance for loan losses	$ 57,771	$ 75,145

Loans Held for Investment - Summary of Loan Portfolio Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Loans And Leases Receivable Disclosure [Abstract]
Balance at December 31, 2017	$ 3,175,672
Loans originated	512,522
Additional fundings	60,972
Amortization of discount and origination fees	4,227
Collection of principal	(156,183)
Balance at March 31, 2018	$ 3,597,210

Loans Held for Investment - Summary of Carrying Values and Results of Internal Risk Rating Review Performed (Details) $ in Thousands	Mar. 31, 2018 USD ($) Rating	Dec. 31, 2017 USD ($) Rating
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 3,597,210	$ 3,175,672
Weighted Average Risk Rating \| Rating	2.7	2.6
Rating 1
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 49,000
Rating 2
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	1,217,948	$ 1,318,816
Rating 3
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	2,156,579	1,680,913
Rating 4
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 173,683	$ 175,943

Commercial Mortgage-Backed Securities - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018 USD ($) Investment	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) Investment
Schedule Of Available For Sale Securities [Line Items]
Payments to acquire investments	$ 63,654,000	$ 38,259,000
Weighted average contractual maturity, Terms	19 years 9 months 18 days
Commercial Mortgage-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Number of investments purchased \| Investment	10
Weighted average coupon rate	2.60%
Payments to acquire investments	$ 63,700,000
Number of Investments \| Investment	15		5
Other than temporary impairments on available-for-sale	$ 0		$ 0

Commercial Mortgage-Backed Securities - Available-for-Sale Commercial Mortgage-Backed Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value	$ 149,044	$ 85,895
Commercial Mortgage-Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Face Amount	148,534	85,661
Unamortized Premium (Discount)	758	268
Gross Unrealized Loss	(248)	(34)
Estimated Fair Value	$ 149,044	$ 85,895

Commercial Mortgage-Backed Securities - Available-for-Sale Commercial Mortgage-Backed Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Estimated Fair Value
Total investment in commercial mortgage-backed securities, at amortized cost and estimated fair value	$ 149,044	$ 85,895
Commercial Mortgage-Backed Securities
Amortized Cost
After one, within five years	36,700	36,700
After five years	112,593	49,229
Total investment in commercial mortgage-backed securities, at amortized cost and estimated fair value	149,293	85,929
Estimated Fair Value
After one, within five years	36,872	36,872
After five years	112,172	49,023
Total investment in commercial mortgage-backed securities, at amortized cost and estimated fair value	$ 149,044	$ 85,895

Variable Interest Entities and Collateralized Loan Obligation - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended
	Feb. 16, 2018 USD ($)	Aug. 23, 2017 USD ($)	Aug. 16, 2017 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Feb. 14, 2018 USD ($) $ / shares	Aug. 18, 2017 USD ($) Loan	Dec. 29, 2014 USD ($)
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Loans held for investment, aggregate unpaid principal balance percentage				25.80%
Amortization of deferred financing costs recorded to interest expense				$ 3,658	$ 2,576
Collateralized Loan Obligation
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Principal amount of notes issued				745,904
Amortization of deferred financing costs recorded to interest expense				3,400	$ 5,400
German American Capital Corporation
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Percentage of interest in loans acquired								75.00%
Loans secured, face value								$ 2,400,000
Class A Senior Secured Note
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Unpaid principal balance of loan			$ 12,800
Loss on sale of first mortgage loan participation interests			$ (200)
Class A Senior Secured Note \| CLO Issuer
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Unpaid principal balance of loan							$ 138,500
Number of first mortgage loan participation interests sold \| Loan							7
Cash		$ 3,000
Repayment of Class A Note		$ 118,000
Securities
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Liquidation preference notional amount						$ 1,000,000
TPG Real Estate Finance 2018-FL1 Issuer, Ltd. and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Preferred shares par value per share \| $ / shares						$ 0.001
TPG Real Estate Finance 2018-FL1 Issuer, Ltd. and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC \| Notes
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Principal amount of notes issued	$ 820,500
TPG Real Estate Finance 2018-FL1 Issuer, Ltd. and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC \| Securities
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Variable interest entity retained ownership amount						$ 186,500
Co-Issuer
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Principal amount of notes issued	745,900
Mortgage Asset
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Principal amount of notes issued				$ 932,400
Goldman Sachs Bank USA, Morgan Stanley Bank, N.A. and Wells Fargo Bank
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Repayments of lines of credit	$ 670,300

Variable Interest Entities and Collateralized Loan Obligation - Summary of Variable Interest Entities Assets and Liabilities (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands	Mar. 31, 2018 USD ($)
ASSETS
Total Assets	$ 937,459
LIABILITIES
Total Liabilities	(738,526)
Cash and Cash Equivalents
ASSETS
Total Assets	2,386
Accrued Interest Receivable
ASSETS
Total Assets	2,693
Loans Held for Investment
ASSETS
Total Assets	932,380
Accrued Interest Payable
LIABILITIES
Total Liabilities	(969)
Accrued Expenses
LIABILITIES
Total Liabilities	(124)
Collateralized Loan Obligation
LIABILITIES
Total Liabilities	$ (737,433)

Variable Interest Entities and Collateralized Loan Obligation - Schedule of Borrowings and Corresponding Collateral (Details)
$ in Thousands

Mar. 31, 2018

USD ($)

Collateralized Loan Obligation

Debt, Carrying Value

$ (737,433)

^[1]

Collateral (loans), Outstanding Principal

932,380

Collateral (loans), Carrying Value

932,380

Debt, Face Value

(745,904)

Debt, Carrying Value

$ (737,433)

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Summary of Notes Payable, Secured Revolving Repurchase Agreements, Senior Secured Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Index Rate	one-month LIBOR
Repurchase Agreements
Debt Instrument [Line Items]
Commitment Amount	$ 2,726,407	$ 2,726,942
Maximum Current Availability	1,176,657	891,141
Balance Outstanding	1,549,750	1,835,801
Collateral (loans), Outstanding Principal	2,115,463	2,762,214
Senior Secured Credit Facility
Debt Instrument [Line Items]
Commitment Amount	3,307,164	3,376,158
Maximum Current Availability	1,430,224	1,250,870
Balance Outstanding	1,876,940	2,125,288
Collateral (loans), Outstanding Principal	2,587,309	3,192,866
Notes Payable
Debt Instrument [Line Items]
Commitment Amount	330,757	399,216
Maximum Current Availability	93,167	109,729
Balance Outstanding	237,590	289,487
Collateral (loans), Outstanding Principal	$ 359,846	$ 430,652
Debt Instrument, Interest Rate at 3.6% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Dec. 09, 2019
Index Rate		1 Month Libor
Weighted Average Spread		2.00%
Interest Rate		3.60%
Commitment Amount		$ 150,000
Maximum Current Availability		78,600
Balance Outstanding		71,400
Collateral (loans), Outstanding Principal		$ 93,000
Bank of the Ozarks \| Debt Instrument, Interest Rate at 6.2% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Aug. 23, 2019
Index Rate	1 Month Libor
Weighted Average Spread	4.50%
Interest Rate	6.20%
Commitment Amount	$ 92,400
Maximum Current Availability	33,370
Balance Outstanding	59,030
Collateral (loans), Outstanding Principal	$ 84,329
Bank of the Ozarks \| Debt Instrument, Interest Rate at 5.7% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Aug. 31, 2018
Index Rate	1 Month Libor
Weighted Average Spread	4.00%
Interest Rate	5.70%
Commitment Amount	$ 65,017
Maximum Current Availability	12,762
Balance Outstanding	52,255
Collateral (loans), Outstanding Principal	$ 74,651
Bank of the Ozarks \| Debt Instrument, Interest Rate at 6.4% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	May 22, 2018
Index Rate	1 Month Libor
Weighted Average Spread	4.80%
Interest Rate	6.40%
Commitment Amount	$ 26,417
Maximum Current Availability	17,815
Balance Outstanding	8,602
Collateral (loans), Outstanding Principal	$ 18,123
Bank of the Ozarks \| Debt Instrument, Interest Rate at 4.5% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Aug. 23, 2019
Index Rate		1 Month Libor
Weighted Average Spread		4.50%
Interest Rate		5.90%
Commitment Amount		$ 92,400
Maximum Current Availability		43,979
Balance Outstanding		48,421
Collateral (loans), Outstanding Principal		$ 69,172
Bank of the Ozarks \| Debt Instrument, Interest Rate at 5.4% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Aug. 31, 2018
Index Rate		1 Month Libor
Weighted Average Spread		4.00%
Interest Rate		5.40%
Commitment Amount		$ 68,600
Maximum Current Availability		14,151
Balance Outstanding		54,449
Collateral (loans), Outstanding Principal		$ 77,784
Bank of the Ozarks \| Debt Instrument, Interest Rate at 6.1% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		May 22, 2018
Index Rate		1 Month Libor
Weighted Average Spread		4.80%
Interest Rate		6.10%
Commitment Amount		$ 48,750
Maximum Current Availability		17,479
Balance Outstanding		31,271
Collateral (loans), Outstanding Principal		$ 48,109
Deutsche Bank \| Debt Instrument, Interest Rate at 5.2% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Sep. 25, 2019
Index Rate	1 Month Libor
Weighted Average Spread	3.50%
Interest Rate	5.20%
Commitment Amount	$ 64,779
Maximum Current Availability	12,817
Balance Outstanding	51,962
Collateral (loans), Outstanding Principal	$ 86,603
Deutsche Bank \| Debt Instrument, Interest Rate at 4.9% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Jun. 29, 2018	Sep. 25, 2019
Index Rate	1 Month Libor	1 Month Libor
Weighted Average Spread	3.30%	3.50%
Interest Rate	4.90%	4.90%
Commitment Amount	$ 49,644	$ 64,779
Maximum Current Availability	16,403	15,895
Balance Outstanding	33,241	48,884
Collateral (loans), Outstanding Principal	$ 51,140	$ 81,473
Deutsche Bank \| Debt Instrument, Interest Rate at 4.6% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Jun. 29, 2018
Index Rate		1 Month Libor
Weighted Average Spread		3.30%
Interest Rate		4.60%
Commitment Amount		$ 49,644
Maximum Current Availability		18,224
Balance Outstanding		31,420
Collateral (loans), Outstanding Principal		$ 48,339
Deutsche Bank \| Debt Instrument, Interest Rate at 5.0% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Dec. 09, 2018
Index Rate		1 Month Libor
Weighted Average Spread		3.70%
Interest Rate		5.00%
Commitment Amount		$ 42,543
Maximum Current Availability		1
Balance Outstanding		42,542
Collateral (loans), Outstanding Principal		$ 60,775
BMO Harris Bank \| Debt Instrument, Interest Rate at 4.3% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Apr. 09, 2020
Index Rate	1 Month Libor
Weighted Average Spread	2.70%
Interest Rate	4.30%
Commitment Amount	$ 32,500
Balance Outstanding	32,500
Collateral (loans), Outstanding Principal	$ 45,000
BMO Harris Bank \| Debt Instrument, Interest Rate at 4.0% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Apr. 09, 2020
Index Rate		1 Month Libor
Weighted Average Spread		2.70%
Interest Rate		4.00%
Commitment Amount		$ 32,500
Balance Outstanding		32,500
Collateral (loans), Outstanding Principal		$ 45,000
Goldman Sachs \| Debt Instrument, Interest Rate at 3.9% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Aug. 19, 2018
Index Rate	1 Month Libor
Weighted Average Spread	2.10%
Interest Rate	3.90%
Commitment Amount	$ 750,000
Maximum Current Availability	277,080
Balance Outstanding	472,920
Collateral (loans), Outstanding Principal	$ 656,159
Goldman Sachs \| Debt Instrument, Interest Rate at 2.1% \| CMBS \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Jun. 01, 2018
Index Rate	3 Month Libor
Interest Rate	2.00%
Commitment Amount	$ 100,000
Maximum Current Availability	64,782
Balance Outstanding	35,218
Collateral (loans), Outstanding Principal	$ 39,127
Goldman Sachs \| Debt Instrument, Interest Rate at 3.6% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Aug. 19, 2018
Index Rate		1 Month Libor
Weighted Average Spread		2.20%
Interest Rate		3.60%
Commitment Amount		$ 750,000
Maximum Current Availability		183,253
Balance Outstanding		566,747
Collateral (loans), Outstanding Principal		$ 890,736
Goldman Sachs \| Debt Instrument, Interest Rate at 1.6% \| CMBS \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Mar. 02, 2018
Index Rate		3 Month Libor
Weighted Average Spread		0.10%
Interest Rate		1.60%
Commitment Amount		$ 100,000
Maximum Current Availability		64,615
Balance Outstanding		35,385
Collateral (loans), Outstanding Principal		$ 39,332
Wells Fargo \| Debt Instrument, Interest Rate at 3.9% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	May 25, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.10%
Interest Rate	3.90%
Commitment Amount	$ 750,000
Maximum Current Availability	320,217
Balance Outstanding	429,783
Collateral (loans), Outstanding Principal	$ 572,996
Wells Fargo \| Debt Instrument, Interest Rate at 3.6% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		May 25, 2019
Index Rate		1 Month Libor
Weighted Average Spread		2.10%
Interest Rate		3.60%
Commitment Amount		$ 750,000
Maximum Current Availability		232,462
Balance Outstanding		517,538
Collateral (loans), Outstanding Principal		$ 814,886
JP Morgan \| Debt Instrument, Interest Rate at 4.2% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Aug. 20, 2018
Index Rate	1 Month Libor
Weighted Average Spread	2.50%
Interest Rate	4.20%
Commitment Amount	$ 376,407
Maximum Current Availability	108,783
Balance Outstanding	267,624
Collateral (loans), Outstanding Principal	$ 381,176
JP Morgan \| Debt Instrument, Interest Rate at 4.0% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Aug. 20, 2018
Index Rate		1 Month Libor
Weighted Average Spread		2.50%
Interest Rate		4.00%
Commitment Amount		$ 376,942
Maximum Current Availability		120,014
Balance Outstanding		256,928
Collateral (loans), Outstanding Principal		$ 382,135
Morgan Stanley \| Debt Instrument, Interest Rate at 3.9% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		May 04, 2019
Index Rate		1 Month Libor
Weighted Average Spread		2.40%
Interest Rate		3.90%
Commitment Amount		$ 500,000
Maximum Current Availability		120,002
Balance Outstanding		379,998
Collateral (loans), Outstanding Principal		$ 533,707
Morgan Stanley \| Debt Instrument, Interest Rate at 4.2% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	May 04, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.40%
Interest Rate	4.20%
Commitment Amount	$ 500,000
Maximum Current Availability	234,904
Balance Outstanding	265,096
Collateral (loans), Outstanding Principal	$ 364,587
US Bank \| Debt Instrument, Interest Rate at 4.0% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Dec. 09, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.00%
Interest Rate	4.00%
Commitment Amount	$ 150,000
Maximum Current Availability	78,600
Balance Outstanding	71,400
Collateral (loans), Outstanding Principal	$ 93,000
Royal Bank of Canada \| Debt Instrument, Interest Rate at 3.1% \| CMBS \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Jun. 20, 2018
Index Rate	3 Month Libor
Weighted Average Spread	1.00%
Interest Rate	3.20%
Commitment Amount	$ 100,000
Maximum Current Availability	92,291
Balance Outstanding	7,709
Collateral (loans), Outstanding Principal	$ 8,418
Royal Bank of Canada \| Debt Instrument, Interest Rate at 2.6% \| CMBS \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Mar. 20, 2018
Index Rate		3 Month Libor
Weighted Average Spread		1.00%
Interest Rate		2.60%
Commitment Amount		$ 100,000
Maximum Current Availability		92,195
Balance Outstanding		7,805
Collateral (loans), Outstanding Principal		$ 8,418
Bank of America \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Maturity Date	Sep. 29, 2020	Sep. 29, 2020
Index Rate	1 Month Libor	1 Month Libor
Weighted Average Spread	2.50%
Interest Rate	4.40%
Commitment Amount	$ 250,000	$ 250,000
Maximum Current Availability	160,400	250,000
Balance Outstanding	89,600	$ 0
Collateral (loans), Outstanding Principal	$ 112,000

Summary of Notes Payable, Secured Revolving Repurchase Agreements, Senior Secured Credit Facility (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Repurchase Agreements, Senior Secured Credit Facility and Note Payable
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Repurchase Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage	100.00%	100.00%

Secured Revolving Repurchase Agreements, Senior Secured Credit Facility and Notes Payable - Additional Information (Details)		3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2017 Loan	Mar. 31, 2018 USD ($) Loan Agreement	Sep. 30, 2017 Loan	Dec. 31, 2017 USD ($) Loan Agreement
Senior Secured Credit Facility
Debt Instrument [Line Items]
Balance Outstanding		$ 1,876,940,000		$ 2,125,288,000
Repurchase Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage		100.00%		100.00%
Balance Outstanding		$ 1,549,750,000		$ 1,835,801,000
Repurchase Agreements \| CMBS
Debt Instrument [Line Items]
Number of repurchase agreements \| Agreement		2		2
Repurchase Agreements \| Mortgage-backed Securities
Debt Instrument [Line Items]
Number of repurchase agreements \| Agreement		3		3
Bank of America \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Credit agreement initiation date			Dec. 31, 2017
Line of credit facility, maximum borrowing capacity				$ 250,000,000
Line of credit facility, maximum borrowing capacity subject to condition				$ 500,000,000
Line of credit facility, extended maturity				2022-09
Balance Outstanding		$ 89,600,000		$ 0
Holdco \| Repurchase Agreements \| CMBS
Debt Instrument [Line Items]
Recourse guarantee percentage		100.00%		100.00%
Holdco \| Repurchase Agreements \| Mortgage-backed Securities
Debt Instrument [Line Items]
Recourse guarantee percentage		100.00%		100.00%
Holdco \| Bank of America \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Recourse guarantee percentage				25.00%
Notes Payable
Debt Instrument [Line Items]
Number of financing agreements \| Agreement		6		7
Number of loans held for investment \| Loan		6		7
Balance Outstanding		$ 237,590,000		$ 289,487,000
Notes Payable \| Holdco
Debt Instrument [Line Items]
Number of recourse loans \| Loan	1		1
Percentage of recourse loans	25.00%
Notes Payable \| Holdco \| BMO Harris Bank
Debt Instrument [Line Items]
Guaranteed capped rate of outstanding obligations		25.00%

Summary of Repurchase Agreements Secured by Commercial Mortgage Loans, Long - term Borrowings, and Counterparty Concentration (Details) - Commercial Mortgage Loans - Long-term Borrowings - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 2,526,407	$ 2,526,942
UPB of Collateral	2,067,918	2,714,464
Carrying Value of Collateral	2,059,659	2,705,661
Amounts Payable under Repurchase Agreements	1,509,935	1,796,014
Net Counterparty Exposure	$ 549,724	$ 909,647
Days to Extended Maturity	878 days	960 days
Goldman Sachs Bank
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 750,000	$ 750,000
UPB of Collateral	656,159	890,736
Carrying Value of Collateral	651,976	887,667
Amounts Payable under Repurchase Agreements	474,110	568,012
Net Counterparty Exposure	$ 177,866	$ 319,655
Percent of Stockholders' Equity	14.90%	26.60%
Days to Extended Maturity	506 days	596 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 750,000	$ 750,000
UPB of Collateral	572,996	814,886
Carrying Value of Collateral	569,711	811,257
Amounts Payable under Repurchase Agreements	430,524	518,353
Net Counterparty Exposure	$ 139,187	$ 292,904
Percent of Stockholders' Equity	11.70%	24.40%
Days to Extended Maturity	1151 days	1241 days
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 500,000	$ 500,000
UPB of Collateral	364,587	533,707
Carrying Value of Collateral	363,339	531,747
Amounts Payable under Repurchase Agreements	265,593	380,592
Net Counterparty Exposure	$ 97,746	$ 151,155
Percent of Stockholders' Equity	8.20%	12.60%
JP Morgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 376,407	$ 376,942
UPB of Collateral	381,176	382,135
Carrying Value of Collateral	381,143	382,542
Amounts Payable under Repurchase Agreements	267,730	257,484
Net Counterparty Exposure	$ 113,413	$ 125,058
Percent of Stockholders' Equity	9.50%	10.40%
Days to Extended Maturity	873 days	963 days
US Bank
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 150,000	$ 150,000
UPB of Collateral	93,000	93,000
Carrying Value of Collateral	93,490	92,448
Amounts Payable under Repurchase Agreements	71,978	71,573
Net Counterparty Exposure	$ 21,512	$ 20,875
Percent of Stockholders' Equity	1.80%	1.70%
Days to Extended Maturity	1714 days	1804 days

Summary of Repurchase Agreements Secured by Commercial Mortgage Loans, Long - term Borrowings, and Counterparty Concentration (Parenthetical) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2018

Dec. 31, 2017

Interest receivable

^[1]

$ 18,769

$ 16,861

Commercial Mortgage Loans | Long-term Borrowings

^[1]

5,630

5,385

Premium, discount and origination fees

Interest receivable

11,000

11,600

19,300

20,400

Unamortized deferred financing fees

3,100

3,400

$ 5,500

$ 8,700

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Summary of Repurchase Agreements Secured by CMBS, Short-term Borrowings, and Counterparty Concentration (Details) - Short-term Debt - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 2,726,407	$ 2,726,942
UPB of Collateral	2,115,463	2,762,214
Carrying Value of Collateral	2,107,203	2,753,549
Amounts Payable under Repurchase Agreements	1,553,012	1,839,319
Net Counterparty Exposure	$ 554,191	$ 914,230
Days to Extended Maturity	851 days	933 days
CMBS
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 200,000	$ 200,000
UPB of Collateral	47,545	47,750
Carrying Value of Collateral	47,544	47,888
Amounts Payable under Repurchase Agreements	43,077	43,305
Net Counterparty Exposure	$ 4,467	$ 4,583
Days to Extended Maturity	65 days	64 days
Goldman Sachs \| CMBS
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 100,000	$ 100,000
UPB of Collateral	39,127	39,332
Carrying Value of Collateral	38,951	39,213
Amounts Payable under Repurchase Agreements	35,308	35,426
Net Counterparty Exposure	$ 3,643	$ 3,787
Percent of Stockholders' Equity	0.30%	0.30%
Days to Extended Maturity	62 days	61 days
Royal Bank of Canada \| CMBS
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 100,000	$ 100,000
UPB of Collateral	8,418	8,418
Carrying Value of Collateral	8,593	8,675
Amounts Payable under Repurchase Agreements	7,769	7,879
Net Counterparty Exposure	$ 824	$ 796
Percent of Stockholders' Equity	0.10%	0.10%
Days to Extended Maturity	81 days	79 days

Summary of Repurchase Agreements Secured by CMBS, Short-term Borrowings, and Counterparty Concentration (Parenthetical) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Dec. 31, 2017

^[1]

$ 18,769

$ 16,861

^[1]

5,630

5,385

Short-term Debt

Premium, discount and origination fees

100

100

Management fees, incentive management fees, and collateral management fees payable

$ 200

$ 100

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Senior Secured Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Index Rate	one-month LIBOR
Senior Secured Credit Facility
Debt Instrument [Line Items]
Commitment Amount	$ 3,307,164	$ 3,376,158
Maximum Current Availability	1,430,224	1,250,870
Balance Outstanding	$ 1,876,940	$ 2,125,288
Bank of America \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Maturity Date	Sep. 29, 2020	Sep. 29, 2020
Index Rate	1 Month Libor	1 Month Libor
Weighted Average Spread	2.50%
Interest Rate	4.40%
Commitment Amount	$ 250,000	$ 250,000
Maximum Current Availability	160,400	250,000
Balance Outstanding	$ 89,600	$ 0
Bank of America \| Debt Instrument, Interest Rate at 4.4% \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Maturity Date	Sep. 29, 2020
Index Rate	1 Month Libor
Weighted Average Spread	2.50%
Interest Rate	4.40%
Commitment Amount	$ 250,000,000
Maximum Current Availability	160,400,000
Balance Outstanding	$ 89,600,000

Schedule of Maturities - Schedule of Future Principal Payments (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Collateralized Loan Obligation
Debt Instrument [Line Items]
2018	$ 63,680
2019	427,875
2020	201,337
2021	53,012
Total	745,904
Senior Secured Credit Facility
Debt Instrument [Line Items]
2020	89,600
Total	89,600
Repurchase Agreements
Debt Instrument [Line Items]
2018	826,450
2019	723,300
Total	1,549,750
Notes Payable
Debt Instrument [Line Items]
2018	94,099
2019	110,991
2020	32,500
Total	$ 237,590

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Money market funds	$ 3,500,000
Threshold period of delinquency	90 days
Market spread	one-month LIBOR
Transfers of financial assets or liabilities with in fair value hierarchy	$ 0
Estimated fair value of loans held for investment	$ 3,600,000,000	$ 3,200,000,000
Weighted average gross spread percentage	4.50%	4.80%
Weighted average maturity period	3 years 8 months 12 days	3 years 7 months 6 days

Fair Value Measurements - Summary of Financial Assets and Liabilities Not Carried at Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Value \| Loans Held for Investment
Financial Assets
Financial Assets, Nonrecurring	$ 3,597,210	$ 3,175,672
Carrying Value \| Collateralized Loan Obligation
Financial Liabilities
Collateralized Loan Obligation (TRTX 2018-FL1)	737,433
Carrying Value \| Secured Financing Arrangements
Financial Liabilities
Collateralized Loan Obligation (TRTX 2018-FL1)	1,868,195	2,114,990
Estimate of Fair Value Measurement \| Level III \| Loans Held for Investment
Financial Assets
Financial Assets, Nonrecurring	3,626,659	3,202,150
Estimate of Fair Value Measurement \| Level III \| Collateralized Loan Obligation
Financial Liabilities
Collateralized Loan Obligation (TRTX 2018-FL1)	737,433
Estimate of Fair Value Measurement \| Secured Financing Arrangements \| Level III
Financial Liabilities
Collateralized Loan Obligation (TRTX 2018-FL1)	$ 1,868,195	$ 2,114,990

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax [Line Items]
Deferred tax asset	$ 0		$ 0
Deferred tax liabilities	0		0
Reserve for uncertain income tax positions	0		$ 0
Interest for underpayment of income taxes	0	$ 0
Penalties for underpayment of income taxes	$ 0	$ 0
Effective income tax rate	0.85%	0.66%
TRS
Income Tax [Line Items]
Equity interest percentage by parent	100.00%		100.00%
Deferred tax asset	$ 0		$ 0
Deferred tax liabilities	0		$ 0
Current portion of income tax expense	$ 200,000	$ 200,000

Related Party Transactions - Additional Information (Details) - USD ($)

3 Months Ended

12 Months Ended

Jul. 25, 2017

Dec. 15, 2014

Mar. 31, 2018

Dec. 31, 2017

Mar. 31, 2017

^[1]

$ 5,875,000

$ 5,227,000

Termination fee, description

A termination fee will be payable to the Manager upon termination of the Management Agreement by the Company absent a cause event. 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 or, if such termination occurs prior to July 25, 2019, and such termination fee is payable, the base management fees and the incentive compensation will be annualized for the period from July 25, 2017 to July 25, 2019 based on such fees actually received by the Manager during such period

Post-IPO Management Agreement

Description of management and incentive management fee calculation

For the three months ended March 31, 2018, the management fee and incentive management fee were calculated under the Management Agreement.

Incentive management fee, description

The Manager is entitled to incentive compensation which is calculated and payable in cash with respect to each calendar quarter following the completion of the Company’s initial public offering (or part thereof that the Management Agreement is in effect) in arrears in an amount, not less than zero, equal to the difference between: (1) the product of (a) 20% and (b) the difference between (i) the Company’s Core Earnings for the most recent 12-month period (or such lesser number of completed calendar quarters, if applicable), including the calendar quarter (or part thereof) for which the calculation of incentive compensation is being made (the “applicable period”), and (ii) the product of (A) the Company’s Equity in the most recent 12-month period (or such lesser number of completed calendar quarters, if applicable), including the applicable period, and (B) 7% per annum; and (2) the sum of any incentive compensation paid to the Manager with respect to the first three calendar quarters of the most recent 12-month period (or such lesser number of completed calendar quarters preceding the applicable period, if applicable). No incentive compensation is payable to the Manager with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters (or such lesser number of completed calendar quarters following the completion of the Company’s initial public offering) is greater than zero

Incentive management fee percentage of Core Earnings less seven percent of stockholders equity

20.00%

Percentage multiplied by stockholders equity included in incentive management fee

7.00%

Percentage of annual base management fee

1.50%

Percentage of quarterly base management fee

0.375%

Net proceeds from issuances of outstanding common stock and Class A common stock

$ 1,000,000,000

Amount incurred and reimbursable

$ 300,000

0

Post-IPO Management Agreement | Minimum

Management fee payable per annum

$ 250,000

Management fee payable per quarter

$ 62,500

Pre-IPO Management Agreement

Description of management and incentive management fee calculation

For the three months ended March 31, 2017, the management fee and incentive management fee were calculated under the pre-IPO Management Agreement.

Incentive management fee, description

Manager was entitled to an incentive management fee each calendar quarter in arrears in an amount, not less than zero, equal to (I) the product of (i) 16% and (ii) the positive sum, if any, remaining after (A) Core Earnings of the Company for the previous 12 month period were reduced by (B) the product of (1) the average of the Company’s stockholders’ equity as of the end of each calendar quarter during such previous 12 month period, and (2) 7% per annum, minus (II) the sum of any incentive management fee paid to the Manager with respect to the first three calendar quarters of such previous 12 month period; provided, however, that no incentive management fee was payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters in the aggregate was greater than zero.

Incentive management fee percentage of Core Earnings less seven percent of stockholders equity

16.00%

Percentage multiplied by stockholders equity included in incentive management fee

7.00%

Percentage of annual base management fee

1.25%

Pre-IPO Management Agreement | 2014 Collateralized Loan Obligation

Percentage of collateral management fee

0.075%

Aggregate par amount of loans

$ 675,000,000

Pre-IPO and Post-IPO Management Agreement

Management fees, incentive management fees, and collateral management fees payable

$ 5,600,000

$ 5,200,000

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Related Party Transactions - Summary of Management Agreement Fees Incurred and Paid Related to Pre-IPO and Post-IPO Management Agreements and Collateral Management Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Post-IPO Management Agreement
Related Party Transaction [Line Items]
Management Agreement and Collateral Management fees incurred	$ 5,630
Management Agreement and Collateral Management fees paid	$ 5,232
Pre-IPO Management Agreement
Related Party Transaction [Line Items]
Management Agreement and Collateral Management fees incurred		$ 4,299
Management Agreement and Collateral Management fees paid		$ 3,065

Earnings per Share - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jul. 03, 2017	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Dividends declared		$ 30	$ 0
Undistributed net income attributable to common stockholders		$ 30	$ 0
Dividend payable declared date	Jul. 03, 2017	Jul. 03, 2017
Dividend payable date	Jul. 25, 2017	Jul. 25, 2017

Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net Income Attributable to Common Stockholders	$ 25,111	$ 23,475
Weighted-Average Common Shares Outstanding, Basic and Diluted	60,393,818	48,446,028
Per Common Share Amount, Basic and Diluted	$ 0.42	$ 0.48

Share-based Incentive Plan - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($) shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense \| $	$ 177
2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized under the plan \| shares	4,600,463
Percentage of issued and outstanding ordinary shares authorized for issuance under plan	7.50%
Number of shares awarded for grant \| shares	0
Share vesting installment period	3 years
Total unrecognized compensation cost relating to unvested share-based compensation arrangements \| $	$ 1,300
Unrecognized compensation cost, recognition period	3 years 3 months
Share-based compensation expense \| $	$ 200
2017 Equity Incentive Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock outstanding \| shares	77,418

Stockholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

Mar. 19, 2018

Jul. 03, 2017

Apr. 25, 2017

Mar. 31, 2018

Feb. 28, 2018

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Aug. 21, 2017

Dividend payable declared date

Jul. 03, 2017

Redeemed outstanding shares

Jul. 25, 2017

Unpaid dividends

$ 25,300

$ 25,307

^[1]

$ 25,307

^[1]

$ 21,281

$ 23,068

^[1]

Dividends

$ 21,300

$ (125)

Preferred stock, shares outstanding

0

125

Other comprehensive (loss) income

$ (214)

$ 1,232

Goldman Sachs & Co. LLC

Number of common shares issued

35,000,000

Description on purchase plan agreement

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

Stock repurchased during period, shares

1.2

400,000

Average price of repurchased shares

$ 19.28

$ 18.83

Stock repurchased during period, value

$ 22,500

$ 8,400

Stock repurchase program, remaining repurchase amount

$ 12,500

Number of common shares issued

230,815

Dividend declared per share

$ 0.42

$ 0.44

Series A Preferred Stock

Preferred stock, liquidation preference per annum

Dividend rate

12.50%

$ 1

Redeemed outstanding shares

$ 100

Preferred stock, shares outstanding

125

Common Stock And Class A Common Stock

Dividend payable declared date

Mar. 31, 2017

Apr. 25, 2018

Apr. 25, 2017

Dividend record date

Mar. 29, 2018

Common Stock

Number of common shares issued

9,224,268

Dividend declared per share

$ 0.42

$ 0.44

[1]

At December 31, 2017, there were no VIE assets or liabilities recorded in the Company’s Total Assets and Total Liabilities. The Company’s consolidated Total Assets and Total Liabilities at March 31, 2018 include VIE assets and liabilities of $937.5 million and $738.5 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Unfunded commitments related to loans held for investment	$ 530.5	$ 529.0

Concentration of Credit Risk - Summary of Loan Portfolio by Property Type (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 4,150,187	$ 3,727,156
Unfunded Commitment	$ 530,545	$ 529,040
% of Loan Commitment	100.00%	100.00%
Loan UPB	$ 3,619,642	$ 3,198,116
% of Loan UPB	100.00%	100.00%
Condominium
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 541,260	$ 679,779
Unfunded Commitment	$ 136,377	$ 166,358
% of Loan Commitment	13.00%	18.20%
Loan UPB	$ 404,883	$ 513,421
% of Loan UPB	11.20%	16.10%
Multifamily
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 961,175	$ 813,775
Unfunded Commitment	$ 74,921	$ 75,509
% of Loan Commitment	23.20%	21.80%
Loan UPB	$ 886,254	$ 738,266
% of Loan UPB	24.50%	23.10%
Office
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 1,139,065	$ 836,826
Unfunded Commitment	$ 198,708	$ 160,450
% of Loan Commitment	27.50%	22.50%
Loan UPB	$ 940,357	$ 676,376
% of Loan UPB	26.00%	21.10%
Hotel
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 693,569	$ 693,569
Unfunded Commitment	$ 23,071	$ 27,980
% of Loan Commitment	16.70%	18.60%
Loan UPB	$ 670,498	$ 665,589
% of Loan UPB	18.50%	20.80%
Mixed Use
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 543,500	$ 431,500
Unfunded Commitment	$ 55,968	$ 57,243
% of Loan Commitment	13.10%	11.60%
Loan UPB	$ 487,532	$ 374,257
% of Loan UPB	13.50%	11.70%
Retail
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 194,980	$ 195,012
Unfunded Commitment	$ 41,500	$ 41,500
% of Loan Commitment	4.70%	5.20%
Loan UPB	$ 153,480	$ 153,512
% of Loan UPB	4.20%	4.80%
Industrial
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 66,500	$ 66,500
% of Loan Commitment	1.60%	1.80%
Loan UPB	$ 66,500	$ 66,500
% of Loan UPB	1.80%	2.10%
Other
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 10,138	$ 10,195
% of Loan Commitment	0.20%	0.30%
Loan UPB	$ 10,138	$ 10,195
% of Loan UPB	0.30%	0.30%

Concentration of Credit Risk - Summary of Geographic Composition of Loans Held for Investment Based on Current UPB and Loan Commitment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 4,150,187	$ 3,727,156
Unfunded Commitment	$ 530,545	$ 529,040
% Loan Commitment	100.00%	100.00%
Loan UPB	$ 3,619,642	$ 3,198,116
% Loan UPB	100.00%	100.00%
East
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 1,892,296	$ 1,600,619
Unfunded Commitment	$ 186,007	$ 167,447
% Loan Commitment	45.50%	42.90%
Loan UPB	$ 1,706,289	$ 1,433,172
% Loan UPB	47.00%	44.80%
South
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 1,124,791	$ 1,147,510
Unfunded Commitment	$ 250,399	$ 278,890
% Loan Commitment	27.10%	30.80%
Loan UPB	$ 874,392	$ 868,620
% Loan UPB	24.20%	27.20%
West
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 716,228	$ 674,123
Unfunded Commitment	$ 80,492	$ 67,746
% Loan Commitment	17.30%	18.10%
Loan UPB	$ 635,736	$ 606,377
% Loan UPB	17.60%	19.00%
Midwest
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 367,872	$ 255,904
Unfunded Commitment	$ 13,647	$ 14,957
% Loan Commitment	8.90%	6.90%
Loan UPB	$ 354,225	$ 240,947
% Loan UPB	9.80%	7.50%
Various
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 49,000	$ 49,000
% Loan Commitment	1.20%	1.30%
Loan UPB	$ 49,000	$ 49,000
% Loan UPB	1.40%	1.50%

Concentration of Credit Risk - Summary of Loan Portfolio by Loan Category Type (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 4,150,187	$ 3,727,156
Unfunded Commitment	$ 530,545	$ 529,040
% Loan Commitment	100.00%	100.00%
Loan UPB	$ 3,619,642	$ 3,198,116
% Loan UPB	100.00%	100.00%
Bridge
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 2,323,007	$ 1,927,488
Unfunded Commitment	$ 185,515	$ 176,316
% Loan Commitment	56.00%	51.70%
Loan UPB	$ 2,137,492	$ 1,751,172
% Loan UPB	59.00%	54.70%
Moderate Transitional
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 810,693	$ 723,075
Unfunded Commitment	$ 147,399	$ 132,483
% Loan Commitment	19.50%	19.40%
Loan UPB	$ 663,294	$ 590,592
% Loan UPB	18.30%	18.50%
Construction
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 466,362	$ 609,468
Unfunded Commitment	$ 135,017	$ 166,358
% Loan Commitment	11.20%	16.40%
Loan UPB	$ 331,345	$ 443,110
% Loan UPB	9.20%	13.90%
Light Transitional
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 550,125	$ 467,125
Unfunded Commitment	$ 62,614	$ 53,883
% Loan Commitment	13.30%	12.50%
Loan UPB	$ 487,511	$ 413,242
% Loan UPB	13.50%	12.90%

Subsequent Events - Additional Information (Details)

1 Months Ended

3 Months Ended

Apr. 25, 2018

USD ($)

$ / shares

Jul. 03, 2017

May 07, 2018

USD ($)

Loan

shares

Mar. 31, 2018

USD ($)

Mar. 19, 2018

USD ($)

$ / shares

Dec. 31, 2017

USD ($)

^[1]

Mar. 31, 2017

USD ($)

$ / shares

Jul. 25, 2017

Dividends Payable

$ 25,307,000

^[1]

$ 25,300,000

$ 23,068,000

$ 21,281,000

Common Stock

Dividend amount per share | $ / shares

$ 0.42

$ 0.44

Subsequent Events

Common stock, shares repurchased | shares

0

Number of first mortgage loans originated | Loan

5

Principal amount of notes issued

$ 450,000,000

Subsequent Events | Common Stock