Loans Held for Investment (includes $2,313,036 and $1,397,610 pledged as collateral under repurchase agreements)

^[1]

13,764

14,023

^[1]

2,824,713

2,449,990

Investment in Commercial Mortgage-Backed Securities, Available-for-Sale (includes $48,029 and $51,305 pledged as collateral under repurchase agreements)

^[1]

86,182

61,504

Other Assets, Net

^[1]

1,506

704

Total Assets

^[1]

3,042,682

2,665,583

Liabilities

Collateralized Loan Obligation (net of deferred financing costs of $0 and $2,541)

^[1]

3,733

2,907

Accrued Expenses

^[1]

8,091

6,555

^[1]

540,780

Repurchase and Senior Secured Agreements (net of deferred financing costs of $8,753 and $8,159)

^[1]

1,531,345

1,013,370

Notes Payable (net of deferred financing costs of $2,917 and $2,883)

^[1]

261,875

108,499

Payable to Affiliates

^[1]

9,148

3,955

Deferred Revenue

^[1]

557

482

Dividends Payable

^[1]

20,135

18,346

Total Liabilities

^[1]

1,834,884

1,694,894

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]

1,216,725

979,467

Accumulated Deficit

^[1]

(8,968)

(10,068)

Accumulated Other Comprehensive (Loss) Income

^[1]

(20)

1,250

Total Stockholders' Equity

^[1],[2]

1,207,798

970,689

Total Liabilities and Stockholders' Equity

^[1]

3,042,682

2,665,583

Common Stock, Undefined Class

Stockholders’ Equity:

Common Stock Value

^[1]

60

39

Total Stockholders' Equity

Stockholders’ Equity:

Common Stock Value

^[1]

1

$ 1

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

[2]

Shares issued and shares outstanding 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 Balance Sheets (Parenthetical) (unaudited) - USD ($)
$ in Thousands

Sep. 30, 2017

Dec. 31, 2016

Preferred stock, par value

$ 0.001

Preferred stock, authorized shares

100,000,000

125

Preferred stock, shares issued

125

Preferred stock, shares outstanding

125

$ 0.001

300,000,000

95,500,000

59,791,742

47,251,165

Variable Interest Entity, Primary Beneficiary

59,791,742

47,251,165

Total assets

^[1]

$ 3,042,682

$ 2,665,583

Total liabilities

^[1]

1,834,884

1,694,894

Total assets

0

743,500

Total liabilities

$ 0

$ 542,800

$ 0.001

2,500,000

1,213,026

1,194,863

Loans pledged as collateral

1,213,026

1,194,863

Repurchase Agreements

$ 2,313,036

$ 1,397,610

Deferred financing costs

8,753

8,159

Commercial Mortgage-Backed Securities | Repurchase Agreements

Available-for-sale securities pledged as collateral

48,029

51,305

Loans pledged as collateral

712,158

Deferred financing costs

0

2,541

Notes Payable

Deferred financing costs

$ 2,917

$ 2,883

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

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

3 Months Ended

9 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

INTEREST INCOME

Interest Income

$ 46,734

$ 40,419

$ 146,411

$ 112,551

Interest Expense

(19,150)

(16,937)

(56,585)

(44,943)

Net Interest Income

27,584

23,482

89,826

67,608

OTHER REVENUE

Other Income, net

669

15

1,036

326

Total Other Revenue

669

15

1,036

326

OTHER EXPENSES

Professional Fees

1,256

1,133

2,448

2,359

General and Administrative

1,003

387

2,192

1,833

Servicing and Asset Management Fees

720

1,232

3,061

2,742

Management Fee

4,133

2,244

9,489

6,377

Collateral Management Fee

23

207

225

700

Incentive Management Fee

327

716

3,713

2,790

Total Other Expenses

7,462

5,919

21,128

16,801

Income Before Income Taxes

20,791

17,578

69,734

51,133

Income Taxes

(136)

(140)

(326)

Preferred Stock Dividends

20,791

17,442

69,594

50,807

(4)

(3)

(12)

(11)

Net Income Attributable to Common Stockholders

$ 20,787

$ 17,439

$ 69,582

$ 50,796

Basic Earnings per Common Share

^[1]

$ 0.35

$ 0.43

$ 1.34

$ 1.30

Diluted Earnings per Common Share

^[1]

$ 0.35

$ 0.43

$ 1.34

$ 1.30

Weighted Average Number of Common Shares Outstanding

Basic:

^[1]

58,685,979

40,946,029

51,969,733

39,096,974

Diluted:

^[1]

58,685,979

40,946,029

51,969,733

39,096,974

Dividends Declared per Common Share

^[1]

$ 0.33

$ 0.41

$ 1.02

$ 1.18

OTHER COMPREHENSIVE INCOME

Unrealized (Loss) Gain on Commercial Mortgage-Backed Securities

$ 20,791

$ 17,442

$ 69,594

$ 50,807

(2,558)

1,542

(1,270)

2,579

Comprehensive Net Income

$ 18,233

$ 18,984

$ 68,324

$ 53,386

[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, 2015

$ 716,350

$ 1

$ 29

$ 729,477

$ (13,157)

Balance, Shares at Dec. 31, 2015

783,158

125

28,309,783

Issuance of Class A Common Stock

1,832

Issuance of Class A Common Stock, Shares

74,401

Issuance of Common Stock

98,168

$ 4

98,164

Issuance of Common Stock, Shares

3,987,337

Other Comprehensive Income (Loss)

50,807

2,579

$ 2,579

Dividends on Preferred Stock

(11)

Dividends on Common Stock

(47,292)

Dividends on Class A Common Stock

(1,224)

Balance at Sep. 30, 2016

821,209

$ 1

$ 33

829,473

(10,877)

2,579

Balance, Shares at Sep. 30, 2016

857,559

125

32,297,120

Balance at Dec. 31, 2016

970,689

^[1],[2]

$ 1

$ 39

979,467

(10,068)

1,250

Balance, Shares at Dec. 31, 2016

967,500

125

38,260,053

Issuance of Class A Common Stock

365

Issuance of Class A Common Stock, Shares

14,711

Issuance of Common Stock

257,634

$ 12

257,622

Issuance of Common Stock, Shares

12,642,166,000

Common Stock and Class A Common Stock Dividend

$ 9

(9)

Common Stock and Class A Common Stock Dividend, Shares

230,815

9,224,268

Retired Common Stock

(6,558)

(7)

(6,551)

Retired Common Stock, Shares

(334,745)

Initial Public Offering Transaction Costs

(20,713)

Other Comprehensive Income (Loss)

69,594

(1,270)

Dividends on Preferred Stock

(12)

Dividends on Common Stock

(60,566)

Dividends on Class A Common Stock

(1,365)

Balance at Sep. 30, 2017

$ 1,207,798

^[1],[2]

$ 1

$ 60

$ 1,216,725

$ (8,968)

$ (20)

Balance, Shares at Sep. 30, 2017

1,213,026

125

59,791,742

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

[2]

Shares issued and shares outstanding 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 Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Cash Flows from Operating Activities:

Adjustment to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities:

$ 69,594

$ 50,807

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

(15,867)

(5,327)

Amortization of Deferred Financing Costs

9,160

6,843

Capitalized Accrued Interest

1,865

13,098

Gain on Sales of Loans Held for Investment and Commercial Mortgage-Backed Securities, net

(185)

Cash Flows Due to Changes in Operating Assets and Liabilities:

Accounts Receivable

503

2,699

(776)

(3,792)

Accrued Expenses

(2,454)

787

Deferred Fee Income / Gain

826

1,062

Payable to Affiliates

5,193

1,650

75

Other Assets

(694)

Net Cash Provided by (Used in) Operating Activities

67,240

67,827

Cash Flows from Investing Activities:

Restricted Cash

350

(644)

Origination of Loans Held for Investment

(1,149,911)

(333,885)

Purchase of Loans Held for Investment

(339,118)

Advances on Loans Held for Investment

(226,187)

(234,397)

Principal Advances Held by Servicer/Trustee

496

3,021

Principal Repayments of Loans Held for Investment

975,258

362,314

Proceeds from Sales of Loans Held for Investment

65,054

Purchase of Commercial Mortgage-Backed Securities

(96,294)

(49,549)

Principal Repayments of Mortgage-Backed Securities

29,802

1,166

Purchases of Fixed Assets

(108)

Net Cash Provided by (Used in) Investing Activities

(401,540)

(591,092)

Payments on Collateralized Loan Obligation

(559,574)

(269,561)

Proceeds from Collateralized Loan Obligation

16,254

68,827

Payments on Secured Financing Agreements

(621,552)

(282,044)

Proceeds from Secured Financing Agreements

1,293,530

907,573

Payment of Deferred Financing Costs

(6,207)

(5,776)

Capital Calls Received in Advance

34,732

Payment to Retire Common Stock

(6,000)

Net Cash Provided by (Used in) Financing Activities

295,975

497,601

Net Change in Cash and Cash Equivalents

(38,325)

(25,664)

Cash and Cash Equivalents at Beginning of Period

103,126

^[1]

104,936

Cash and Cash Equivalents at End of Period

64,801

^[1]

79,272

Supplemental Disclosure of Cash Flow Information:

Interest Paid

46,600

36,391

Taxes Paid

141

326

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

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

51,076

131,118

Dividends Declared, not paid

20,135

^[1]

16,978

Accrued Initial Public Offering Transaction Costs

2,391

Accrued Deferred Financing Costs

2,290

2,748

Accrued Common Stock Retirement Costs

559

Initial Public Offering

Payment of Initial Public Offering Transaction Costs

(4,341)

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

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

1,270

2,579

Common Stock, Undefined Class

243,654

98,168

Dividends paid

(58,743)

(54,680)

365

1,832

Dividends paid

(1,403)

(1,463)

Preferred Stock

Summary of Significant Accounting Policies

Dividends paid

$ (8)

$ (7)

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business and Organization	(1) Business and Organization TPG RE Finance Trust, Inc., together with its consolidated subsidiaries (“we”, “us”, “our”, or the “Company”), is a Maryland company incorporated on October 24, 2014 and commenced operations on December 18, 2014 (“Inception”). We are organized as a holding company and conduct our operations primarily through our various subsidiaries. We conduct our operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended. The Company’s principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate related assets, primarily consisting of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States, and commercial mortgage-backed securities (“CMBS”). As of September 30, 2017 and December 31, 2016, the Company conducted substantially all of its operations through a limited liability company, TPG RE Finance Trust Holdco, LLC (“Holdco”), and the Company’s other wholly-owned subsidiaries.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2017

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, a consolidated variable interest entity for which the Company was the primary beneficiary through August 23, 2017, 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 interim consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the interim consolidated financial statements include, but are not limited to: impairment; adequacy of provisions for loan losses; and valuation of financial instruments.

Principles of Consolidation

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

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

Revenue Recognition

Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for credit impairment, if any. The objective of the interest method is to arrive at periodic interest income including recognition of fees and costs at a constant effective yield. Premiums, discounts, origination fees and exit 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 fees are amortized into income over the extension period to which they relate using a straight line basis, which approximates the interest method, when the extension fee can be waived by the Company or a co-lender in connection with their refinancing of the loan. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s 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.

Loans Held for Investment

Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any premiums, discounts, loan origination fees and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, or on a straight line basis when it approximates the interest method, adjusted for actual prepayments.

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

1-

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

2-

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

3-

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

4-

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

5-

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

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

The Company’s loans are typically collateralized by real estate or a partnership, or similar, equity interest in an entity that owns real estate. As a result, the Company regularly evaluates on a loan-by-loan basis the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial wherewithal of any loan guarantors and the borrower’s competency in managing and operating the 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 invests in CMBS for cash management and investment purposes. The Company designates as available-for-sale its CMBS investments on the date of acquisition of the investment. CMBS 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. The Company uses a specific identification method when determining the cost of security sold and the amount reclassified out of accumulated other comprehensive income into earnings. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. Significant valuation inputs are Level II in the fair value hierarchy as described under “Fair Value Measurements”.

Portfolio Financing Arrangements

The Company finances certain of its loan and CMBS investments using secured revolving repurchase agreements, asset-specific financing arrangements (notes payable on the consolidated balance sheets), a senior secured credit facility, and, prior to August 23, 2017, its private collateralized loan obligation (“CLO”). 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 September 30, 2017, 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 taxable year ended December 31, 2014. To the extent that it annually distributes at least 90% of its REIT taxable income to stockholders and complies with various other requirements as a REIT, the Company generally will not be subject to U.S. federal income taxes on its distributed REIT taxable income. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Even though the Company currently qualifies for taxation as a REIT, the Company may be subject to certain U.S. federal, state, local and foreign taxes on the Company’s income and property and to U.S. federal income and excise taxes on the Company’s undistributed REIT taxable income.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC Topic 740, Income Taxes (“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 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), divided 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 currently does not have any outstanding participating securities.

Loan Origination Fees

Loan origination fees are reflected in loans held for investment on the consolidated balance sheets and include fees charged to borrowers. These fees are amortized into interest income over the life of the related loans held.

Deferred Financing Costs

Deferred financing costs are reflected net of 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 which approximates the interest method over the life of the related obligations.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of September 30, 2017 and December 31, 2016. The balances in these accounts may exceed the insured limits.

Restricted Cash

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

Recently Issued Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) (“ASU 2016-18”). The amendments in ASU 2016-18 require an entity to reconcile and explain the period-over-period change in total cash, cash equivalents and restricted cash within its statements of cash flows. ASU 2016-18 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-18 using a full retrospective approach. The Company does not expect the adoption of ASU 2016-18 to have a material impact on its consolidated statements of cash flows as the Company does not have material restricted cash activity.

In June 2016, the FASB issued ASU No. 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. It 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.

In May 2014, FASB issued ASU No. 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 defers the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2018. 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. Early adoption is not permitted, except that we may adopt under the original provisions of ASU 2014-09 prior to the issuance of ASU 2015-14. The Company anticipates adopting this update in the quarter ended March 31, 2018, and continues the process of evaluating the impact of Topic 606 on its consolidated financial statements.

Loans Held for Investment

9 Months Ended

Sep. 30, 2017

Receivables [Abstract]

Loans Held for Investment

(3) Loans Held for Investment

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

During the nine months ended September 30, 2017, the Company’s subsidiaries originated or acquired 15 loans with a total commitment of approximately $1.5 billion, an unpaid principal balance of $1.1 billion, and unfunded commitments of $229.7 million. To fund these originations, the Company employed financing methods that included repurchase and secured financings, notes payable, and the non-recourse syndication of senior loan interests to third parties that were recognized as sales. Total commitments related to non-recourse senior loan interest syndications for the nine months ended September 30, 2017 were $91.5 million.

The following tables present an overview of the loan investment portfolio as of September 30, 2017 and December 31, 2016 (in thousands):

	September 30, 2017
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	2,778,553	$	(20,622	)	$	2,757,931
Subordinated and mezzanine loans		67,135		(353	)		66,782
Subtotal before allowance		2,845,688		(20,975	)		2,824,713
Allowance for loan losses		—		—			—
Total	$	2,845,688	$	(20,975	)	$	2,824,713

	December 31, 2016
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	2,429,632	$	(20,931	)	$	2,408,701
Subordinated and mezzanine loans		41,446		(157	)		41,289
Subtotal before allowance		2,471,078		(21,088	)		2,449,990
Allowance for loan losses		—		—			—
Total	$	2,471,078	$	(21,088	)	$	2,449,990

For the nine months ended September 30, 2017, loan portfolio activity was as follows (in thousands):

Balance at December 31, 2016	$	2,449,990
Loans originated		1,149,911
Additional fundings		228,217
Amortization of discount and origination fees		15,607
Deductions during the period:
Collection of principal		(1,016,246	)
Amortization of premium		(2,766	)
Balance at September 30, 2017	$	2,824,713

At September 30, 2017 and December 31, 2016, there was $0.1 million and $2.9 million, respectively, of unamortized premium and $2.8 million and $12.5 million, respectively, of unamortized discount included in loans held for investment at amortized cost on the consolidated balance sheets.

The table below summarizes the carrying values and results of the Company’s internal risk rating review performed as of September 30, 2017 and December 31, 2016 (dollars in thousands):

	Carrying Value
Rating	September 30, 2017		December 31, 2016
1	$	—	$	261,261
2		1,073,455		745,340
3		1,695,009		1,205,994
4		56,249		237,395
5		—		—
Totals	$	2,824,713	$	2,449,990
Weighted Average Risk Rating⁽¹⁾		2.6		2.6

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

During the nine months ended September 30, 2017, two loans were moved from the Company’s category four risk rating, one into its category two risk rating and the other into its category three risk rating, as a result of improved operating performance of the underlying loan collateral. Additionally, the Company moved four loans that were classified in its category three risk rating to category four, resulting from a decline in collateral performance. During the nine months ended September 30, 2017, two loans classified in its category four risk rating and three loans classified in its category one risk rating as of December 31, 2016 were repaid during the ordinary course of business. The weighted average risk rating at both September 30, 2017 and December 31, 2016 was 2.6.

At September 30, 2017 and December 31, 2016, there were no loans on non-accrual status or that were impaired; thus, the Company did not record a reserve for loan loss.

See Note 15 for details about the Company’s mortgage loan originations subsequent to September 30, 2017.

Commercial Mortgage-Backed Securities

9 Months Ended

Sep. 30, 2017

Investments Debt And Equity Securities [Abstract]

Organization Consolidation And Presentation Of Financial Statements [Abstract]

(4) Commercial Mortgage-Backed Securities

At each of September 30, 2017 and December 31, 2016, the Company had five CMBS designated as available-for-sale. During the three months ended September 30, 2017, the Company sold a CMBS investment for net proceeds of $43.8 million, recognizing in Other income, net a gain on sale of $0.3 million. Detailed information regarding the Company’s available-for-sale CMBS is as follows (dollars in thousands):

September 30, 2017

Unamortized

Gross

Estimated

Face

Premium

Unrealized

Fair

Amount

(Discount)

Loss

Value

Investments, at Fair Value

Commercial mortgage-backed securities

$

85,866

$

336

$

(20

)

$

86,182

	December 31, 2016
	Face Amount		Unamortized Premium (Discount)			Gross Unrealized Gain		Estimated Fair Value
Investments, at Fair Value
Commercial mortgage-backed securities	$	62,927	$	(2,673	)	$	1,250	$	61,504

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

The amortized cost and estimated fair value of the Company’s available-for-sale CMBS by contractual maturity are shown in the following table (dollars in thousands):

	September 30, 2017
	Amortized Cost		Estimated Fair Value
Expected Maturity Date
After one, within five years	$	36,700	$	36,872
After five, within ten years		49,509		49,310
Total investment in commercial mortgage-backed securities, at fair value	$	86,209	$	86,182

	December 31, 2016
	Amortized Cost		Estimated Fair Value
Expected Maturity Date
After one, within five years	$	58,962	$	60,242
After five, within ten years		1,292		1,262
Total investment in commercial mortgage-backed securities, at fair value	$	60,254	$	61,504

No other than temporary impairments were recognized through income during the nine months ended September 30, 2017 or year ended December 31, 2016.

Variable Interest Entities and Collateralized Loan Obligation

9 Months Ended

Sep. 30, 2017

Variable Interest Entities and Collateralized Loan Obligation

(5) Variable Interest Entities and Collateralized Loan Obligation

On December 18, 2014, the Company entered into a collateralized loan obligation 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. The Company evaluated in accordance with ASC 810, 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.

The CLO Issuer invested in real estate-related loans which were substantially financed by the issuance of debt securities. The Manager was named collateral manager (“CLO Collateral Manager”) for all of the CLO Issuer’s collateral assets. The CLO Collateral Manager was responsible for the activities that most significantly impacted the performance of the underlying assets, including but not limited to monitoring, managing and disposing of collateral assets and managing the CLO Issuer’s compliance with provisions of the CLO indenture. The Company’s involvement with the CLO Issuer primarily affected its financial performance and operating cash flows through amounts recorded to interest income, interest expense and provision for loan losses.

The Company consolidated the CLO Issuer because ultimately it had the ability to control the activities that most significantly impacted the economic performance of the entity through its contractual rights with the affiliated CLO Collateral Manager. The CLO Collateral Manager had a contractual duty to the CLO Issuer, which in turn benefited the Company as the owner of 100% of the equity in the CLO Issuer. Additionally, the Company had exposure to the CLO Issuer’s losses to the extent of its equity interests and also had rights to waterfall payments in excess of required payments to the CLO Issuer’s Class A Note holder which would both be significant to the CLO Issuer. At each reporting date, the Company reconsidered its primary beneficiary conclusion to determine if its obligation to absorb losses of, or its rights to receive benefits from, the CLO Issuer could potentially be more than insignificant and if it should consolidate the CLO Issuer.

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. The collateralized loan obligation was subsequently terminated.

The Company’s total assets and total liabilities at December 31, 2016 included the following VIE assets and liabilities (dollars in thousands):

	December 31, 2016
ASSETS
Cash and Cash Equivalents	$	2,133
Accounts Receivable		479
Accounts Receivable from Servicer/Trustee		23,009
Accrued Interest Receivable		5,714
Loans Held for Investment		712,158
Total Assets	$	743,493
LIABILITIES
Accrued Interest Payable	$	885
Accrued Expenses		32
Collateralized Loan Obligation		540,780
Payable to Affiliates		933
Deferred Revenue		198
Total Liabilities	$	542,828

Assets held by the CLO Issuer were restricted and could only be used to settle obligations of the entity. The liabilities of the CLO Issuer were non-recourse to the Company and could only be satisfied from the CLO Issuer’s asset pool. From inception of the CLO through its dissolution, the Company did not provide, and was not required to provide, financial support to the CLO Issuer through a liquidity arrangement or otherwise.

The following table outlines borrowings and the corresponding collateral under the Company’s consolidated CLO Issuer as of December 31, 2016 (dollars in thousands):

As of December 31, 2016
Debt				Collateral (loans)
Face Value		Carrying Value		Outstanding Principal		Carrying Value
$	543,320	$	540,780	$	712,420	$	712,158

The Company incurred approximately $13.2 million of issuance costs which were amortized on an effective yield basis over the shorter of the remaining life of the loans that collateralized the Class A Note, or the Class A Note. As a result of retiring all amounts outstanding under the Class A Note, the Company recognized an additional $0.9 million of issuance costs during the three months ended September 30, 2017. As of September 30, 2017 and December 31, 2016, the Company’s unamortized issuance costs were $0.0 million and $2.5 million, respectively.

Interest on the Class A Note was payable monthly, beginning on December 18, 2014, and for the nine months ended September 30, 2017 and 2016, interest expense (excluding amortization of deferred financing costs) of $9.3 million and $21.8 million, respectively, is included in the Company’s consolidated statements of income as interest expense.

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

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

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

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

At September 30, 2017 and December 31, 2016, the Company had notes payable and repurchase agreements for certain of the Company’s originated loans. In addition, at December 31, 2016, the Company had a subscription secured credit facility outstanding, which facility was terminated in July 2017. On September 29, 2017, the Company entered into a new senior secured credit facility agreement with Bank of America. These financing agreements bear interest at a rate equal to LIBOR plus a credit spread determined primarily by advance rate and property type, or in the case of the subscription secured facility before it was terminated, the creditworthiness of the irrevocable investor commitments that secured the facility. The agreements contain covenants that include certain financial requirements, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio, current ratio and limitations on capital expenditures, indebtedness, distributions, transactions with affiliates and maintenance of positive net income as defined in the agreements.

The following table presents certain information regarding the Company’s notes payable, repurchase agreements, senior secured credit facility, and subscription secured facility as of September 30, 2017 and December 31, 2016, respectively. Except as otherwise noted, all other agreements are held on a non-recourse basis. Amounts included are shown in thousands:

As of September 30, 2017
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	8/23/2019	1 Month Libor		4.5	%		5.7	%	$	92,400	$	56,175	$	36,225	$	51,750
Bank of the Ozarks	8/31/2018	1 Month Libor		4.0			5.2			68,600		17,824		50,776		72,537
Deutsche Bank	9/25/2019	1 Month Libor		3.5			4.7			64,779		19,027		45,752		76,253
Deutsche Bank	6/29/2018	1 Month Libor		3.3			4.5			49,644		21,021		28,623		44,035
Bank of the Ozarks	5/22/2018	1 Month Libor		4.8			6.0			48,750		20,376		28,374		43,653
Deutsche Bank	12/9/2018	1 Month Libor		3.7			4.9			42,543		1		42,542		60,775
BMO Harris Bank⁽¹⁾	4/9/2020	1 Month Libor		2.7			3.9			32,500		—		32,500		45,000
Subtotal										399,216		134,424		264,792		394,003

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	8/19/2018	1 Month Libor		2.2	%		3.4	%	$	750,000	$	202,428	$	547,572	$	841,002
Wells Fargo⁽¹⁾	5/25/2019	1 Month Libor		2.1			3.4			750,000		356,512		393,488		682,221
JP Morgan⁽¹⁾	8/20/2018	1 Month Libor		2.5			3.7			417,250		155,382		261,868		380,621
Morgan Stanley⁽¹⁾	5/3/2019	1 Month Libor		2.4			3.6			400,000		127,268		272,732		397,592
US Bank⁽¹⁾	10/6/2019	1 Month Libor		2.3			3.5			150,000		129,000		21,000		30,000
Goldman Sachs (CMBS)⁽²⁾	10/30/2017	1 Month Libor		1.8			3.0			100,000		64,422		35,578		39,533
Royal Bank of Canada (CMBS)⁽²⁾	12/20/2017	1 Month Libor		1.0			2.2			100,000		92,140		7,860		8,418
Subtotal										2,667,250		1,127,152		1,540,098		2,379,387

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⁾	9/29/2020	1 Month Libor	N/A			N/A			$	250,000	$	250,000		—		—
Total									$	3,316,466	$	1,511,576	$	1,804,890	$	2,773,390

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

⁽²⁾	Borrowings under repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to September 30, 2017.

As of December 31, 2016
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	8/23/2019	1 Month Libor		4.5	%		5.1	%	$	92,400	$	72,544	$	19,856	$	28,366
Deutsche Bank	9/25/2019	1 Month Libor		3.5			4.1			64,779		30,207		34,572		57,620
Deutsche Bank	12/9/2018	1 Month Libor	3.3			3.9				49,644		29,293		20,351		31,309
Deutsche Bank	9/29/2018	1 Month Libor		3.7			4.3			42,543		5,940		36,603		52,303
Subtotal										249,366		137,984		111,382		169,598

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	8/19/2017	1 Month Libor		2.2	%		2.9	%	$	500,000	$	249,110	$	250,890	$	363,146
Wells Fargo⁽¹⁾	5/25/2019	1 Month Libor		2.2			3.0			500,000		179,729		320,271		461,618
JP Morgan⁽¹⁾	8/20/2018	1 Month Libor		2.7			3.4			313,750		25,001		288,749		414,269
Morgan Stanley⁽¹⁾	5/3/2019	1 Month Libor		2.5			3.2			250,000		124,036		125,964		175,884
Goldman Sachs (CMBS)⁽²⁾	8/19/2017	1 Month Libor		2.0			2.6			100,000		73,195		26,805		43,500
Royal Bank of Canada (CMBS)⁽²⁾	2/9/2021	1 Month Libor		1.0			1.6			100,000		91,150		8,850		9,347
Subtotal										1,763,750		742,221		1,021,529		1,467,764

Subscription Secured Facility

Maturity

Date

Index Rate

Weighted Average Spread

Interest

Rate

Commitment

Amount

Maximum

Current

Availability

Balance

Outstanding

Principal

Balance of

Collateral

Lloyds Bank

1/6/2018

1 Month Libor

1.8

%

2.5

%

$

250,000

$

109,142

—

Total

$

2,263,116

$

989,347

$

1,132,911

$

1,637,362

⁽¹⁾	Borrowings under repurchase agreements with a guarantee for 25% recourse.

⁽²⁾	Borrowings under repurchase agreements with a guarantee for 100% recourse.

Notes Payable

As of September 30, 2017 and December 31, 2016, the Company had seven and four note-on-note financing agreements, respectively, to finance certain of its lending activities. These loans allow for additional advances up to a specified cap and are secured by seven and four loans held for investment, respectively. The Company’s note-on-note agreements 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 loans at September 30, 2017 are guaranteed by Holdco, and the agreements include guarantor covenants regarding liquid assets and net worth requirements. The Company believes it is in compliance with all covenants as of September 30, 2017 and December 31, 2016. One of these loans at September 30, 2017 is 25% recourse to Holdco.

Repurchase Agreements

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

During the nine months ended September 30, 2017 and the year ended December 31, 2016, the Company entered into one and two additional repurchase agreements, respectively, to finance its lending activities. Credit spreads vary depending on property type and advance rate. Assets pledged are mortgage loans collateralized by commercial properties. These facilities are 25% recourse to Holdco.

On July 21, 2017, the Company closed an amendment to its existing secured revolving repurchase facility with Morgan Stanley Bank, N.A. to increase the maximum facility amount to $400 million from $250 million. Additionally, the Company has the right to further upsize the facility to $500 million from $400 million upon at least five days’ notice, subject to customary conditions. The facility was also amended to provide for an extended maturity in May 2020 and can be extended by the Company for additional successive one year periods, subject to approval by the lender. As was the case prior to the amendment, the number of extension options is not limited by the terms of this facility.

On August 18, 2017, and in connection with the repayment of the Class A Note and the termination of the collateralized loan obligation, the Company closed an amendment to its existing secured revolving repurchase facility with JPMorgan Chase Bank, N.A. to increase the maximum facility amount by $103.5 million, to $417.3 million, and to include as pledged collateral under the facility the seven first mortgage loan participation interests purchased from the CLO Issuer by one of our wholly-owned subsidiaries on August 18, 2017. With respect only to the upsize amount, amounts borrowed may not be repaid and reborrowed. All other material terms of the credit facility remain unchanged.

At September 30, 2017 and December 31, 2016, the Company had two securities repurchase agreements to finance its CMBS investing activities. Credit spreads vary depending upon the CMBS and advance rate. Assets pledged at September 30, 2017 and December 31, 2016 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 September 30, 2017 and December 31, 2016.

The following table summarizes certain characteristics of the Company’s repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at September 30, 2017 (in thousands):

	September 30, 2017
	UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders Equity			Days to Extended Maturity
Goldman Sachs Bank	$	841,002	$	836,913	$	548,306	$	288,607		23.9	%		688
Wells Fargo Bank		682,221		678,256		394,007		284,249		23.5			1,333
Morgan Stanley Bank⁽⁴⁾		397,592		396,370		273,144		123,226		10.2		N/A
JP Morgan Chase Bank		380,621		381,178		262,403		118,775		9.8			1,055
US Bank		30,000		29,514		21,058		8,456		0.7			1,467
Subtotal / Weighted Average		2,331,436		2,322,231		1,498,918		823,313					987

⁽¹⁾	Amounts shown in the table include interest receivable of $9.2 million and are net of premium, discount and origination fees of $18.4 million.

⁽²⁾	Amounts shown in the table include interest payable of $2.3 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 repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at September 30, 2017 (in thousands):

	September 30, 2017
	UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	39,533	$	39,398	$	35,767	$	3,631		0.3	%		30
Royal Bank of Canada		8,418		8,721		7,903		818		0.1			81
Subtotal / Weighted Average		47,951		48,119		43,670		4,449					39
Total / Weighted Average - Loans and CMBS	$	2,379,387	$	2,370,350	$	1,542,588	$	827,762					955

⁽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 and do not reflect unamortized deferred financing fees of $0.1 million.

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

⁽⁴⁾	Represents the sooner of the next maturity date of the CMBS repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to September 30, 2017.

The following table summarizes certain characteristics of the Company’s repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at December 31, 2016 (in thousands):

	December 31, 2016
	UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders Equity			Days to Extended Maturity
Wells Fargo Bank	$	461,618	$	450,338	$	320,175	$	130,163		13	%		1,606
JP Morgan Chase Bank		414,269		414,461		289,206		125,255		13			1,328
Goldman Sachs Bank		363,146		361,964		251,366		110,598		11			961
Morgan Stanley Bank⁽⁴⁾		175,884		175,178		126,152		49,026		5		N/A
Subtotal / Weighted Average		1,414,917		1,401,941		986,899		415,042					3,895

⁽¹⁾	Amounts shown in the table include interest receivable of $0.004 million and are net of premium, discount and origination fees of $0.02 million.

⁽²⁾	Amounts shown in the table include interest payable of $0.001 million and do not reflect unamortized deferred financing fees of $0.01 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 repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at December 31, 2016 (in thousands):

	December 31, 2016
	UPB of Collateral		Carrying Value of Collateral(1)		Amounts Payable under Repurchase Agreements(2)		Net Counterparty Exposure(3)		Percent of Stockholders Equity			Days to Extended Maturity
Goldman Sachs Bank	$	43,500	$	41,403	$	26,832	$	14,571		2	%		1,502
Royal Bank of Canada		9,347		9,932		8,856		1,076		—			1,507
Subtotal / Weighted Average		52,847		51,335		35,688		15,647					3,009
Total / Weighted Average - Loans and CMBS	$	1,467,764	$	1,453,276	$	1,022,587	$	430,689					1,331

⁽¹⁾	Amounts shown in the table include interest receivable of $0.03 million and are net of premium, discount, and unrealized gains of $2.7 million.

⁽²⁾	Amounts shown in the table include interest payable of $0.03 million and do not reflect unamortized deferred financing fees of $0.01 million.

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

Senior Secured Credit Facility

On September 29, 2017, the Company entered into a senior secured credit facility agreement with Bank of America that has a maximum facility amount $250 million, which may increase from time to time, up to $500 million, at the request of the Company and agreement by the lender. The current extended maturity of this facility is September 2022.

Subscription Secured Facility

On January 6, 2016, the Company entered into a subscription secured revolving credit facility with a commitment of $250 million. Borrowing ability is limited to the lesser of $250 million and 66.67% of unfunded commitments from included investors as defined in the agreement. The credit facility term is two years with a one year extension option at a rate of LIBOR plus 1.75%. In connection with the completion of the Company’s initial public offering in July 2017, the Company cancelled the unfunded commitments and terminated this facility.

Schedule of Maturities

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Maturities

(7) Schedule of Maturities

The future principal payments for the five years subsequent to September 30, 2017 and thereafter are as follows (in thousands):

	Senior Secured Credit Facility		Repurchase Agreements		Notes Payable
2017	$	—	$	101,485	$	—
2018		—		901,253		186,540
2019		—		537,360		45,752
2020		—		—		32,500
2021		—		—		—
Thereafter		—		—		—
Total	$	—	$	1,540,098	$	264,792

Fair Value Measurements

9 Months Ended

Sep. 30, 2017

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 accounts payable and accrued liabilities. At September 30, 2017, the Company had $58.9 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, 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 September 30, 2017 and December 31, 2016.

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

	September 30, 2017
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	2,824,713	$	—	$	—	$	2,848,390
Financial Liabilities
Secured Financing Arrangements		1,793,220		—		—		1,793,220

	December 31, 2016
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	2,449,990	$	—	$	—	$	2,469,717
Financial Liabilities
Collateralized Loan Obligation		540,780		—		—		540,780
Secured Financing Arrangements		1,121,869		—		—		1,121,869

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

At September 30, 2017 and December 31, 2016, the estimated fair value of loans held for investment was $2.8 billion and $2.5 billion, respectively. The average gross spread at September 30, 2017 and December 31, 2016 was 4.88% and 5.10%, respectively. The weighted average years to maturity was 3.5 years, assuming full extension of all loans, at September 30, 2017.

At September 30, 2017 and December 31, 2016, the carrying value of the secured financing agreements approximates fair value as current borrowing spreads reflect market terms. At December 31, 2016, the carrying value of the collateralized loan obligation approximates fair value as current borrowing spreads reflect market terms.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	(9) Income Taxes As of September 30, 2017 and December 31, 2016, the Company indirectly owns 100% of the equity of TPG RE Finance Trust CLO TRS Corp. (“CLO TRS”), TPG RE Finance Trust CLO TRS 1 Corp. (“TRS 1”) and TPG RE Finance Trust CLO TRS 2 Corp. (“TRS 2”), each of which is a taxable REIT subsidiary (collectively, “TRS”). TRS is subject to applicable U.S. federal, state, local and foreign income tax on its taxable income. In addition, as a REIT, the Company also may be subject to a 100% excise tax on certain transactions between it and its TRS that are not conducted on an arm’s-length basis. The Company files income tax returns in the United States federal jurisdiction as well as various state and local jurisdictions. The filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires, with open tax years for all years since the Company’s initial capitalization in 2014. The years open to examination range from 2014 to present. The Company’s TRS had no operations as of September 30, 2017 and December 31, 2016, and accordingly no deferred tax assets or liabilities exist relating to the TRS’s operations. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. As of September 30, 2017 and December 31, 2016, based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of general and administrative expense on its consolidated statements of income. For the periods ended September 30, 2017 and 2016, the Company did not have interest or penalties associated with the underpayment of any income taxes. For the three and nine months ended September 30, 2017 and September 30, 2016, the Company incurred $0.0 million and $0.1 million, respectively, and $0.1 million and $0.3 million, respectively, of federal, state and local tax expense relating to its TRS. At September 30, 2017 and 2016, the Company’s effective tax rate was 0.2% and 0.6%, respectively. At September 30, 2017 and December 31, 2016, the Company had no deferred tax assets or liabilities.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	(10) Related Party Transactions Management Agreements The Company is externally managed and advised by the Manager and, through July 24, 2017, paid the Manager a management fee in accordance with the management agreement which was executed on December 15, 2014 (the “pre-IPO Management Agreement”). For the three months ended September 30, 2017, the management fee and incentive management fee calculated under the pre-IPO Management Agreement was from July 1, 2017 through July 24, 2017, or 24 days. The management fee is equal to 1.25% of the Company’s stockholders’ equity per annum, which is calculated and payable quarterly in arrears. For purposes of calculating the management fee, stockholders’ equity means: (i) the sum of (A) the net proceeds received by the Company from all issuances of the Company’s common stock, plus (B) the Company’s cumulative Core Earnings from and after the date of the pre-IPO Management Agreement to the end of the most recently completed calendar quarter, (ii) less (A) any distributions to the Company’s stockholders from and after the date of the pre-IPO Management Agreement, (B) any amount that the Company or any of its subsidiaries has paid to repurchase the Company’s common stock since the date of the pre-IPO Management Agreement, and (C) any incentive management fee paid from and after the date of the pre-IPO Management Agreement. With respect to that portion of the period from and after the date of the pre-IPO Management Agreement that is used in any calculation of the incentive management fee or the management fee, all items in the foregoing sentence (other than clause (i) (B)) are calculated on a daily weighted average basis. In addition, the Manager is entitled to an incentive management fee each calendar quarter in arrears in an amount, not less than zero, equal to the product of (i) 16% and (ii) the positive sum, if any, remaining after (A) Core Earnings of the Company for such calendar quarter are reduced by (B) the product of (1) the Company’s stockholders’ equity as of the end of such calendar quarter, and (2) 7% per annum; provided, however, that no incentive management fee is payable with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters is greater than zero. The Manager also acts as Collateral Manager for the CLO. The collateral management fee is equal to 0.075% per annum of the aggregate par amount of the loans in the CLO, and is calculated and payable monthly in arrears in cash. 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 CLO. After the completion of the initial public offering and prior to the termination of the CLO, the Manager was entitled to earn a collateral management fee for acting as the collateral manager for the CLO without any reduction or offset right to the base management fee payable to the Manager under the Management Agreement (as defined below). As of September 30, 2017 and December 31, 2016, the aggregate par amount of the loans in the CLO was $0.0 million and $712.4 million, respectively. Post-IPO Management Agreement Upon the completion of the Company’s initial public offering on July 25, 2017, the pre-IPO Management Agreement terminated, without payment of any termination fee to the Manager, and the Company entered into a new management agreement with the Manager (the “Management Agreement”). For the three months ended September 30, 2017, the management fee and incentive management fee calculated under the Management Agreement was from July 25, 2017 through September 30, 2017, or 68 days. 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 be 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. For the three months ended September 30, 2017 and 2016, the Company paid an aggregate of $1.1 million and $3.2 million, respectively, to the Manager for management fees and incentive management fees under the pre-IPO Management Agreement and collateral management fees under the collateral management agreement for the CLO. For the nine months ended September 30, 2017 and 2016, the Company paid an aggregate of $10.0 million and $9.9 million, respectively, to the Manager for management fees and incentive management fees under the pre-IPO Management Agreement and collateral management fees under the collateral management agreement for the CLO. For the three and nine months ended September 30, 2017, the Company paid an aggregate of $3.4 million to the Manager for management fees and incentive management fees under the Management Agreement and collateral management fees under the collateral management agreement for the CLO. Management fees, incentive management fees, and collateral management fees included in payable to affiliates on the consolidated balance sheets at September 30, 2017 and December 31, 2016, is approximately $4.5 million and $2.9 million, respectively. The Company is responsible for reimbursing the Manager for certain expenses paid by the Manager on behalf of the Company or for certain services provided by the Manager to the Company. Expenses incurred by the Manager and reimbursed by the Company, are reflected in the respective consolidated statements of income expense category or the consolidated balance sheets based on the nature of the item. For the nine months ended September 30, 2017 and 2016, $1.0 million and $0.1 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 such two-year period based on such fees actually received by the Manager during such period.

Earnings per Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings per Share

(11) Earnings per Share

At September 30, 2017, all share and per share data reflect the impact the common stock and Class A common stock dividend which was paid on July 25, 2017 to holders of record as of July 3, 2017 upon completion of the Company’s initial public offering. 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 September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Net Income Attributable to Common Stockholders	$	20,787	$	17,439	$	69,582	$	50,796
Weighted-Average Common Shares Outstanding, Basic and Diluted		58,685,979		40,946,029		51,969,733		39,096,974
Per Common Share Amount, Basic and Diluted	$	0.35	$	0.43	$	1.34	$	1.30

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2017
Stockholders Equity Note [Abstract]
Stockholders' Equity	(12) Stockholders’ Equity Initial Public Offering On July 25, 2017, the Company completed an initial public offering of 11 million shares of common stock at a price of $20.00 per share for net proceeds of $200.1 million, after deducting underwriting discounts of $13.2 million and estimated offering expenses payable by us of $6.7 million. On August 17, 2017, the underwriters of the Company’s initial public offering partially exercised their option to purchase up to an additional 1,650,000 shares of common stock. On August 22, 2017, the Company issued and sold, and the underwriters purchased, 650,000 shares of common stock for net proceeds of $12.2 million, after deducting underwriting discounts of $0.8 million. The Company used the net proceeds from the offering to originate commercial mortgage loans consistent with its investment strategy and investment guidelines. On July 28, 2017, the Company paid GACC $2.0 million related to its contractual deferred purchase price obligation due in the event the Company consummated an initial public offering on or before December 29, 2017. Stock Dividend On July 3, 2017, we declared a stock dividend that resulted in the issuance of 9,224,268 shares of our common stock and 230,815 shares of our Class A common stock upon the completion of our initial public offering. The stock dividend was paid on July 25, 2017 to holders of record of our common stock and Class A common stock as of July 3, 2017. 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 (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 September 30, 2017, the Company repurchased 0.3 million shares of common stock, at an average price of $19.59 per share, for total consideration (including commissions and related fees) of $6.6 million. At September 30, 2017, the Company’s remaining commitment under the 10b5-1 Purchase Plan is $28.4 million. Subscriptions Prior to the completion of the Company’s initial public offering on July 25, 2017, certain of the Company’s pre-IPO investors entered into subscription agreements for specified capital commitments. Unfunded capital commitments as of December 31, 2016 were $181.0 million. In connection with the completion of the Company’s initial public offering, the stockholders agreement between the Company and certain of the Company’s pre-IPO stockholders and all of the obligations of certain of the Company’s pre-IPO stockholders to purchase additional shares of the Company’s common stock and Class A common stock using the undrawn portion of their capital commitments were terminated. Articles of Amendment and Restatement On July 19, 2017, the Company filed Articles of Amendment and Restatement with the State Department of Assessments and Taxation of Maryland. The Articles of Amendment and Restatement increased the Company’s authorized common stock to 300,000,000 shares of common stock and 2,500,000 shares of Class A common stock with $0.001 par value per share. Additionally, the Articles of Amendment and Restatement increased our authorized preferred stock to 100,000,000 shares of preferred stock with a $0.001 par value per share. Class A common stock has been issued to, and is owned by, certain individuals or entities affiliated with the Manager, and the sale or conversion to common stock by holders of such Class A common stock is subject to certain restrictions. As of September 30, 2017, the Company’s authorized common stock consisted of 300,000,000 shares of common stock and 2,500,000 shares of Class A common stock with $0.001 par value per share. As of September 30, 2017 and December 31, 2016, the Company had total common stock and Class A common stock shares of 61,004,768 and 48,446,028 issued and outstanding, respectively. 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 September 26, 2017, the Company’s Board of Directors declared a dividend for the third quarter of 2017 in the amount of $0.33 per share of common stock and Class A common stock, or $20.1 million in the aggregate, which dividend was payable on October 25, 2017 to holders of record of our common stock and Class A common stock as of October 6, 2017. On September 29, 2016, we declared a dividend associated with the third quarter of 2016 in the amount of $0.41 per share of common stock and Class A common stock, or $17.0 million in the aggregate, which was paid on October 26, 2016. For the nine months ended September 30, 2017 and 2016, common and Class A common stock dividends in the amount of $61.9 million and $48.5 million, respectively, were approved. As of September 30, 2017 and December 31, 2016, $20.1 million and $18.3 million, respectively, remain unpaid and are reflected in dividends payable on the Company’s consolidated balance sheets. Liquidation Upon liquidation of the Company, subsequent to the redemption of preferred stock, the net assets attributable to all classes of common stock shall be distributed pro rata among the common shareholders in proportion to the number of shares of common stock, regardless of class, held by each such holder. Other Comprehensive (Loss) Income For the three and nine months ended September 30, 2017 and September 30, 2016, other comprehensive (loss) income was $(2.6) million and $(1.3) million, respectively, and $1.5 million and $2.6 million, respectively. Other comprehensive (loss) income is a result of unrealized (losses) gains on CMBS available-for-sale. 2017 Equity Incentive Plan The Company’s Board of Directors has adopted, and its 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 or have otherwise been made under the Incentive Plan.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(13) Commitments and Contingencies Unfunded Commitments As of September 30, 2017 and December 31, 2016, the Company had $581.6 million and $574.6 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. As of September 30, 2017 and December 31, 2016, the Company was not involved in any material legal proceedings.

Concentration of Credit Risk

9 Months Ended

Sep. 30, 2017

Risks And Uncertainties [Abstract]

Concentration of Credit Risk

(14) Concentration of Credit Risk

Property Type

A summary of the loan portfolio by property type as of September 30, 2017 and December 31, 2016 based on current unpaid principal balance (“UPB”) and full loan commitment is as follows (amounts in thousands):

	As of September 30, 2017
Property Type	Loan Commitment		Unfunded Commitment		% of Portfolio			Loan UPB		% of Portfolio
Office	$	769,251	$	148,756		22.4	%	$	620,494		21.8	%
Condominium		703,662		205,107		20.6	%		498,556		17.5	%
Multifamily		656,975		84,215		19.2	%		572,760		20.1	%
Hotel		570,676		25,382		16.7	%		548,945		19.3	%
Mixed Use		431,500		58,583		12.6	%		372,917		13.1	%
Retail		195,044		48,460		5.7	%		146,584		5.2	%
Industrial		86,270		11,087		2.5	%		75,183		2.6	%
Other		10,249		—		0.3	%		10,249		0.4	%
Total	$	3,423,627	$	581,590		100.0	%	$	2,845,688		100.0	%

	As of December 31, 2016
Property Type	Loan Commitment		Unfunded Commitment		% of Portfolio			Loan UPB		% of Portfolio
Condominium	$	821,411	$	338,222		27.0	%	$	486,646		19.7	%
Hotel		644,459		31,282		21.2	%		615,238		24.9	%
Office		538,736		99,953		17.7	%		438,783		17.8	%
Mixed Use		527,548		74,100		17.4	%		453,448		18.4	%
Multifamily		327,578		11,217		10.8	%		316,360		12.8	%
Industrial		131,987		11,468		4.3	%		120,519		4.9	%
Other		48,483		8,400		1.6	%		40,083		1.6	%
Total	$	3,040,202	$	574,642		100.0	%	$	2,471,078		100.0	%

Geography

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

	September 30, 2017
Geographic Region	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB			Carrying Amount
East	$	1,327,238	$	149,702		38.8	%	$	1,181,189		41.5	%	$	1,173,142
South		1,093,810		322,937		31.9	%		770,873		27.1	%		763,891
West		674,123		82,810		19.7	%		591,312		20.8	%		587,278
Midwest		259,686		15,054		7.6	%		244,631		8.6	%		242,900
Various		68,770		11,087		2.0	%		57,683		2.0	%		57,502
Total	$	3,423,627	$	581,590		100.0	%	$	2,845,688		100.0	%	$	2,824,713

	December 31, 2016
Geographic Region	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB			Carrying Amount
East	$	1,330,003	$	132,951		43.7	%	$	1,197,052		48.4	%	$	1,192,153
West		867,494		116,057		28.5	%		751,437		30.4	%		741,513
South		578,340		311,166		19.0	%		272,692		11.0	%		268,443
Midwest		179,589		3,000		5.9	%		176,589		7.1	%		175,158
Various		84,776		11,468		2.8	%		73,308		3.0	%		72,723
Total	$	3,040,202	$	574,642		100.0	%	$	2,471,078		100.0	%	$	2,449,990

Loan commitments represent principal commitments made by the Company, and do not include capitalized interest of $3.7 million and $5.5 million at September 30, 2017 and December 31, 2016, respectively.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	(15) Subsequent Events The following events occurred subsequent to September 30, 2017: Cash Dividend On October 25, 2017, the Company paid a cash dividend on its common stock, to stockholders of record as of October 6, 2017, of $0.33 per share, or $20.1 million. 10b5-1 Purchase Plan From September 30, 2017 through November 3, 2017, the Company repurchased 0.2 million shares of common stock under the 10b5-1 Purchase Plan, at an average price of $19.60 per share for total consideration (including commissions and related fees) of $3.4 million. Senior Mortgage Loan Originations From September 30, 2017 through November 6, 2017, the Company originated three first mortgage loans, representing loans closed and in the process of closing, with an aggregate commitment amount of $294 million. These loans were funded, or will be funded upon closing, with a combination of cash-on-hand and borrowings. The Company has evaluated subsequent events through November 6, 2017, the date which the consolidated financial statements were available to be issued.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2017

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, a consolidated variable interest entity for which the Company was the primary beneficiary through August 23, 2017, 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 interim consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the interim consolidated financial statements include, but are not limited to: impairment; adequacy of provisions for loan losses; and valuation of financial instruments.

Principles of Consolidation

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

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

Revenue Recognition

Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for credit impairment, if any. The objective of the interest method is to arrive at periodic interest income including recognition of fees and costs at a constant effective yield. Premiums, discounts, origination fees and exit 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 fees are amortized into income over the extension period to which they relate using a straight line basis, which approximates the interest method, when the extension fee can be waived by the Company or a co-lender in connection with their refinancing of the loan. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s 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.

Loans Held for Investment

Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are reported at their outstanding principal balances net of any premiums, discounts, loan origination fees and an allowance for loan losses. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, or on a straight line basis when it approximates the interest method, adjusted for actual prepayments.

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

1-

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

2-

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

3-

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

4-

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

5-

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

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

The Company’s loans are typically collateralized by real estate or a partnership, or similar, equity interest in an entity that owns real estate. As a result, the Company regularly evaluates on a loan-by-loan basis the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial wherewithal of any loan guarantors and the borrower’s competency in managing and operating the 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.

Portfolio Financing Arrangements

The Company invests in CMBS for cash management and investment purposes. The Company designates as available-for-sale its CMBS investments on the date of acquisition of the investment. CMBS 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. The Company uses a specific identification method when determining the cost of security sold and the amount reclassified out of accumulated other comprehensive income into earnings. Unrealized losses on securities that, in the judgment of management, are other than temporary are charged against earnings as a loss in the consolidated statements of income. Significant valuation inputs are Level II in the fair value hierarchy as described under “Fair Value Measurements”.

The Company finances certain of its loan and CMBS investments using secured revolving repurchase agreements, asset-specific financing arrangements (notes payable on the consolidated balance sheets), a senior secured credit facility, and, prior to August 23, 2017, its private collateralized loan obligation (“CLO”). 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 September 30, 2017, 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 taxable year ended December 31, 2014. To the extent that it annually distributes at least 90% of its REIT taxable income to stockholders and complies with various other requirements as a REIT, the Company generally will not be subject to U.S. federal income taxes on its distributed REIT taxable income. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Even though the Company currently qualifies for taxation as a REIT, the Company may be subject to certain U.S. federal, state, local and foreign taxes on the Company’s income and property and to U.S. federal income and excise taxes on the Company’s undistributed REIT taxable income.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC Topic 740, Income Taxes (“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 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), divided 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 currently does not have any outstanding participating securities.

Loan Origination Fees

Loan origination fees are reflected in loans held for investment on the consolidated balance sheets and include fees charged to borrowers. These fees are amortized into interest income over the life of the related loans held.

Deferred Financing Costs

Deferred financing costs are reflected net of 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 which approximates the interest method over the life of the related obligations.

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of September 30, 2017 and December 31, 2016. The balances in these accounts may exceed the insured limits.

Restricted Cash

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

Recently Issued Accounting Pronouncements

In November 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) (“ASU 2016-18”). The amendments in ASU 2016-18 require an entity to reconcile and explain the period-over-period change in total cash, cash equivalents and restricted cash within its statements of cash flows. ASU 2016-18 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-18 using a full retrospective approach. The Company does not expect the adoption of ASU 2016-18 to have a material impact on its consolidated statements of cash flows as the Company does not have material restricted cash activity.

In June 2016, the FASB issued ASU No. 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. It 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.

In May 2014, FASB issued ASU No. 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 defers the adoption of ASU 2014-09 to interim and annual reporting periods in fiscal years that begin after December 15, 2018. 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. Early adoption is not permitted, except that we may adopt under the original provisions of ASU 2014-09 prior to the issuance of ASU 2015-14. The Company anticipates adopting this update in the quarter ended March 31, 2018, and continues the process of evaluating the impact of Topic 606 on its consolidated financial statements.

Loans Held for Investment (Tables)

9 Months Ended

Sep. 30, 2017

Receivables [Abstract]

Schedule of Loan Investment Portfolio

The following tables present an overview of the loan investment portfolio as of September 30, 2017 and December 31, 2016 (in thousands):

	September 30, 2017
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	2,778,553	$	(20,622	)	$	2,757,931
Subordinated and mezzanine loans		67,135		(353	)		66,782
Subtotal before allowance		2,845,688		(20,975	)		2,824,713
Allowance for loan losses		—		—			—
Total	$	2,845,688	$	(20,975	)	$	2,824,713

	December 31, 2016
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	2,429,632	$	(20,931	)	$	2,408,701
Subordinated and mezzanine loans		41,446		(157	)		41,289
Subtotal before allowance		2,471,078		(21,088	)		2,449,990
Allowance for loan losses		—		—			—
Total	$	2,471,078	$	(21,088	)	$	2,449,990

Summary of Loan Portfolio Activity

For the nine months ended September 30, 2017, loan portfolio activity was as follows (in thousands):

Balance at December 31, 2016	$	2,449,990
Loans originated		1,149,911
Additional fundings		228,217
Amortization of discount and origination fees		15,607
Deductions during the period:
Collection of principal		(1,016,246	)
Amortization of premium		(2,766	)
Balance at September 30, 2017	$	2,824,713

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 September 30, 2017 and December 31, 2016 (dollars in thousands):

	Carrying Value
Rating	September 30, 2017		December 31, 2016
1	$	—	$	261,261
2		1,073,455		745,340
3		1,695,009		1,205,994
4		56,249		237,395
5		—		—
Totals	$	2,824,713	$	2,449,990
Weighted Average Risk Rating⁽¹⁾		2.6		2.6

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

Commercial Mortgage-Backed Securities (Tables)

9 Months Ended

Sep. 30, 2017

Investments Debt And Equity Securities [Abstract]

Available-for-Sale Commercial Mortgage-Backed Securities

Detailed information regarding the Company’s available-for-sale CMBS is as follows (dollars in thousands):

September 30, 2017

Unamortized

Gross

Estimated

Face

Premium

Unrealized

Fair

Amount

(Discount)

Loss

Value

Investments, at Fair Value

Commercial mortgage-backed securities

$

85,866

$

336

$

(20

)

$

86,182

	December 31, 2016
	Face Amount		Unamortized Premium (Discount)			Gross Unrealized Gain		Estimated Fair Value
Investments, at Fair Value
Commercial mortgage-backed securities	$	62,927	$	(2,673	)	$	1,250	$	61,504

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

The amortized cost and estimated fair value of the Company’s available-for-sale CMBS by contractual maturity are shown in the following table (dollars in thousands):

	September 30, 2017
	Amortized Cost		Estimated Fair Value
Expected Maturity Date
After one, within five years	$	36,700	$	36,872
After five, within ten years		49,509		49,310
Total investment in commercial mortgage-backed securities, at fair value	$	86,209	$	86,182

	December 31, 2016
	Amortized Cost		Estimated Fair Value
Expected Maturity Date
After one, within five years	$	58,962	$	60,242
After five, within ten years		1,292		1,262
Total investment in commercial mortgage-backed securities, at fair value	$	60,254	$	61,504

- 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)

9 Months Ended

Sep. 30, 2017

Summary of Variable Interest Entities Assets and Liabilities

The Company’s total assets and total liabilities at December 31, 2016 included the following VIE assets and liabilities (dollars in thousands):

	December 31, 2016
ASSETS
Cash and Cash Equivalents	$	2,133
Accounts Receivable		479
Accounts Receivable from Servicer/Trustee		23,009
Accrued Interest Receivable		5,714
Loans Held for Investment		712,158
Total Assets	$	743,493
LIABILITIES
Accrued Interest Payable	$	885
Accrued Expenses		32
Collateralized Loan Obligation		540,780
Payable to Affiliates		933
Deferred Revenue		198
Total Liabilities	$	542,828

Schedule of Borrowings and Corresponding Collateral

The following table outlines borrowings and the corresponding collateral under the Company’s consolidated CLO Issuer as of December 31, 2016 (dollars in thousands):

As of December 31, 2016
Debt				Collateral (loans)
Face Value		Carrying Value		Outstanding Principal		Carrying Value
$	543,320	$	540,780	$	712,420	$	712,158

- 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

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

9 Months Ended

Sep. 30, 2017

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

The following table presents certain information regarding the Company’s notes payable, repurchase agreements, senior secured credit facility, and subscription secured facility as of September 30, 2017 and December 31, 2016, respectively. Except as otherwise noted, all other agreements are held on a non-recourse basis. Amounts included are shown in thousands:

As of September 30, 2017
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	8/23/2019	1 Month Libor		4.5	%		5.7	%	$	92,400	$	56,175	$	36,225	$	51,750
Bank of the Ozarks	8/31/2018	1 Month Libor		4.0			5.2			68,600		17,824		50,776		72,537
Deutsche Bank	9/25/2019	1 Month Libor		3.5			4.7			64,779		19,027		45,752		76,253
Deutsche Bank	6/29/2018	1 Month Libor		3.3			4.5			49,644		21,021		28,623		44,035
Bank of the Ozarks	5/22/2018	1 Month Libor		4.8			6.0			48,750		20,376		28,374		43,653
Deutsche Bank	12/9/2018	1 Month Libor		3.7			4.9			42,543		1		42,542		60,775
BMO Harris Bank⁽¹⁾	4/9/2020	1 Month Libor		2.7			3.9			32,500		—		32,500		45,000
Subtotal										399,216		134,424		264,792		394,003

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	8/19/2018	1 Month Libor		2.2	%		3.4	%	$	750,000	$	202,428	$	547,572	$	841,002
Wells Fargo⁽¹⁾	5/25/2019	1 Month Libor		2.1			3.4			750,000		356,512		393,488		682,221
JP Morgan⁽¹⁾	8/20/2018	1 Month Libor		2.5			3.7			417,250		155,382		261,868		380,621
Morgan Stanley⁽¹⁾	5/3/2019	1 Month Libor		2.4			3.6			400,000		127,268		272,732		397,592
US Bank⁽¹⁾	10/6/2019	1 Month Libor		2.3			3.5			150,000		129,000		21,000		30,000
Goldman Sachs (CMBS)⁽²⁾	10/30/2017	1 Month Libor		1.8			3.0			100,000		64,422		35,578		39,533
Royal Bank of Canada (CMBS)⁽²⁾	12/20/2017	1 Month Libor		1.0			2.2			100,000		92,140		7,860		8,418
Subtotal										2,667,250		1,127,152		1,540,098		2,379,387

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⁾	9/29/2020	1 Month Libor	N/A			N/A			$	250,000	$	250,000		—		—
Total									$	3,316,466	$	1,511,576	$	1,804,890	$	2,773,390

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

⁽²⁾	Borrowings under repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to September 30, 2017.

As of December 31, 2016
Notes Payable	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Bank of the Ozarks	8/23/2019	1 Month Libor		4.5	%		5.1	%	$	92,400	$	72,544	$	19,856	$	28,366
Deutsche Bank	9/25/2019	1 Month Libor		3.5			4.1			64,779		30,207		34,572		57,620
Deutsche Bank	12/9/2018	1 Month Libor	3.3			3.9				49,644		29,293		20,351		31,309
Deutsche Bank	9/29/2018	1 Month Libor		3.7			4.3			42,543		5,940		36,603		52,303
Subtotal										249,366		137,984		111,382		169,598

Repurchase Agreements	Maturity Date	Index Rate	Weighted Average Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
Goldman Sachs⁽¹⁾	8/19/2017	1 Month Libor		2.2	%		2.9	%	$	500,000	$	249,110	$	250,890	$	363,146
Wells Fargo⁽¹⁾	5/25/2019	1 Month Libor		2.2			3.0			500,000		179,729		320,271		461,618
JP Morgan⁽¹⁾	8/20/2018	1 Month Libor		2.7			3.4			313,750		25,001		288,749		414,269
Morgan Stanley⁽¹⁾	5/3/2019	1 Month Libor		2.5			3.2			250,000		124,036		125,964		175,884
Goldman Sachs (CMBS)⁽²⁾	8/19/2017	1 Month Libor		2.0			2.6			100,000		73,195		26,805		43,500
Royal Bank of Canada (CMBS)⁽²⁾	2/9/2021	1 Month Libor		1.0			1.6			100,000		91,150		8,850		9,347
Subtotal										1,763,750		742,221		1,021,529		1,467,764

Subscription Secured Facility

Maturity

Date

Index Rate

Weighted Average Spread

Interest

Rate

Commitment

Amount

Maximum

Current

Availability

Balance

Outstanding

Principal

Balance of

Collateral

Lloyds Bank

1/6/2018

1 Month Libor

1.8

%

2.5

%

$

250,000

$

109,142

—

Total

$

2,263,116

$

989,347

$

1,132,911

$

1,637,362

⁽¹⁾	Borrowings under repurchase agreements with a guarantee for 25% recourse.

⁽²⁾	Borrowings under repurchase agreements with a guarantee for 100% recourse.

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

The following table summarizes certain characteristics of the Company’s repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at September 30, 2017 (in thousands):

	September 30, 2017
	UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	39,533	$	39,398	$	35,767	$	3,631		0.3	%		30
Royal Bank of Canada		8,418		8,721		7,903		818		0.1			81
Subtotal / Weighted Average		47,951		48,119		43,670		4,449					39
Total / Weighted Average - Loans and CMBS	$	2,379,387	$	2,370,350	$	1,542,588	$	827,762					955

⁽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 and do not reflect unamortized deferred financing fees of $0.1 million.

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

⁽⁴⁾	Represents the sooner of the next maturity date of the CMBS repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to September 30, 2017.

The following table summarizes certain characteristics of the Company’s repurchase agreements secured by CMBS, all of which are considered short-term borrowings, and comprise counterparty concentration risks, at December 31, 2016 (in thousands):

	December 31, 2016
	UPB of Collateral		Carrying Value of Collateral(1)		Amounts Payable under Repurchase Agreements(2)		Net Counterparty Exposure(3)		Percent of Stockholders Equity			Days to Extended Maturity
Goldman Sachs Bank	$	43,500	$	41,403	$	26,832	$	14,571		2	%		1,502
Royal Bank of Canada		9,347		9,932		8,856		1,076		—			1,507
Subtotal / Weighted Average		52,847		51,335		35,688		15,647					3,009
Total / Weighted Average - Loans and CMBS	$	1,467,764	$	1,453,276	$	1,022,587	$	430,689					1,331

⁽¹⁾	Amounts shown in the table include interest receivable of $0.03 million and are net of premium, discount, and unrealized gains of $2.7 million.

⁽²⁾	Amounts shown in the table include interest payable of $0.03 million and do not reflect unamortized deferred financing fees of $0.01 million.

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

Commercial Mortgage Loans

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

The following table summarizes certain characteristics of the Company’s repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at September 30, 2017 (in thousands):

	September 30, 2017
	UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders Equity			Days to Extended Maturity
Goldman Sachs Bank	$	841,002	$	836,913	$	548,306	$	288,607		23.9	%		688
Wells Fargo Bank		682,221		678,256		394,007		284,249		23.5			1,333
Morgan Stanley Bank⁽⁴⁾		397,592		396,370		273,144		123,226		10.2		N/A
JP Morgan Chase Bank		380,621		381,178		262,403		118,775		9.8			1,055
US Bank		30,000		29,514		21,058		8,456		0.7			1,467
Subtotal / Weighted Average		2,331,436		2,322,231		1,498,918		823,313					987

⁽¹⁾	Amounts shown in the table include interest receivable of $9.2 million and are net of premium, discount and origination fees of $18.4 million.

⁽²⁾	Amounts shown in the table include interest payable of $2.3 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 repurchase agreements secured by commercial mortgage loans, all of which are considered long-term borrowings, and comprise counterparty concentration risks, at December 31, 2016 (in thousands):

	December 31, 2016
	UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable under Repurchase Agreements⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders Equity			Days to Extended Maturity
Wells Fargo Bank	$	461,618	$	450,338	$	320,175	$	130,163		13	%		1,606
JP Morgan Chase Bank		414,269		414,461		289,206		125,255		13			1,328
Goldman Sachs Bank		363,146		361,964		251,366		110,598		11			961
Morgan Stanley Bank⁽⁴⁾		175,884		175,178		126,152		49,026		5		N/A
Subtotal / Weighted Average		1,414,917		1,401,941		986,899		415,042					3,895

⁽¹⁾	Amounts shown in the table include interest receivable of $0.004 million and are net of premium, discount and origination fees of $0.02 million.

⁽²⁾	Amounts shown in the table include interest payable of $0.001 million and do not reflect unamortized deferred financing fees of $0.01 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.

Schedule of Maturities (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Future Principal Payments

The future principal payments for the five years subsequent to September 30, 2017 and thereafter are as follows (in thousands):

	Senior Secured Credit Facility		Repurchase Agreements		Notes Payable
2017	$	—	$	101,485	$	—
2018		—		901,253		186,540
2019		—		537,360		45,752
2020		—		—		32,500
2021		—		—		—
Thereafter		—		—		—
Total	$	—	$	1,540,098	$	264,792

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

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

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

	September 30, 2017
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	2,824,713	$	—	$	—	$	2,848,390
Financial Liabilities
Secured Financing Arrangements		1,793,220		—		—		1,793,220

	December 31, 2016
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	2,449,990	$	—	$	—	$	2,469,717
Financial Liabilities
Collateralized Loan Obligation		540,780		—		—		540,780
Secured Financing Arrangements		1,121,869		—		—		1,121,869

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings per Common Share

The following table sets forth the calculation of basic and diluted earnings per common share (common stock and Class A common stock) based on the weighted-average number of shares of common stock and Class A common stock outstanding (in thousands, except share and per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Net Income Attributable to Common Stockholders	$	20,787	$	17,439	$	69,582	$	50,796
Weighted-Average Common Shares Outstanding, Basic and Diluted		58,685,979		40,946,029		51,969,733		39,096,974
Per Common Share Amount, Basic and Diluted	$	0.35	$	0.43	$	1.34	$	1.30

Concentration of Credit Risk (Tables)

9 Months Ended

Sep. 30, 2017

Risks And Uncertainties [Abstract]

Summary of Loan Portfolio by Property Type

Property Type

A summary of the loan portfolio by property type as of September 30, 2017 and December 31, 2016 based on current unpaid principal balance (“UPB”) and full loan commitment is as follows (amounts in thousands):

	As of September 30, 2017
Property Type	Loan Commitment		Unfunded Commitment		% of Portfolio			Loan UPB		% of Portfolio
Office	$	769,251	$	148,756		22.4	%	$	620,494		21.8	%
Condominium		703,662		205,107		20.6	%		498,556		17.5	%
Multifamily		656,975		84,215		19.2	%		572,760		20.1	%
Hotel		570,676		25,382		16.7	%		548,945		19.3	%
Mixed Use		431,500		58,583		12.6	%		372,917		13.1	%
Retail		195,044		48,460		5.7	%		146,584		5.2	%
Industrial		86,270		11,087		2.5	%		75,183		2.6	%
Other		10,249		—		0.3	%		10,249		0.4	%
Total	$	3,423,627	$	581,590		100.0	%	$	2,845,688		100.0	%

	As of December 31, 2016
Property Type	Loan Commitment		Unfunded Commitment		% of Portfolio			Loan UPB		% of Portfolio
Condominium	$	821,411	$	338,222		27.0	%	$	486,646		19.7	%
Hotel		644,459		31,282		21.2	%		615,238		24.9	%
Office		538,736		99,953		17.7	%		438,783		17.8	%
Mixed Use		527,548		74,100		17.4	%		453,448		18.4	%
Multifamily		327,578		11,217		10.8	%		316,360		12.8	%
Industrial		131,987		11,468		4.3	%		120,519		4.9	%
Other		48,483		8,400		1.6	%		40,083		1.6	%
Total	$	3,040,202	$	574,642		100.0	%	$	2,471,078		100.0	%

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

Geography

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

	September 30, 2017
Geographic Region	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB			Carrying Amount
East	$	1,327,238	$	149,702		38.8	%	$	1,181,189		41.5	%	$	1,173,142
South		1,093,810		322,937		31.9	%		770,873		27.1	%		763,891
West		674,123		82,810		19.7	%		591,312		20.8	%		587,278
Midwest		259,686		15,054		7.6	%		244,631		8.6	%		242,900
Various		68,770		11,087		2.0	%		57,683		2.0	%		57,502
Total	$	3,423,627	$	581,590		100.0	%	$	2,845,688		100.0	%	$	2,824,713

	December 31, 2016
Geographic Region	Loan Commitment		Unfunded Commitment		% Loan Commitment			Loan UPB		% Loan UPB			Carrying Amount
East	$	1,330,003	$	132,951		43.7	%	$	1,197,052		48.4	%	$	1,192,153
West		867,494		116,057		28.5	%		751,437		30.4	%		741,513
South		578,340		311,166		19.0	%		272,692		11.0	%		268,443
Midwest		179,589		3,000		5.9	%		176,589		7.1	%		175,158
Various		84,776		11,468		2.8	%		73,308		3.0	%		72,723
Total	$	3,040,202	$	574,642		100.0	%	$	2,471,078		100.0	%	$	2,449,990

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Threshold period of delinquency	90 days
Percentage of senior mortgage loan transferred to third-party	100.00%
Maximum insured amount of each cash account	$ 250,000	$ 250,000

Loans Held for Investment - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017 USD ($) Rating Loan	Dec. 31, 2016 USD ($) Rating Loan
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 3,423,627,000	$ 3,040,202,000
Unfunded loan commitments	581,590,000	574,642,000
Unamortized premium	100,000	2,900,000
Unaccreted discount	$ 2,800,000	$ 12,500,000
Weighted average risk rating \| Rating	2.6	2.6
Number of loans on non-accrual status \| Loan	0	0
Reserve	$ 0	$ 0
Moved From Four Risk Rating Into Three Risk Rating
Accounts Notes And Loans Receivable [Line Items]
Number of loans selected for risk rate changes \| Loan	2
Moved From Three Risk Rating Into Four Risk Rating
Accounts Notes And Loans Receivable [Line Items]
Number of loans selected for risk rate changes \| Loan	4
Risk Rating One
Accounts Notes And Loans Receivable [Line Items]
Payments received for loans classified with category one risk rating \| Loan		3
Risk Rating Four
Accounts Notes And Loans Receivable [Line Items]
Payments received for loans classified with category one risk rating \| Loan	2
German American Capital Corporation
Accounts Notes And Loans Receivable [Line Items]
Number of loans originated or acquired \| Loan	15
Total loan commitment amount	$ 1,500,000,000
Unpaid principal balance	1,100,000,000
Unfunded loan commitments	229,700,000
German American Capital Corporation \| Non-recourse Senior Loan
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 91,500,000

Loans Held for Investment - Schedule of Loan Investment Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	$ 2,845,688	$ 2,471,078
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(20,975)	(21,088)
Carrying Amount, before allowance for loan losses	2,824,713	2,449,990
Outstanding Principal, after allowance for loan losses	2,845,688	2,471,078
Unamortized Premium (Discount), Loan Origination Fees net, after allowance for loan losses	(20,975)	(21,088)
Carrying Amount, after allowance for loan losses	2,824,713	2,449,990
Senior Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	2,778,553	2,429,632
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(20,622)	(20,931)
Carrying Amount, before allowance for loan losses	2,757,931	2,408,701
Subordinated and Mezzanine Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	67,135	41,446
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(353)	(157)
Carrying Amount, before allowance for loan losses	$ 66,782	$ 41,289

Loans Held for Investment - Summary of Loan Portfolio Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
Loans And Leases Receivable Disclosure [Abstract]
Balance at December 31, 2016	$ 2,449,990
Loans originated	1,149,911
Additional fundings	228,217
Amortization of discount and origination fees	15,607
Collection of principal	(1,016,246)
Amortization of premium	(2,766)
Balance at September 30, 2017	$ 2,824,713

Loans Held for Investment - Summary of Carrying Values and Results of Internal Risk Rating Review Performed (Details) $ in Thousands	Sep. 30, 2017 USD ($) Rating	Dec. 31, 2016 USD ($) Rating
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 2,824,713	$ 2,449,990
Weighted Average Risk Rating \| Rating	2.6	2.6
Risk Rating One
Accounts Notes And Loans Receivable [Line Items]
Carrying Value		$ 261,261
Rating 2
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 1,073,455	745,340
Rating 3
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	1,695,009	1,205,994
Rating 4
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 56,249	$ 237,395

Commercial Mortgage-Backed Securities - Additional Information (Details) - Commercial Mortgage-Backed Securities	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2017 USD ($) Investment	Sep. 30, 2017 USD ($) Investment	Dec. 31, 2016 USD ($) Investment
Schedule Of Available For Sale Securities [Line Items]
Number of Investments \| Investment	5	5	5
Net proceeds from sale of securities investment	$ 43,800,000
Net gain on sale of securities	$ 300,000
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

Sep. 30, 2017

Dec. 31, 2016

Schedule Of Available For Sale Securities [Line Items]

Estimated Fair Value

^[1]

$ 86,182

$ 61,504

Schedule Of Available For Sale Securities [Line Items]

Face Amount

85,866

62,927

Unamortized Premium (Discount)

336

(2,673)

Gross Unrealized Loss

(20)

Gross Unrealized Gain

1,250

Estimated Fair Value

$ 86,182

$ 61,504

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Commercial Mortgage-Backed Securities - Available-for-Sale Commercial Mortgage-Backed Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands

Sep. 30, 2017

Dec. 31, 2016

Estimated Fair Value

Total investment in commercial mortgage-backed securities, at fair value

^[1]

$ 86,182

$ 61,504

After one, within five years

Amortized Cost

36,700

58,962

After five, within ten years

49,509

1,292

Total investment in commercial mortgage-backed securities, at fair value

86,209

60,254

Estimated Fair Value

After one, within five years

36,872

60,242

After five, within ten years

49,310

1,262

Total investment in commercial mortgage-backed securities, at fair value

$ 86,182

$ 61,504

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Variable Interest Entities and Collateralized Loan Obligation - Additional Information (Details) $ in Thousands			3 Months Ended	9 Months Ended
	Aug. 23, 2017 USD ($)	Aug. 16, 2017 USD ($) Loan	Sep. 30, 2017 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Aug. 18, 2017 USD ($) Loan	Dec. 31, 2016 USD ($)	Dec. 29, 2014 USD ($)	Dec. 18, 2014 USD ($)
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Additional issuance costs recognized				$ 9,160	$ 6,843
Class A Senior Secured Note \| CLO Issuer
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Outstanding principal balance		$ 118,000
Number of first mortgage loan participation interests sold \| Loan		2				7
Unpaid principal balance of mortgage loan		$ 12,800				$ 138,500
Loss on sale of first mortgage loan participation interests		$ 200
Cash	$ 3,000
Repayment of Class A Note	$ 118,000
Collateralized Loan Obligation
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Variable interest entity ownership percentage				100.00%
Unamortized issuance costs			$ 0	$ 0			$ 2,541
Collateralized Loan Obligation \| Class A Senior Secured Note
Variable Interest Entities and Collateralized Loan Obligation [Line Items]
Debt issuance costs, gross									$ 13,200
Additional issuance costs recognized			900
Unamortized issuance costs			$ 0	0			$ 2,500
Interest expense excluding amortization of deferred financing costs				$ 9,300	$ 21,800
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

Variable Interest Entities and Collateralized Loan Obligation - Summary of Variable Interest Entities Assets and Liabilities (Details) - Variable Interest Entity, Primary Beneficiary $ in Thousands	Dec. 31, 2016 USD ($)
ASSETS
Total Assets	$ 743,493
LIABILITIES
Total Liabilities	542,828
Cash and Cash Equivalents
ASSETS
Total Assets	2,133
Accounts Receivable
ASSETS
Total Assets	479
Accounts Receivable from Servicer/Trustee
ASSETS
Total Assets	23,009
Accrued Interest Receivable
ASSETS
Total Assets	5,714
Loans Held for Investment
ASSETS
Total Assets	712,158
Accrued Interest Payable
LIABILITIES
Total Liabilities	885
Accrued Expenses
LIABILITIES
Total Liabilities	32
Collateralized Loan Obligation
LIABILITIES
Total Liabilities	540,780
Payable to Affiliates
LIABILITIES
Total Liabilities	933
Deferred Revenue
LIABILITIES
Total Liabilities	$ 198

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

Dec. 31, 2016

USD ($)

Debt, Carrying Value

$ 540,780

^[1]

Collateral (loans), Outstanding Principal

Debt, Face Value

543,320

Debt, Carrying Value

540,780

712,420

Collateral (loans), Carrying Value

$ 712,158

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Notes Payable, Repurchase Agreements, Senior Secured Credit Facility and Subscription Secured Facility - Additional Information (Details)						9 Months Ended	12 Months Ended
	Sep. 30, 2017 Loan Agreement	Sep. 29, 2017 USD ($)	Aug. 18, 2017 USD ($)	Jul. 21, 2017 USD ($)	Jan. 06, 2016 USD ($)	Sep. 30, 2017 Loan Agreement	Dec. 31, 2016 Loan Agreement	Jul. 20, 2017 USD ($)
Repurchase Agreements
Debt Instrument [Line Items]
Number of additional repurchase agreements \| Agreement						1	2
Recourse guarantee percentage						100.00%	100.00%
Repurchase Agreements \| CMBS
Debt Instrument [Line Items]
Number of repurchase agreements \| Agreement						2	2
Repurchase Agreements \| Mortgage-backed Securities
Debt Instrument [Line Items]
Number of repurchase agreements \| Agreement						3	3
Holdco \| Repurchase Agreements
Debt Instrument [Line Items]
Percentage of recourse loans						25.00%	25.00%
Holdco \| Repurchase Agreements \| CMBS
Debt Instrument [Line Items]
Recourse guarantee percentage						100.00%	100.00%
Holdco \| Repurchase Agreements \| Mortgage-backed Securities
Debt Instrument [Line Items]
Recourse guarantee percentage						100.00%	100.00%
Notes Payable
Debt Instrument [Line Items]
Number of financing agreements \| Agreement	7					7	4
Number of loans held for investment \| Loan	7					7	4
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%
Subscription Secured Facility
Debt Instrument [Line Items]
Credit facility termination date						Jul. 31, 2017
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 250,000,000
Credit agreement initiation date						Jan. 06, 2016
Credit agreement, Description						Borrowing ability is limited to the lesser of $250 million and 66.67% of unfunded commitments from included investors as defined in the agreement. The credit facility term is two years with a one year extension option at a rate of LIBOR plus 1.75%.
Credit agreement term					2 years
Debt instrument, basis spread on variable rate					1.75%
Revolving Credit Facility \| Extension Term Option
Debt Instrument [Line Items]
Credit agreement term					1 year
Revolving Credit Facility \| Morgan Stanley \| Repurchase Agreements
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 400,000,000				$ 250,000,000
Line of credit facility, maximum borrowing capacity, subject to customary condition				$ 500,000,000
Line of credit facility, extended maturity				2020-05
JP Morgan \| Secured Revolving Repurchase Facility \| Repurchase Agreements \| Class A Senior Secured Note
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 417,300,000
Line of credit facility, increase maximum borrowing capacity			$ 103,500,000
Senior Secured Credit Facility \| Bank of America
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 250,000,000
Line of credit facility, extended maturity		2022-09
Credit agreement initiation date						Sep. 29, 2017
Line of credit facility, maximum borrowing capacity subject to condition		$ 500,000,000

Summary of Notes Payable, Repurchase Agreements, Senior Secured Credit Facility, and Subscription Secured Facility (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Index Rate	one-month LIBOR
Repurchase Agreements
Debt Instrument [Line Items]
Commitment Amount	$ 2,667,250	$ 1,763,750
Maximum Current Availability	1,127,152	742,221
Balance Outstanding	1,540,098	1,021,529
Collateral (loans), Outstanding Principal	2,379,387	1,467,764
Senior Secured Credit Facility
Debt Instrument [Line Items]
Commitment Amount	3,316,466
Maximum Current Availability	1,511,576
Balance Outstanding	1,804,890
Collateral (loans), Outstanding Principal	2,773,390
Subscription Secured Facility
Debt Instrument [Line Items]
Commitment Amount		2,263,116
Maximum Current Availability		989,347
Balance Outstanding		1,132,911
Collateral (loans), Outstanding Principal		1,637,362
Notes Payable
Debt Instrument [Line Items]
Commitment Amount	399,216	249,366
Maximum Current Availability	134,424	137,984
Balance Outstanding	264,792	111,382
Collateral (loans), Outstanding Principal	$ 394,003	$ 169,598
Bank of the Ozarks \| Debt Instrument, Interest Rate at 5.7% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Aug. 23, 2019
Index Rate	1 Month Libor
Weighted Average Spread	4.50%
Interest Rate	5.70%
Commitment Amount	$ 92,400
Maximum Current Availability	56,175
Balance Outstanding	36,225
Collateral (loans), Outstanding Principal	$ 51,750
Bank of the Ozarks \| Debt Instrument, Interest Rate at 5.2% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Aug. 31, 2018
Index Rate	1 Month Libor
Weighted Average Spread	4.00%
Interest Rate	5.20%
Commitment Amount	$ 68,600
Maximum Current Availability	17,824
Balance Outstanding	50,776
Collateral (loans), Outstanding Principal	$ 72,537
Bank of the Ozarks \| Debt Instrument, Interest Rate at 6.0% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	May 22, 2018
Index Rate	1 Month Libor
Weighted Average Spread	4.80%
Interest Rate	6.00%
Commitment Amount	$ 48,750
Maximum Current Availability	20,376
Balance Outstanding	28,374
Collateral (loans), Outstanding Principal	$ 43,653
Bank of the Ozarks \| Debt Instrument, Interest Rate at 5.1% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Aug. 23, 2019
Index Rate		1 Month Libor
Weighted Average Spread		4.50%
Interest Rate		5.10%
Commitment Amount		$ 92,400
Maximum Current Availability		72,544
Balance Outstanding		19,856
Collateral (loans), Outstanding Principal		$ 28,366
Deutsche Bank \| Debt Instrument, Interest Rate at 4.7% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Sep. 25, 2019
Index Rate	1 Month Libor
Weighted Average Spread	3.50%
Interest Rate	4.70%
Commitment Amount	$ 64,779
Maximum Current Availability	19,027
Balance Outstanding	45,752
Collateral (loans), Outstanding Principal	$ 76,253
Deutsche Bank \| Debt Instrument, Interest Rate at 4.5% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Jun. 29, 2018
Index Rate	1 Month Libor
Weighted Average Spread	3.30%
Interest Rate	4.50%
Commitment Amount	$ 49,644
Maximum Current Availability	21,021
Balance Outstanding	28,623
Collateral (loans), Outstanding Principal	$ 44,035
Deutsche Bank \| Debt Instrument, Interest Rate at 4.9% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Dec. 09, 2018
Index Rate	1 Month Libor
Weighted Average Spread	3.70%
Interest Rate	4.90%
Commitment Amount	$ 42,543
Maximum Current Availability	1
Balance Outstanding	42,542
Collateral (loans), Outstanding Principal	$ 60,775
Deutsche Bank \| Debt Instrument, Interest Rate at 4.1% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Sep. 25, 2019
Index Rate		1 Month Libor
Weighted Average Spread		3.50%
Interest Rate		4.10%
Commitment Amount		$ 64,779
Maximum Current Availability		30,207
Balance Outstanding		34,572
Collateral (loans), Outstanding Principal		$ 57,620
Deutsche Bank \| Debt Instrument, Interest Rate at 3.9% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Dec. 09, 2018
Index Rate		1 Month Libor
Weighted Average Spread		3.30%
Interest Rate		3.90%
Commitment Amount		$ 49,644
Maximum Current Availability		29,293
Balance Outstanding		20,351
Collateral (loans), Outstanding Principal		$ 31,309
Deutsche Bank \| Debt Instrument, Interest Rate at 4.3% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date		Sep. 29, 2018
Index Rate		1 Month Libor
Weighted Average Spread		3.70%
Interest Rate		4.30%
Commitment Amount		$ 42,543
Maximum Current Availability		5,940
Balance Outstanding		36,603
Collateral (loans), Outstanding Principal		$ 52,303
BMO Harris Bank \| Debt Instrument, Interest Rate at 3.9% \| Notes Payable
Debt Instrument [Line Items]
Maturity Date	Apr. 09, 2020
Index Rate	1 Month Libor
Weighted Average Spread	2.70%
Interest Rate	3.90%
Commitment Amount	$ 32,500
Balance Outstanding	32,500
Collateral (loans), Outstanding Principal	$ 45,000
Goldman Sachs \| Debt Instrument, Interest Rate at 3.4% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Aug. 19, 2018
Index Rate	1 Month Libor
Weighted Average Spread	2.20%
Interest Rate	3.40%
Commitment Amount	$ 750,000
Maximum Current Availability	202,428
Balance Outstanding	547,572
Collateral (loans), Outstanding Principal	$ 841,002
Goldman Sachs \| Debt Instrument, Interest Rate at 3.0% \| CMBS \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Oct. 30, 2017
Index Rate	1 Month Libor
Weighted Average Spread	1.80%
Interest Rate	3.00%
Commitment Amount	$ 100,000
Maximum Current Availability	64,422
Balance Outstanding	35,578
Collateral (loans), Outstanding Principal	$ 39,533
Goldman Sachs \| Debt Instrument, Interest Rate at 2.9% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Aug. 19, 2017
Index Rate		1 Month Libor
Weighted Average Spread		2.20%
Interest Rate		2.90%
Commitment Amount		$ 500,000
Maximum Current Availability		249,110
Balance Outstanding		250,890
Collateral (loans), Outstanding Principal		$ 363,146
Goldman Sachs \| Debt Instrument, Interest Rate at 2.6% \| CMBS \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Aug. 19, 2017
Index Rate		1 Month Libor
Weighted Average Spread		2.00%
Interest Rate		2.60%
Commitment Amount		$ 100,000
Maximum Current Availability		73,195
Balance Outstanding		26,805
Collateral (loans), Outstanding Principal		$ 43,500
Wells Fargo \| Debt Instrument, Interest Rate at 3.4% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	May 25, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.10%
Interest Rate	3.40%
Commitment Amount	$ 750,000
Maximum Current Availability	356,512
Balance Outstanding	393,488
Collateral (loans), Outstanding Principal	$ 682,221
Wells Fargo \| Debt Instrument, Interest Rate at 3.0% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		May 25, 2019
Index Rate		1 Month Libor
Weighted Average Spread		2.20%
Interest Rate		3.00%
Commitment Amount		$ 500,000
Maximum Current Availability		179,729
Balance Outstanding		320,271
Collateral (loans), Outstanding Principal		$ 461,618
JP Morgan \| Debt Instrument, Interest Rate at 3.4% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Aug. 20, 2018
Index Rate		1 Month Libor
Weighted Average Spread		2.70%
Interest Rate		3.40%
Commitment Amount		$ 313,750
Maximum Current Availability		25,001
Balance Outstanding		288,749
Collateral (loans), Outstanding Principal		$ 414,269
JP Morgan \| Debt Instrument, Interest Rate at 3.7% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Aug. 20, 2018
Index Rate	1 Month Libor
Weighted Average Spread	2.50%
Interest Rate	3.70%
Commitment Amount	$ 417,250
Maximum Current Availability	155,382
Balance Outstanding	261,868
Collateral (loans), Outstanding Principal	$ 380,621
Morgan Stanley \| Debt Instrument, Interest Rate at 3.6% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	May 03, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.40%
Interest Rate	3.60%
Commitment Amount	$ 400,000
Maximum Current Availability	127,268
Balance Outstanding	272,732
Collateral (loans), Outstanding Principal	$ 397,592
Morgan Stanley \| Debt Instrument, Interest Rate at 3.2% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		May 03, 2019
Index Rate		1 Month Libor
Weighted Average Spread		2.50%
Interest Rate		3.20%
Commitment Amount		$ 250,000
Maximum Current Availability		124,036
Balance Outstanding		125,964
Collateral (loans), Outstanding Principal		$ 175,884
US Bank \| Debt Instrument, Interest Rate at 3.5% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Oct. 06, 2019
Index Rate	1 Month Libor
Weighted Average Spread	2.30%
Interest Rate	3.50%
Commitment Amount	$ 150,000
Maximum Current Availability	129,000
Balance Outstanding	21,000
Collateral (loans), Outstanding Principal	$ 30,000
Royal Bank of Canada \| Debt Instrument, Interest Rate at 2.2% \| CMBS \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Dec. 20, 2017
Index Rate	1 Month Libor
Weighted Average Spread	1.00%
Interest Rate	2.20%
Commitment Amount	$ 100,000
Maximum Current Availability	92,140
Balance Outstanding	7,860
Collateral (loans), Outstanding Principal	$ 8,418
Royal Bank of Canada \| Debt Instrument, Interest Rate at 1.6% \| CMBS \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Feb. 09, 2021
Index Rate		1 Month Libor
Weighted Average Spread		1.00%
Interest Rate		1.60%
Commitment Amount		$ 100,000
Maximum Current Availability		91,150
Balance Outstanding		8,850
Collateral (loans), Outstanding Principal		$ 9,347
Bank of America \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Maturity Date	Sep. 29, 2020
Index Rate	1 Month Libor
Commitment Amount	$ 250,000
Maximum Current Availability	$ 250,000
Lloyds Bank \| Subscription Secured Facility
Debt Instrument [Line Items]
Maturity Date		Jan. 06, 2018
Index Rate		1 Month Libor
Weighted Average Spread		1.80%
Interest Rate		2.50%
Commitment Amount		$ 250,000
Maximum Current Availability		$ 109,142

Summary of Notes Payable, Repurchase Agreements, Senior Secured Credit Facility, and Subscription Secured Facility (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Repurchase Agreements, Senior Secured Credit Facility and Note Payable
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%
Repurchase Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage	100.00%	100.00%
Repurchase Agreements \| Goldman Sachs
Debt Instrument [Line Items]
Recourse guarantee percentage		25.00%

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	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 2,331,436	$ 1,414,917
Carrying Value of Collateral	2,322,231	1,401,941
Amounts Payable under Repurchase Agreements	1,498,918	986,899
Net Counterparty Exposure	$ 823,313	$ 415,042
Days to Extended Maturity	987 days	3895 days
Goldman Sachs Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 841,002	$ 363,146
Carrying Value of Collateral	836,913	361,964
Amounts Payable under Repurchase Agreements	548,306	251,366
Net Counterparty Exposure	$ 288,607	$ 110,598
Percent of Stockholders Equity	23.90%	11.00%
Days to Extended Maturity	688 days	961 days
Wells Fargo Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 682,221	$ 461,618
Carrying Value of Collateral	678,256	450,338
Amounts Payable under Repurchase Agreements	394,007	320,175
Net Counterparty Exposure	$ 284,249	$ 130,163
Percent of Stockholders Equity	23.50%	13.00%
Days to Extended Maturity	1333 days	1606 days
Morgan Stanley Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 397,592	$ 175,884
Carrying Value of Collateral	396,370	175,178
Amounts Payable under Repurchase Agreements	273,144	126,152
Net Counterparty Exposure	$ 123,226	$ 49,026
Percent of Stockholders Equity	10.20%	5.00%
JP Morgan Chase Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 380,621	$ 414,269
Carrying Value of Collateral	381,178	414,461
Amounts Payable under Repurchase Agreements	262,403	289,206
Net Counterparty Exposure	$ 118,775	$ 125,255
Percent of Stockholders Equity	9.80%	13.00%
Days to Extended Maturity	1055 days	1328 days
US Bank
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 30,000
Carrying Value of Collateral	29,514
Amounts Payable under Repurchase Agreements	21,058
Net Counterparty Exposure	$ 8,456
Percent of Stockholders Equity	0.70%
Days to Extended Maturity	1467 days

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

9 Months Ended

12 Months Ended

Sep. 30, 2017

Dec. 31, 2016

Interest receivable

^[1]

$ 13,764

$ 14,023

Commercial Mortgage Loans | Long-term Borrowings

^[1]

3,733

2,907

Premium, discount and origination fees

Interest receivable

9,200

4

18,400

20

Unamortized deferred financing fees

2,300

1

$ 8,700

$ 10

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Summary of Repurchase Agreements Secured by CMBS, Short-term Borrowings, and Counterparty Concentration (Details) - Short term Borrowings - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 2,379,387	$ 1,467,764
Carrying Value of Collateral	2,370,350	1,453,276
Amounts Payable under Repurchase Agreements	1,542,588	1,022,587
Net Counterparty Exposure	$ 827,762	$ 430,689
Days to Extended Maturity	955 days	1331 days
CMBS
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 47,951	$ 52,847
Carrying Value of Collateral	48,119	51,335
Amounts Payable under Repurchase Agreements	43,670	35,688
Net Counterparty Exposure	$ 4,449	$ 15,647
Days to Extended Maturity	39 days	3009 days
Goldman Sachs \| CMBS
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 39,533	$ 43,500
Carrying Value of Collateral	39,398	41,403
Amounts Payable under Repurchase Agreements	35,767	26,832
Net Counterparty Exposure	$ 3,631	$ 14,571
Percent of Stockholders Equity	0.30%	2.00%
Days to Extended Maturity	30 days	1502 days
Royal Bank of Canada \| CMBS
Repurchase Agreement Counterparty [Line Items]
UPB of Collateral	$ 8,418	$ 9,347
Carrying Value of Collateral	8,721	9,932
Amounts Payable under Repurchase Agreements	7,903	8,856
Net Counterparty Exposure	$ 818	$ 1,076
Percent of Stockholders Equity	0.10%
Days to Extended Maturity	81 days	1507 days

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

9 Months Ended

12 Months Ended

Sep. 30, 2017

Dec. 31, 2016

^[1]

$ 13,764

$ 14,023

^[1]

3,733

2,907

Short term Borrowings

Premium, discount and origination fees

100

30

100

2,700

Unamortized deferred financing fees

200

30

$ 100

$ 10

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Schedule of Maturities - Schedule of Future Principal Payments (Details) $ in Thousands	Sep. 30, 2017 USD ($)
Repurchase Agreements
Debt Instrument [Line Items]
2017	$ 101,485
2018	901,253
2019	537,360
Total	1,540,098
Notes Payable
Debt Instrument [Line Items]
2018	186,540
2019	45,752
2020	32,500
Total	$ 264,792

Fair Value Measurements - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Money market funds	$ 58,900,000
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	$ 2,800,000,000	$ 2,500,000,000
Average gross spread percentage	4.88%	5.10%
Weighted average maturity period	3 years 6 months

Fair Value Measurements - Summary of Financial Assets and Liabilities Not Carried at Fair Value On Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Carrying Value \| Loans Held for Investment
Financial Assets
Financial Assets, Nonrecurring	$ 2,824,713	$ 2,449,990
Carrying Value \| Collateralized Loan Obligation
Financial Liabilities
Financial Liabilities, Nonrecurring		540,780
Carrying Value \| Secured Financing Arrangements
Financial Liabilities
Financial Liabilities, Nonrecurring	1,793,220	1,121,869
Estimate of Fair Value Measurement \| Level III \| Loans Held for Investment
Financial Assets
Financial Assets, Nonrecurring	2,848,390	2,469,717
Estimate of Fair Value Measurement \| Level III \| Collateralized Loan Obligation
Financial Liabilities
Financial Liabilities, Nonrecurring		540,780
Estimate of Fair Value Measurement \| Secured Financing Arrangements \| Level III
Financial Liabilities
Financial Liabilities, Nonrecurring	$ 1,793,220	$ 1,121,869

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Income Tax [Line Items]
Deferred tax asset	$ 0		$ 0		$ 0
Deferred tax liabilities	0		0		0
Reserve for uncertain income tax positions	$ 0		0		$ 0
Interest for underpayment of income taxes			0	$ 0
Penalties for underpayment of income taxes			$ 0	$ 0
Effective income tax rate			0.20%	0.60%
TRS
Income Tax [Line Items]
Equity interest percentage by parent	100.00%		100.00%		100.00%
Deferred tax asset	$ 0		$ 0		$ 0
Deferred tax liabilities	0		0		$ 0
Current portion of income tax expense	$ 0	$ 100,000	$ 100,000	$ 300,000

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

3 Months Ended

9 Months Ended

Jul. 25, 2017

Dec. 15, 2014

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

Dec. 31, 2016

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

^[1]

$ 9,148,000

$ 3,955,000

Termination fee, description

A termination fee will be payable to the Manager upon termination of the Management Agreement by the Company absent a cause event. 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 such two-year period based on such fees actually received by the Manager during such period

Aggregate par amount of loans

712,420,000

Pre-IPO Management Agreement

Description of management and incentive management fee calculation

For the three months ended September 30, 2017, the management fee and incentive management fee calculated under the pre-IPO Management Agreement was from July 1, 2017 through July 24, 2017, or 24 days.

Management and incentive management fee calculation period

24 days

Percentage of annual base management fee

1.25%

Incentive management fee, description

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

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

16.00%

Percentage multiplied by stockholders equity included in incentive management fee

7.00%

Pre-IPO Management Agreement | Collateralized Loan Obligation

Percentage of collateral management fee

0.075%

Aggregate par amount of loans

0

$ 0

712,400,000

Management fees, incentive management fees and collateral management fees paid to Manager

1,100,000

$ 3,200,000

$ 10,000,000

$ 9,900,000

Post-IPO Management Agreement

Description of management and incentive management fee calculation

For the three months ended September 30, 2017, the management fee and incentive management fee calculated under the Management Agreement was from July 25, 2017 through September 30, 2017, or 68 days.

Management and incentive management fee calculation period

68 days

Percentage of annual base management fee

1.50%

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 quarterly base management fee

0.375%

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

$ 1,000,000,000

4,500,000

$ 2,900,000

Amount incurred and reimbursable

1,000,000

$ 100,000

Post-IPO Management Agreement | Minimum

Management fee payable per annum

$ 250,000

Management fee payable per quarter

$ 62,500

Post-IPO Management Agreement | Collateralized Loan Obligation

Management fees, incentive management fees and collateral management fees paid to Manager

$ 3,400,000

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Earnings per Share - Additional Information (Details)		9 Months Ended
Earnings per Share - Additional Information (Details)	Jul. 03, 2017	Sep. 30, 2017
Earnings Per Share [Abstract]
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net Income Attributable to Common Stockholders	$ 20,787	$ 17,439	$ 69,582	$ 50,796
Weighted-Average Common Shares Outstanding, Basic and Diluted	58,685,979	40,946,029	51,969,733	39,096,974
Per Common Share Amount, Basic and Diluted	$ 0.35	$ 0.43	$ 1.34	$ 1.30

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

3 Months Ended

9 Months Ended

Sep. 26, 2017

Aug. 22, 2017

Jul. 25, 2017

Jul. 03, 2017

Sep. 29, 2016

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

Aug. 21, 2017

Aug. 17, 2017

Jul. 28, 2017

Jul. 19, 2017

Dec. 31, 2016

Proceeds from initial public offering

$ 200,100

Payment of underwriting discounts

13,200

Estimated offering expenses payable

$ 6,700

Unfunded commitments related to contractual deferred purchase price obligations

$ 2,000

Dividend payable declared date

Jul. 03, 2017

Unfunded capital commitments

Jul. 25, 2017

$ 181,000

300,000,000

95,500,000

Preferred stock, authorized shares

$ 0.001

100,000,000

125

Preferred stock, par value

$ 0.001

59,791,742

47,251,165

Other comprehensive (loss) income

59,791,742

47,251,165

Unpaid dividends

$ 20,100

$ 20,135

^[1]

$ 16,978

$ 20,135

^[1]

$ 16,978

$ 18,346

^[1]

Dividends

$ 17,000

61,900

48,500

$ (2,558)

$ 1,542

$ (1,270)

2,579

2017 Equity Incentive Plan

Number of shares authorized under the plan

4,600,463

Percentage of issued and outstanding ordinary shares authorized for issuance under plan

7.50%

Number of shares awarded for grant

0

Goldman Sachs & Co. LLC

Description on purchase plan agreement

35,000,000

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

300,000

Average price of repurchased shares

$ 19.59

Stock repurchased during period, value

$ 6,600

Stock repurchase program, remaining repurchase amount

$ 28,400

230,815

$ 365

$ 1,832

2,500,000

$ 0.001

1,213,026

1,194,863

Dividend declared per share

1,213,026

1,194,863

$ 0.33

$ 0.41

Common Stock and Class A Common Stock

Dividend payable declared date

Sep. 29, 2016

Oct. 25, 2017

Oct. 26, 2016

61,004,768

48,446,028

61,004,768

48,446,028

Dividend record date

Oct. 06, 2017

Series A Preferred Stock

Preferred stock, liquidation preference per annum

Dividend rate

12.50%

$ 1

Common Stock

Dividend declared per share

9,224,268

12,642,166,000

3,987,337

$ 0.33

$ 0.41

Initial Public Offering

Payment of underwriting discounts

$ 800

Exercise of stock option to purchase additional shares

1,650,000

Shares of common stock purchased by underwriters

650,000

Initial Public Offering | Common Stock

$ 12,200

Common stock price per share

11,000,000

$ 20.00

[1]

At September 30, 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 December 31, 2016 include VIE assets and liabilities of $743.5 million and $542.8 million, respectively. These assets can be used only to satisfy obligations of the VIE, and creditors of the VIE have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Unfunded commitments related to loans held for investment	$ 581.6	$ 574.6

Concentration of Credit Risk - Summary of Loan Portfolio by Property Type (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 3,423,627	$ 3,040,202
Unfunded Commitment	$ 581,590	$ 574,642
% of Portfolio	100.00%	100.00%
Loan UPB	$ 2,845,688	$ 2,471,078
% of Portfolio	100.00%	100.00%
Condominium
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 703,662	$ 821,411
Unfunded Commitment	$ 205,107	$ 338,222
% of Portfolio	20.60%	27.00%
Loan UPB	$ 498,556	$ 486,646
% of Portfolio	17.50%	19.70%
Hotel
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 570,676	$ 644,459
Unfunded Commitment	$ 25,382	$ 31,282
% of Portfolio	16.70%	21.20%
Loan UPB	$ 548,945	$ 615,238
% of Portfolio	19.30%	24.90%
Office
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 769,251	$ 538,736
Unfunded Commitment	$ 148,756	$ 99,953
% of Portfolio	22.40%	17.70%
Loan UPB	$ 620,494	$ 438,783
% of Portfolio	21.80%	17.80%
Mixed Use
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 431,500	$ 527,548
Unfunded Commitment	$ 58,583	$ 74,100
% of Portfolio	12.60%	17.40%
Loan UPB	$ 372,917	$ 453,448
% of Portfolio	13.10%	18.40%
Multifamily
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 656,975	$ 327,578
Unfunded Commitment	$ 84,215	$ 11,217
% of Portfolio	19.20%	10.80%
Loan UPB	$ 572,760	$ 316,360
% of Portfolio	20.10%	12.80%
Retail
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 195,044
Unfunded Commitment	$ 48,460
% of Portfolio	5.70%
Loan UPB	$ 146,584
% of Portfolio	5.20%
Industrial
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 86,270	$ 131,987
Unfunded Commitment	$ 11,087	$ 11,468
% of Portfolio	2.50%	4.30%
Loan UPB	$ 75,183	$ 120,519
% of Portfolio	2.60%	4.90%
Other
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 10,249	$ 48,483
Unfunded Commitment		$ 8,400
% of Portfolio	0.30%	1.60%
Loan UPB	$ 10,249	$ 40,083
% of Portfolio	0.40%	1.60%

Concentration of Credit Risk - Summary of Geographic Composition of Loans Held for Investment Based on Loan Commitment and Current UPB (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 3,423,627	$ 3,040,202
Unfunded Commitment	$ 581,590	$ 574,642
% Loan Commitment	100.00%	100.00%
Loan UPB	$ 2,845,688	$ 2,471,078
% Loan UPB	100.00%	100.00%
Carrying Amount	$ 2,824,713	$ 2,449,990
East
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	1,327,238	1,330,003
Unfunded Commitment	$ 149,702	$ 132,951
% Loan Commitment	38.80%	43.70%
Loan UPB	$ 1,181,189	$ 1,197,052
% Loan UPB	41.50%	48.40%
Carrying Amount	$ 1,173,142	$ 1,192,153
South
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	1,093,810	578,340
Unfunded Commitment	$ 322,937	$ 311,166
% Loan Commitment	31.90%	19.00%
Loan UPB	$ 770,873	$ 272,692
% Loan UPB	27.10%	11.00%
Carrying Amount	$ 763,891	$ 268,443
West
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	674,123	867,494
Unfunded Commitment	$ 82,810	$ 116,057
% Loan Commitment	19.70%	28.50%
Loan UPB	$ 591,312	$ 751,437
% Loan UPB	20.80%	30.40%
Carrying Amount	$ 587,278	$ 741,513
Midwest
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	259,686	179,589
Unfunded Commitment	$ 15,054	$ 3,000
% Loan Commitment	7.60%	5.90%
Loan UPB	$ 244,631	$ 176,589
% Loan UPB	8.60%	7.10%
Carrying Amount	$ 242,900	$ 175,158
Various
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	68,770	84,776
Unfunded Commitment	$ 11,087	$ 11,468
% Loan Commitment	2.00%	2.80%
Loan UPB	$ 57,683	$ 73,308
% Loan UPB	2.00%	3.00%
Carrying Amount	$ 57,502	$ 72,723

Concentration of Credit Risk - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Risks And Uncertainties [Abstract]
Capitalized interest	$ 3.7	$ 5.5

Subsequent Events - Additional Information (Details)
$ / shares in Units, shares in Millions

1 Months Ended

9 Months Ended

Oct. 25, 2017

USD ($)

$ / shares

Jul. 03, 2017

Nov. 06, 2017

USD ($)

Loan

Nov. 03, 2017

USD ($)

$ / shares

shares

Sep. 30, 2017

USD ($)

Sep. 26, 2017

USD ($)

$ / shares

Dec. 31, 2016

USD ($)

^[1]

Sep. 30, 2016

USD ($)

Sep. 29, 2016

$ / shares

Jul. 25, 2017

Dividends Payable

$ 20,135,000

^[1]

$ 20,100,000

$ 18,346,000

$ 16,978,000

Common Stock

Dividend amount per share | $ / shares

$ 0.33

$ 0.41

Subsequent Events

Common stock, shares repurchased | shares

0.2

Stock repurchased during period, value

$ 3,400,000

Average price of repurchased shares | $ / shares

$ 19.60

Number of first mortgage loans originated | Loan

3

Aggregate commitment amount

$ 294,000,000

Subsequent event date

Nov. 06, 2017

Subsequent Events | Common Stock