Collateralized Loan Obligations (net of deferred financing costs of $10,161 and $12,447)

^[1]

7,964

6,146

Accrued Expenses

^[1]

13,064

8,151

^[1]

1,251,393

1,509,930

Secured Revolving Repurchase, Senior Secured, and Secured Credit Agreements (net of deferred financing costs of $9,415 and $10,448)

2,065,449

1,494,078

Term Loan Facility (net of deferred financing costs of $1,112 and $758)

^[1]

266,549

113,504

Asset-Specific Financings (net of deferred financing costs of $105 and $129)

^[1]

32,395

32,371

Payable to Affiliates

^[1]

6,486

5,996

Deferred Revenue

^[1]

614

463

Dividends Payable

^[1]

31,598

28,981

Total Liabilities

^[1]

3,675,512

3,199,620

Commitments and Contingencies—See Note 14

^[1]

Stockholders’ Equity:

Preferred Stock ($0.001 par value per share; 100,000,000 shares authorized; 125 and 0 shares issued and outstanding, respectively)

^[1]

Additional Paid-in-Capital

^[1]

1,474,554

1,355,002

Accumulated Deficit

^[1]

(29,200)

(25,915)

Accumulated Other Comprehensive (Loss)

(1,879)

(1,985)

Total Stockholders' Equity

^[1]

1,443,549

1,327,170

Total Liabilities and Stockholders' Equity

^[1]

5,119,061

4,526,790

Common Stock, Undefined Class

Stockholders’ Equity:

Common Stock Value

^[1]

73

67

Total Stockholders' Equity

Stockholders’ Equity:

Common Stock Value

^[1]

1

$ 1

[1]

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2019 include assets and liabilities of variable interest entities (“VIEs”) of $1.7 billion and $1.3 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2018 include assets and liabilities of VIEs of $1.9 billion and $1.5 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

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

Mar. 31, 2019

Dec. 31, 2018

Preferred stock, par value

$ 0.001

Preferred stock, authorized shares

100,000,000

Preferred stock, shares issued

125

0

Preferred stock, shares outstanding

125

0

Common stock, authorized shares

$ 0.001

300,000,000

Common stock, shares issued

72,018,063

66,020,387

Common stock, shares outstanding

72,018,063

66,020,387

Total assets

^[1]

$ 5,119,061

$ 4,526,790

Total liabilities

^[1]

3,675,512

3,199,620

Variable Interest Entity, Primary Beneficiary

Total assets

1,700,000

1,900,000

Total liabilities

$ 1,300,000

$ 1,500,000

Common stock, authorized shares

$ 0.001

2,500,000

Common stock, shares issued

1,143,313

Common stock, shares outstanding

1,143,313

Repurchase Agreements

Loans pledged as collateral

$ 2,663,678

$ 2,219,574

9,415

10,448

Term Loan Facility

1,112

758

Asset-specific Financing

Commercial Mortgage-Backed And Commercial Real Estate Collateralized Loan Obligation Securities | Repurchase Agreements

105

129

Available-for-sale securities pledged as collateral

176,494

36,307

Collateralized Loan Obligation

Loans pledged as collateral

1,678,629

1,824,281

Balance, Shares at Dec. 31, 2017

$ 10,161

$ 12,447

[1]

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2019 include assets and liabilities of variable interest entities (“VIEs”) of $1.7 billion and $1.3 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2018 include assets and liabilities of VIEs of $1.9 billion and $1.5 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
INTEREST INCOME
Interest Income	$ 76,601	$ 59,365
Interest Expense	(39,367)	(25,998)
Net Interest Income	37,234	33,367
OTHER REVENUE
Other Income, net	422	366
Total Other Revenue	422	366
OTHER EXPENSES
Professional Fees	679	899
General and Administrative	1,325	1,108
Servicing and Asset Management Fees	513	767
Management Fee	5,143	4,704
Incentive Management Fee	1,365	926
Total Other Expenses	9,025	8,404
Income Before Income Taxes	28,631	25,329
Income Tax (Expense) Income, net	(219)	(215)
Net Income	28,412	25,114
Preferred Stock Dividends	(3)	(3)
Net Income Attributable to TPG RE Finance Trust, Inc.	$ 28,409	$ 25,111
Basic Earnings per Common Share	$ 0.42	$ 0.42
Diluted Earnings per Common Share	$ 0.42	$ 0.42
Weighted Average Number of Common Shares Outstanding
Basic:	68,294,736	60,393,818
Diluted:	68,294,736	60,393,818
OTHER COMPREHENSIVE INCOME
Net Income	$ 28,412	$ 25,114
Unrealized (Loss) Gain on Available-for-Sale Securities (Commercial Mortgage-Backed and Commercial Real Estate Collateralized Loan Obligation Securities)	106	(214)
Comprehensive Net Income	$ 28,518	$ 24,900

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 Income (Loss)

Balance at Dec. 31, 2017

$ 1,201,331

$ 1

$ 60

$ 1,216,112

$ (14,808)

$ (34)

1,178,618

125

59,440,112

Conversions of Class A Common Stock to Common Stock

(24,071)

24,071

Repurchases of Common Stock

(8,360)

(9)

(8,351)

Repurchases of Common Stock, Shares

(443,570)

Redemption of Series A Preferred Stock

(125)

Redemption of Series A Preferred Stock, Shares

(125)

Amortization of Share Based Compensation

177

Net Income

25,114

Other Comprehensive Income (Loss)

(214)

Dividends on Preferred Stock

(3)

Dividends on Common Stock (Dividends Declared per Share)

(24,822)

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

(485)

Balance at Mar. 31, 2018

1,192,613

$ 1

$ 60

1,216,155

(23,355)

(248)

Balance, Shares at Mar. 31, 2018

1,154,547

59,020,613

Balance at Dec. 31, 2018

1,327,170

^[1]

$ 1

$ 67

1,355,002

(25,915)

(1,985)

Balance, Shares at Dec. 31, 2018

1,143,313

66,020,387

Issuance of Common Stock

119,100

$ 6

119,094

Issuance of Common Stock, Shares

6,000,000

Repurchases of Common Stock

(42)

Repurchases of Common Stock, Shares

(2,324)

Issuance of Series A Preferred Stock

125

Issuance of Series A Preferred Stock, Shares

125

Equity Issuance and Equity Distribution Agreement Transaction Costs

(300)

Amortization of Share Based Compensation

633

Net Income

28,412

Other Comprehensive Income (Loss)

106

Dividends on Preferred Stock

(3)

Dividends on Common Stock (Dividends Declared per Share)

(31,160)

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

(492)

Balance at Mar. 31, 2019

$ 1,443,549

^[1]

$ 1

$ 73

$ 1,474,554

$ (29,200)

$ (1,879)

Balance, Shares at Mar. 31, 2019

1,143,313

125

72,018,063

[1]

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2019 include assets and liabilities of variable interest entities (“VIEs”) of $1.7 billion and $1.3 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2018 include assets and liabilities of VIEs of $1.9 billion and $1.5 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Common stock dividends declared per share	$ 0.42	$ 0.43
Class A Common Stock
Common stock dividends declared per share	$ 0.42	$ 0.43

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Cash Flows from Operating Activities:

Net Income

$ 28,412

$ 25,114

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

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

(3,627)

(4,147)

Amortization of Deferred Financing Costs

4,698

3,658

Stock Compensation Expense

633

177

Cash Flows Due to Changes in Operating Assets and Liabilities:

Accounts Receivable

25

Accrued Interest Receivable

(3,143)

(2,771)

Accrued Expenses

(3,616)

610

Net Cash Provided by Operating Activities

1,818

245

Payable to Affiliates

490

648

Deferred Fee Income

151

(205)

Other Assets

192

125

26,033

23,454

Cash Flows from Investing Activities:

Origination of Loans Held for Investment

(628,460)

(512,522)

Advances on Loans Held for Investment

(57,394)

(60,972)

Principal Repayments of Loans Held for Investment

359,065

156,258

Purchase of Commercial Mortgage-Backed and Commercial Real Estate Collateralized Loan Obligation Securities

(263,868)

(63,654)

Principal Repayments of Commercial Mortgage-Backed and Commercial Real Estate Collateralized Loan Obligation Securities

586

Net Cash (Used in) Investing Activities

(590,071)

(480,890)

Payments on Collateralized Loan Obligations

(233,557)

Proceeds from Collateralized Loan Obligations

745,904

Payments on Secured Financing Agreements

(265,002)

(762,695)

Proceeds from Secured Financing Agreements

988,739

514,347

Payment of Deferred Financing Costs

(1,176)

(9,519)

Payments to Repurchase Common Stock

(42)

(8,360)

Proceeds from Issuance of Preferred Stock

125

Net Cash Provided by Financing Activities

119,100

579,149

456,481

Net Change in Cash, Cash Equivalents, and Restricted Cash

15,111

(955)

Cash, Cash Equivalents and Restricted Cash at Beginning of Period

40,720

75,737

Cash, Cash Equivalents and Restricted Cash at End of Period

55,831

74,782

Supplemental Disclosure of Cash Flow Information:

Interest Paid

34,567

22,096

Taxes Paid

10

215

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

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

6,562

Principal Repayments of Commercial Mortgage-Backed and Commercial Real Estate Collateralized Loan Obligation Securities Held by Servicer/Trustee, net

47

211

Dividends Declared, not paid

31,598

^[1]

25,307

Accrued Equity Issuance and Equity Distribution Agreement Transaction Costs

300

Accrued Deferred Financing Costs

532

1,057

Commercial Mortgage-Backed And Commercial Real Estate Collateralized Loan Obligation Securities

Supplemental Disclosure of Non-Cash Investing and Financing Activities:

Unrealized (Loss) Gain on Available-for-Sale Securities (Commercial Mortgage-Backed and Commercial Real Estate Collateralized Loan Obligation Securities)

106

(214)

Preferred Class A

Payments to Redeem Series A Preferred Stock

(125)

Dividends paid

(3)

Common Stock, Undefined Class

Dividends paid

(28,546)

(22,620)

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Dividends paid

$ (492)

$ (448)

[1]

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2019 include assets and liabilities of variable interest entities (“VIEs”) of $1.7 billion and $1.3 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2018 include assets and liabilities of VIEs of $1.9 billion and $1.5 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Business and Organization

3 Months Ended

Mar. 31, 2019

Business and Organization

(1) Business and Organization

TPG RE Finance Trust, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our” or the “Company”) is a Maryland corporation that was incorporated on October 24, 2014 and commenced operations on December 18, 2014 (“Inception”). We are organized as a holding company and conduct our operations primarily through TPG RE Finance Trust Holdco, LLC (“Holdco”), a Delaware limited liability company that is wholly owned by the Company, and Holdco’s direct and indirect subsidiaries. We conduct our operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion from registration under the Investment Company Act of 1940, as amended.

The Company’s principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate related assets, consisting primarily of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States and commercial real estate debt securities, including commercial mortgage-backed securities (“CMBS”) and commercial real estate collateralized loan obligation securities (“CRE CLO”). As of March 31, 2019, and December 31, 2018, the Company conducted substantially all of its operations through a Delaware limited liability company, TPG RE Finance Trust Holdco, LLC (“Holdco”), and the Company’s other wholly-owned subsidiaries.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Basis of Presentation

The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The interim consolidated financial statements include the Company’s accounts, consolidated variable interest entities for which the Company is the primary beneficiary, and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

Use of Estimates

The preparation of the interim consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the interim consolidated financial statements include, but are not limited to: 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 (see Note 5 for details).

Revenue Recognition

Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for credit impairment, if any. The objective of the interest method is to arrive at periodic interest income including recognition of fees and costs at a constant effective yield. Premiums, discounts, and origination fees are amortized or accreted into interest income over the lives of the loans using the interest method, or on a straight line basis when it approximates the interest method. Extension and modification fees are accreted into income on a straight line basis, when it approximates the interest method, over the related extension or modification period. Exit fees are accreted into income on a straight line basis, when it approximates the interest method, over the lives of the loans to which they relate unless they can be waived by the Company or a co-lender in connection with a loan refinancing. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s loan investments have in the past and may in the future 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 the loan on non-accrual status when: (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 experiences a maturity default. Based on the Company’s judgment as to the collectability of principal, a loan on non-accrual status is either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for principal and interest payments, or on a cost-recovery basis, where all cash receipts reduce the loan’s carrying value, and interest income is only recorded when such carrying value has been fully recovered.

During the three months ended March 31, 2019 and the year end December 31, 2018, no loans were placed on non-accrual status and no losses or impairments were recorded to our loan portfolio.

Loans Held for Investment

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

The Company evaluates each loan classified as a loan held for investment for impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, a loan loss 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 securing the impaired loan, less estimated costs to sell such collateral, if recovery of the Company’s investment is expected solely from the sale of such collateral. As part of the quarterly impairment review, the Company evaluates the risk of each loan and assigns a risk rating based on a variety of factors, grouped as follows to include, among other factors: (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, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-

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

2-

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

3-

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

4-

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

5-

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 recognized any impairments on its loan portfolio and has not recorded any loan loss allowances against any of the loans in its portfolio. The Company’s determination of asset-specific loan loss reserves, should any such reserves be necessary, relies on material estimates regarding the fair value of loan collateral. Such losses could be caused by various factors, including, but not limited to, unanticipated adverse changes in the economy or events adversely affecting specific assets, borrowers, industries in which our borrowers operate or markets in which our borrowers or their properties are located. Significant judgment is required when evaluating loans for impairment.

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

Commercial Mortgage-Backed and Commercial Real Estate Collateralized Loan Obligation Securities

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

Portfolio Financing Arrangements

The Company finances certain loan and CMBS and CRE CLO investments using secured revolving repurchase agreements, asset-specific financing arrangements, senior secured and secured credit agreements, collateralized loan obligations, and a term loan facility. The related borrowings are recorded as separate liabilities on the Company’s consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the related borrowings are reported separately on the Company’s consolidated statements of income and comprehensive income. In certain instances, the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third party. For all such syndications the Company has completed through March 31, 2019, 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.

As of December 31, 2018, the Company revised its “Note Payable” naming convention in its consolidated balance sheet to “Asset-Specific Financings”. No amounts reported in prior periods were reclassified between financial statement line items and there was no impact to the Company’s financial statements resulting from this naming convention change during the current fiscal year.

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 and CRE CLO investments. The three levels of inputs that may be used to measure fair value are as follows:

Level I—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level II—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level III—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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

Income Taxes

The Company qualifies and has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, commencing with its initial taxable year ended December 31, 2014. To the extent that it annually distributes at least 90% of its REIT taxable income to stockholders and complies with various other requirements as a REIT, the Company generally will not be subject to U.S. federal income taxes on its distributed REIT taxable income. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Even though the Company currently qualifies for taxation as a REIT, the Company may be subject to certain U.S. federal, state, local and foreign taxes on the Company’s income and property and to U.S. federal income and excise taxes on the Company’s undistributed REIT taxable income.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC Topic 740, Income Taxes (“ASC 740”), a valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. The Company intends to continue to operate in a manner consistent with, and to continue to meet the requirements to be treated as, a REIT for tax purposes and to distribute all of its REIT taxable income. Accordingly, the Company does not expect to pay corporate level federal taxes.

Earnings per Common Share

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

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

Share-Based Compensation

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

Deferred Financing Costs

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

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of March 31, 2019 and December 31, 2018. 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.

Accounts Receivable from Servicer/Trustee

Accounts receivable from Servicer/Trustee represents cash proceeds from loan and CMBS and CRE CLO investment activities that have not been remitted to the Company based on contractual procedures previously agreed upon. Amounts are generally held by the Servicer/Trustee for less than 60 days before being remitted to the Company.

Recently Issued Accounting Pronouncements

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

Loans Held for Investment

3 Months Ended

Mar. 31, 2019

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 without limitation property type collateralizing the loan, loan size, loans to a single sponsor and loans in a single geographic area. The Company’s loans held for investment are accounted for at amortized cost.

During the three months ended March 31, 2019, the Company originated 11 loans with a total commitment of approximately $713.6 million, an initial unpaid principal balance of $633.1 million, and unfunded commitments at closing of $80.5 million. The following tables present an overview of the loan investment portfolio as of March 31, 2019 and December 31, 2018 (dollars in thousands):

	March 31, 2019
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	4,732,962	$	(20,828	)	$	4,712,134
Subordinated and mezzanine loans		—		—			—
Subtotal before allowance		4,732,962		(20,828	)		4,712,134
Allowance for loan losses		—		—			—
Total	$	4,732,962	$	(20,828	)	$	4,712,134

	December 31, 2018
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	4,313,591	$	(19,804	)	$	4,293,787
Subordinated and mezzanine loans		—		—			—
Subtotal before allowance		4,313,591		(19,804	)		4,293,787
Allowance for loan losses		—		—			—
Total	$	4,313,591	$	(19,804	)	$	4,293,787

For the three months ended March 31, 2019, loan portfolio activity was as follows (dollars in thousands):

	Carrying Value
Balance at December 31, 2018	$	4,293,787
Additions during the period:
Loans originated		628,460
Additional fundings		57,394
Amortization of discount and origination fees		3,628
Deductions during the period:
Collection of principal		(271,135	)
Balance at March 31, 2019	$	4,712,134

At March 31, 2019 and December 31, 2018, there was no unamortized loan discount or premium included in loans held for investment at amortized cost on the consolidated balance sheets.

The table below summarizes the carrying values and results of the Company’s internal risk rating review performed as of March 31, 2019 and December 31, 2018 (dollars in thousands):

	Carrying Value
Rating	March 31, 2019		December 31, 2018
1	$	—	$	29,923
2		1,161,728		959,314
3		3,416,582		3,099,401
4		133,824		205,149
5		—		—
Totals	$	4,712,134	$	4,293,787

Weighted Average Risk Rating⁽¹⁾		2.8		2.8

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

The weighted average risk rating at March 31, 2019 and December 31, 2018 was 2.8. During the three months ended March 31, 2019, three loans were moved from the Company’s Category 3 risk rating into its Category 2 risk rating, resulting from recent improvements in the operating performance of the underlying collateral. Additionally, during the three months ended March 31, 2019, the Company moved one loan from its Category 2 risk rating into its Category 3 risk rating based on the current operating performance of the underlying collateral.

At March 31, 2019 and December 31, 2018, there were no loans on non-accrual status or that were impaired; thus, the Company did not record any allowance for loan losses.

Available-for-Sale Securities

3 Months Ended

Mar. 31, 2019

Investments Debt And Equity Securities [Abstract]

Available-for-Sale Securities

(4) Available-for-Sale Securities

During the three months ended March 31, 2019, the Company purchased for short-term cash management and investment purposes 10 CRE CLO investments for an aggregate purchase price of $234.2 million. The purchased CRE CLO investments consist of floating rate debt securities which, in the aggregate, had a weighted average coupon of LIBOR plus 2.2%. As of March 31, 2019 and December 31, 2018, the Company had 14 and four CMBS and CRE CLO investments, respectively, designated as available-for-sale securities. Details of the carrying and fair values of the Company’s CMBS and CRE CLO investment portfolio are as follows (dollars in thousands):

	March 31, 2019
	Face Amount		Unamortized Premium (Discount), net			Gross Unrealized (Loss)			Estimated Fair Value
Investments, at Fair Value
CMBS and CRE CLO Investments	$	310,192	$	(19	)	$	(1,879	)	$	308,294

	December 31, 2018
	Face Amount		Unamortized Premium (Discount), net			Gross Unrealized (Loss)			Estimated Fair Value
Investments, at Fair Value
CMBS and CRE CLO Investments	$	76,404	$	(38	)	$	(1,985	)	$	74,381

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

The Company’s CMBS and CRE CLO investments have a weighted average contractual maturity, based on estimated fair value, of 16.3 years. The amortized cost and estimated fair value of the Company’s available-for-sale CMBS and CRE CLO investments by contractual maturity are shown in the following table (dollars in thousands):

	March 31, 2019
	Amortized Cost		Estimated Fair Value
Maturity Date
Within five years	$	37,920	$	37,582
After five years		272,328		270,712
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	$	310,248	$	308,294

	December 31, 2018
	Amortized Cost		Estimated Fair Value
Maturity Date
After one, within five years	$	37,929	$	38,076
After five years		38,436		36,305
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	$	76,365	$	74,381

As of March 31, 2019, certain CMBS investments within the Company’s CMBS and CLO investment holdings were in an unrealized loss position. During the three months ended March 31, 2019 and year ended December 31, 2018, these CMBS investments traded at, or near, their carrying values, and interest and principal payments are current. Additionally, as of March 31, 2019, substantially all of the unrealized loss position relates to CMBS investments issued by a government sponsored enterprise. Currently, all of the underlying mortgage loans are performing. No other-than-temporary impairments were recognized through income during the three months ended March 31, 2019 or the year ended December 31, 2018.

Variable Interest Entities and Collateralized Loan Obligations

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Variable Interest Entities and Collateralized Loan Obligations

(5) Variable Interest Entities and Collateralized Loan Obligations

On November 29, 2018 (the “FL2 Closing Date”), TPG RE Finance Trust CLO Sub-REIT, a subsidiary of the Company (“Sub-REIT”), entered into a collateralized loan obligation (“TRTX 2018-FL2”) through its wholly-owned subsidiaries TRTX 2018-FL2 Issuer, Ltd., an exempted company incorporated in the Cayman Islands with limited liability, as issuer (the “FL2 Issuer”), and TRTX 2018-FL2 Co-Issuer, LLC, a Delaware limited liability company, as co-issuer (the “FL2 Co-Issuer” and together with the FL2 Issuer, the “FL2 Issuers”). On the FL2 Closing Date, FL2 Issuer issued $872.6 million principal amount of notes (the “FL2 Notes”). The FL2 Co-Issuer co-issued $795.1 million principal amount of investment grade-rated notes which were purchased by third party investors. Concurrently with the issuance of the FL2 Notes, the FL2 Issuer also issued preferred shares, par value $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share (the “FL2 Preferred Shares” and, together with the FL2 Notes, the “FL2 Securities”), to TRTX 2018-FL2 Retention Holder, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Sub-REIT (“FL2 Retention Holder”). Through FL2 Retention Holder, the Sub-REIT retained ownership of $205.0 million of FL2 Notes issued and FL2 Preferred Shares. Additionally, the Company purchased $19.7 million (principal amount) of FL2 Notes during the three months ended March 31, 2019.

Proceeds from the issuance of the FL2 Securities were used by the FL2 Issuers to purchase two commercial real estate whole loans (the “FL2 Whole Loans”) and 23 fully-funded pari passu participations (the “FL2 Pari Passu Participations,” and, together with the FL2 Whole Loans and the FL2 Additional Interests (as defined below), the “FL2 Mortgage Assets”) in certain commercial real estate mortgage loans. The FL2 Mortgage Assets were purchased by the FL2 Issuer from TRTX CLO Loan Seller 2, LLC, a Delaware limited liability company, wholly-owned subsidiary of the Company and an affiliate of the FL2 Issuers. TRTX 2018-FL2 contains a reinvestment feature that, subject to certain eligibility criteria, allows the Company to contribute new loans or participation interests (the “FL2 Additional Interests”) in loans to TRTX 2018-FL2 in exchange for cash, which provides additional liquidity to the Company to originate new loan investments as underlying loans repay.

For the three months ended March 31, 2019, the Company utilized the reinvestment feature twice, contributing FL2 Additional Interests of $31.8 million, and receiving net cash proceeds of $6.4 million, after the repayment of $25.4 million of existing borrowings, including accrued interest, secured by the FL2 Additional Interests.

The Company incurred approximately $8.7 million of issuance costs which are amortized on an effective yield basis over the shorter of the remaining life of the loans that collateralized the FL2 Notes, or the FL2 Notes. As of March 31, 2019, the Company’s unamortized issuance costs were $7.9 million.

Interest expense on the outstanding FL2 Notes is payable monthly. For the three months ended March 31, 2019, interest expense (excluding amortization of deferred financing costs) of $7.7 million is included in the Company’s consolidated statements of income and comprehensive income.

As of March 31, 2019, FL2 Mortgage Assets represented 21.1% of the aggregate unpaid principal balance of the Company’s loan investment portfolio and had an aggregate principal balance of approximately $993.6 million.

On February 14, 2018 (the “FL1 Closing Date”), the Sub-REIT entered into a collateralized loan obligation (“TRTX 2018-FL1”) through its wholly-owned subsidiaries TPG Real Estate Finance 2018-FL1 Issuer, Ltd., an exempted company incorporated in the Cayman Islands with limited liability, as issuer (the “FL1 Issuer”), and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC, a Delaware limited liability company, as co-issuer (the “FL1 Co-Issuer” and together with the FL1 Issuer, the “FL1 Issuers”). On the FL1 Closing Date, FL1 Issuer issued $820.5 million principal amount of notes (the “FL1 Notes”). The FL1 Co-Issuer co-issued $745.9 million principal amount of investment grade-rated notes which were purchased by third party investors. Concurrently with the issuance of the FL1 Notes, the FL1 Issuer also issued preferred shares, par value $0.001 per share and with an aggregate liquidation preference and notional amount equal to $1,000 per share (the “FL1 Preferred Shares” and, together with the FL1 Notes, the “FL1 Securities”), to TPG RE Finance Trust 2018-FL1 Retention Holder, LLC, a Delaware limited liability company and wholly-owned subsidiary of the Sub-REIT (“FL1 Retention Holder”). Through FL1 Retention Holder, the Sub-REIT retained ownership of $186.5 million of the FL1 Notes issued and FL1 Preferred Shares. Additionally, the Company holds as an investment $12.4 million (principal amount) of FL1 Notes, of which $9.9 million were purchased during the three months ended March 31, 2019.

Proceeds from the issuance of the FL1 Securities were used by the FL1 Issuers to purchase one commercial real estate whole loan (the “FL1 Whole Loan”) and 25 fully-funded pari passu participations (the “FL1 Pari Passu Participations,” and, together with the FL1 Whole Loan and the FL1 Contributed Companion Participation Interests (as defined below), the “FL1 Mortgage Assets”) in certain commercial real estate mortgage loans. The FL1 Mortgage Assets were purchased by the FL1 Issuer from TPG RE Finance Trust CLO Loan Seller, LLC, a Delaware limited liability company, wholly-owned subsidiary of the Company and an affiliate of the FL1 Issuers. TRTX 2018-FL1 contains a replenishment feature that, subject to certain limitations, allows the Company to contribute companion participation interests (“FL1 Contributed Companion Participation Interests”) in loans in which TRTX 2018-FL1 already owns an interest in exchange for cash, which provides additional liquidity to the Company to originate new loan investments as underlying loans repay. As of March 31, 2019, the replenishment feature was fully utilized and approximately 50.3%, or $247.4 million, of TRTX 2018-FL1 Class A Notes have repaid since the FL1 Closing Date.

The Company incurred approximately $9.8 million of issuance costs which are amortized on an effective yield basis over the shorter of the remaining life of the loans that collateralized the FL1 Notes, or the FL1 Notes. As of March 31, 2019, the Company’s unamortized issuance costs were $2.3 million.

Interest expense on the outstanding FL1 Notes is payable monthly. For the three months ended March 31, 2019, interest expense (excluding amortization of deferred financing costs) of $5.4 million is included in the Company’s consolidated statements of income and comprehensive income.

As of March 31, 2019, FL1 Mortgage Assets represent 14.5% of the aggregate unpaid principal balance of the Company’s loan investment portfolio and had an aggregate principal balance of approximately $685.0 million.

In accordance with ASC 810, the Company evaluated the key attributes of the FL2 Issuers and the FL1 Issuers to determine if they were VIEs and, if so, whether the Company was the primary beneficiary of their operating activities. This analysis caused the Company to conclude that the FL2 Issuers and FL1 Issuers were VIEs and that the Company was the primary beneficiary. The Company is the primary beneficiary of the VIEs because it has the ability to control the most significant activities of the FL2 Issuers and the FL1 Issuers, the obligation to absorb losses, and the right to receive benefits, that could potentially be significant to these entities. As a result, the Company consolidates the FL2 Issuers and FL1 Issuers.

The Company’s total assets and total liabilities as of March 31, 2019 and December 31, 2018 included the following VIE assets and liabilities of TRTX 2018-FL2 and TRTX 2018-FL1 (dollars in thousands):

	March 31, 2019			December 31, 2018
ASSETS
Cash and Cash Equivalents	$	1,032		$	3,896
Accounts Receivable from Servicer/Trustee		6,562			94,763
Accrued Interest Receivable		3,130			3,672
Loans Held for Investment		1,678,629			1,824,281
Total Assets	$	1,689,353		$	1,926,612
LIABILITIES
Accrued Interest Payable	$	(2,632	)	$	(2,637	)
Accrued Expenses		(619	)		(668	)
Collateralized Loan Obligations		(1,283,520	)		(1,514,790	)
Total Liabilities	$	(1,286,771	)	$	(1,518,095	)

The following table outlines TRTX 2018-FL2 and TRTX 2018-FL1 loan collateral and borrowings under the TRTX 2018-FL2 and TRTX 2018-FL1 collateralized loan obligations as of March 31, 2019 and December 31, 2018 (dollars in thousands):

As of March 31, 2019
Collateral (loan investments)				Debt (notes issued)
Outstanding Principal		Carrying Value		Face Value			Carrying Value
$	1,678,629	$	1,678,629	$	(1,261,554	)	$	(1,251,393	)

As of December 31, 2018
Collateral (loan investments)				Debt (notes issued)
Outstanding Principal		Carrying Value		Face Value			Carrying Value

$	1,824,281	$	1,824,281	$	(1,527,237	)	$	(1,514,790	)

Assets held by the FL2 Issuers and the FL1 Issuers are restricted and can only be used to settle obligations of the related VIE. The liabilities of the FL2 Issuers and the FL1 Issuers are non-recourse to the Company and can only be satisfied from the assets of the related VIE.

Secured Revolving Repurchase Agreements, Senior Secured and Secured Credit Agreements, Term Loan Facility, and Asset-Specific Financings

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Secured Revolving Repurchase Agreements, Senior Secured and Secured Credit Agreements, Term Loan Facility, and Asset-Specific Financings

(6) Secured Revolving Repurchase Agreements, Senior Secured and Secured Credit Agreements, Term Loan Facility, and Asset-Specific Financing

At March 31, 2019 and December 31, 2018, the Company had secured revolving repurchase agreements, senior secured and secured credit agreements, a term loan facility and an asset-specific financing for certain of the Company’s originated loans. In general, these financing arrangements bear interest at a rate equal to LIBOR plus a credit spread determined primarily by advance rate and property type. The financing arrangements 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 secured revolving repurchase agreements, senior secured and secured credit agreements, and asset-specific financing as of March 31, 2019 and December 31, 2018. Except as otherwise noted, all agreements are on a non-recourse basis (dollars in thousands):

As of March 31, 2019
Asset-specific Financing	Maturity Date	Index Rate	Weighted Average Credit Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
BMO Harris Bank⁽¹⁾	04/09/20	1 Month LIBOR		2.7	%		4.0	%	$	32,500		—	$	32,500	$	45,000
Subtotal									$	32,500		—	$	32,500	$	45,000

Secured Revolving Repurchase Agreements
Goldman Sachs⁽¹⁾	08/19/19	1 Month LIBOR		2.2	%		4.7	%	$	750,000	$	397,738	$	352,262	$	550,082
Wells Fargo⁽¹⁾	05/25/19	1 Month LIBOR		1.7			4.2			750,000		383,024		366,976		518,183
Morgan Stanley⁽¹⁾	05/04/19	1 Month LIBOR		2.2			4.7			500,000		286,293		213,707		283,514
JP Morgan⁽¹⁾	08/20/21	1 Month LIBOR		2.2			4.6			400,000		194,702		205,298		279,270
US Bank⁽¹⁾	10/09/21	1 Month LIBOR		1.8			4.3			233,883		17,243		216,640		273,137
Goldman Sachs (CMBS and CRE CLO)⁽²⁾	04/25/19	1 Month OIS		0.6			3.1			50,666		—		50,666		61,051
JP Morgan (CMBS and CRE CLO)⁽²⁾	04/27/19	1 Month LIBOR		1.0			3.5			182,587		—		182,587		210,090
Wells Fargo (CMBS and CRE CLO)⁽²⁾	04/29/19	1 Month LIBOR		1.0			3.5			26,933		—		26,933		30,811
Royal Bank of Canada (CMBS and CRE CLO)⁽²⁾	N/A	N/A	N/A			N/A				—		—		—		—
Subtotal									$	2,894,069	$	1,279,000	$	1,615,069	$	2,206,138

Senior Secured and Secured Credit Agreements
Bank of America⁽¹⁾	09/29/20	1 Month LIBOR		1.8	%		4.3	%	$	500,000	$	101,560		398,440		512,699
Citibank⁽³⁾	07/12/20	1 Month LIBOR		2.3			4.8			160,000		98,644		61,355		87,651
Subtotal									$	660,000	$	200,204	$	459,795	$	600,350

Total									$	3,586,569	$	1,479,204	$	2,107,364	$	2,851,488

(1)

Borrowings under secured revolving repurchase agreements, a senior secured credit agreement, and one asset-specific financing arrangement with a guarantee for 25% recourse.

(2)

Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS and CRE CLO investment secured revolving repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to March 31, 2019.

(3)

Borrowings under the secured credit agreement with a guarantee for 100% recourse.

As of December 31, 2018
Asset-specific Financing	Maturity Date	Index Rate	Weighted Average Credit Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
BMO Harris Bank⁽¹⁾	04/09/20	1 Month LIBOR		2.7	%		4.0	%	$	32,500		—	$	32,500	$	45,000
Subtotal									$	32,500		—	$	32,500	$	45,000

Secured Revolving Repurchase Agreements
Goldman Sachs⁽¹⁾	08/19/19	1 Month LIBOR		2.2	%		4.6	%	$	750,000	$	558,836	$	191,164	$	474,243
Wells Fargo⁽¹⁾	05/25/19	1 Month LIBOR		1.8			4.3			750,000		503,792		246,208		339,012
Morgan Stanley⁽¹⁾	05/04/19	1 Month LIBOR		2.2			4.7			500,000		317,493		182,507		244,936
JP Morgan⁽¹⁾	08/20/21	1 Month LIBOR		2.2			4.6			400,000		214,471		185,529		254,026
US Bank⁽¹⁾	10/09/21	1 Month LIBOR		1.8			4.3			212,840		6,800		206,040		262,929
Goldman Sachs (CMBS and CRE CLO)⁽²⁾	01/02/19	1 Month OIS		0.6			2.9			100,000		67,303		32,697		38,517
Royal Bank of Canada (CMBS and CRE CLO)⁽²⁾	N/A	N/A	N/A			N/A				100,000		100,000		—		—
Subtotal									$	2,812,840	$	1,768,695	$	1,044,145	$	1,613,663

Senior Secured and Secured Credit Agreements
Bank of America⁽¹⁾	09/29/20	1 Month LIBOR		1.9	%		4.2	%	$	500,000	$	112,560		387,440		494,247
Citibank⁽³⁾	07/12/20	1 Month LIBOR		2.3			4.8			160,000		87,059		72,941		169,134
Subtotal									$	660,000	$	199,619	$	460,381	$	663,381

Total									$	3,505,340	$	1,968,314	$	1,537,026	$	2,322,044

(1)	Borrowings under secured revolving repurchase agreements, a senior secured credit agreement, and one asset-specific financing arrangement with a guarantee for 25% recourse.

(2)

Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS and CRE CLO investment secured revolving repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to December 31, 2018.

(3)	Borrowings under the secured credit agreement with a guarantee for 100% recourse.

Asset-Specific Financing

As of March 31, 2019 and December 31, 2018, the Company had one asset-specific financing arrangement to finance certain of its lending activities. The borrowing allows for additional advances up to a specified cap and is secured by one loan held for investment. Holdco has delivered a payment guarantee in favor of BMO Harris, 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.

The asset specific financing at March 31, 2019 and December 31, 2018 is guaranteed by Holdco, and the agreement includes guarantor covenants regarding liquid assets and net worth requirements. The Company was in compliance with all covenants as of March 31, 2019 and December 31, 2018.

Secured Revolving Repurchase Agreements

The Company frequently utilizes secured revolving repurchase agreements to finance the direct origination or acquisition of commercial real estate mortgage loans, and CMBS and CRE CLO investments. Under these secured revolving repurchase agreements, the Company transfers all of its rights, title and interest in the loans, CMBS and CRE CLO investments 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 CRE CLO investments and remits to the Company only the net after collecting its interest and other fees. The loan and CMBS and CRE CLO investment related secured revolving repurchase agreements are 25% and 100% recourse to Holdco, respectively.

At March 31, 2019 and December 31, 2018, the Company had five secured revolving repurchase agreements to finance its loan investing activities. Credit spreads vary depending upon the collateral type and advance rate. Assets pledged at March 31, 2019 and December 31, 2018 consisted of 53 and 51 mortgage loans, or participation interests therein, respectively. The Company’s secured revolving repurchase agreements secured by commercial mortgage loans are considered long-term borrowings.

At March 31, 2019 and December 31, 2018, the Company had four and two secured revolving repurchase agreements to finance its CMBS and CRE CLO investment activities. Credit spreads vary depending upon the collateral type and advance rate. CMBS and CRE CLO investments pledged consisted of 10 CRE CLO investments and two CMBS investments at March 31, 2019 and two CMBS investments at December 31, 2018. The Company’s secured revolving repurchase agreements secured by CMBS and CRE CLO investments are considered short-term borrowings.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by commercial mortgage loans and CMBS and CRE CLO investments, including counterparty concentration risks, at March 31, 2019 (dollars in thousands):

	March 31, 2019
Loan Financings	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	750,000	$	550,082	$	549,703	$	353,241	$	196,462		13.6	%		141
Wells Fargo Bank		750,000		518,183		518,900		367,380		151,520		10.5			786
Morgan Stanley Bank⁽⁴⁾		500,000		283,514		282,512		214,487		68,025		4.7		N/A
JP Morgan Chase Bank		400,000		279,270		278,240		205,752		72,488		5.0			1,603
US Bank		233,883		273,137		271,761		216,946		54,815		3.8			1,836
Subtotal / Weighted Average	$	2,633,883	$	1,904,186	$	1,901,116	$	1,357,806	$	543,310					933

CMBS and CRE CLO Investment Financings
Goldman Sachs Bank	$	50,666	$	61,051	$	59,047	$	51,005	$	8,042		0.6	%		26
JP Morgan⁽²⁾		182,587		210,090		211,402		182,982		28,420		2.0			28
Wells Fargo⁽²⁾		26,933		30,811		30,863		26,983		3,880		0.3			29
Royal Bank of Canada		—		—		—		—		—		—			—
Subtotal / Weighted Average	$	260,186	$	301,952	$	301,312	$	260,970	$	40,342					28

Total / Weighted Average - Loans, CMBS and CRE CLO	$	2,894,069	$	2,206,138	$	2,202,428	$	1,618,776	$	583,652					765

(1)

Loan amounts shown in the table include interest receivable of $12.8 million and are net of premium, discount and origination fees of $15.8 million. CMBS and CRE CLO investment amounts shown in the table include interest receivable of $1.0 million and are net of premium, discount, and unrealized gains of $1.6 million.

(2)	Loan amounts shown in the table include interest payable of $2.9 million and do not reflect unamortized deferred financing fees of $6.2 million. CMBS and CRE CLO investments shown in the table include interest payable of $0.8 million.

(3)

Loan amounts represent the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. CMBS and CRE CLO investment amounts 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)

The secured revolving repurchase agreement provided by Morgan Stanley Bank is excluded from the “Days to Extended Maturity” column because it does not have a limit on the maximum number of permitted extensions. CMBS and CRE CLO investment extended maturity represents the sooner of the next maturity date of the CMBS and CRE CLO investment secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to March 31, 2019.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by commercial mortgage loans and CMBS and CRE CLO investments, including counterparty concentration risks, at December 31, 2018 (dollars in thousands):

	December 31, 2018
Loan Financings	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	750,000	$	474,243	$	472,797	$	191,705	$	281,092		21.2	%		231
Wells Fargo Bank		750,000		339,012		338,531		246,635		91,896		6.9			876
Morgan Stanley Bank⁽⁴⁾		500,000		244,936		245,932		183,901		62,031		4.7		N/A
JP Morgan Chase Bank		400,000		254,026		253,145		185,892		67,253		5.1			1,693
US Bank		212,840		262,929		261,916		206,422		55,494		4.2			1,743
Subtotal / Weighted Average	$	2,612,840	$	1,575,146	$	1,572,321	$	1,014,555	$	557,766					1,125

CMBS and CRE CLO Investment Financings
Goldman Sachs Bank	$	100,000	$	38,517	$	36,414	$	32,984	$	3,430		0.3	%		2
Royal Bank of Canada		100,000		—		—		—		—		—			—
Subtotal / Weighted Average	$	200,000	$	38,517	$	36,414	$	32,984	$	3,430					2

Total / Weighted Average - Loans, CMBS and CRE CLO	$	2,812,840	$	1,613,663	$	1,608,735	$	1,047,539	$	561,196					1,083

(1)

Loan amounts shown in the table include interest receivable of $14.5 million and are net of premium, discount and origination fees of $17.3 million. CMBS and CRE CLO investment amounts shown in the table include interest receivable of $0.1 million and are net of premium, discount, and unrealized gains of $2.2 million.

(2)	Loan amounts shown in the table include interest payable of $3.1 million and do not reflect unamortized deferred financing fees of $6.7 million. CMBS and CRE CLO investment amounts shown in the table include interest payable of $0.3 million.

(3)

Loan amounts represent the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. CMBS and CRE CLO investment amounts represent 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)

The secured revolving repurchase agreement provided by Morgan Stanley Bank is excluded from the “Days to Extended Maturity” column because it does not have a limit on the maximum number of permitted extensions. CMBS and CRE CLO investment extended maturity represents the sooner of the next maturity date of the CMBS and CRE CLO secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to December 31, 2018.

The agreements include various covenants covering net worth, liquidity, recourse limitations, and debt coverage. The Company was in compliance with all covenants as of March 31, 2019 and December 31, 2018.

Senior Secured and Secured Credit Agreements

The Company has a senior secured credit agreement with Bank of America N.A. that has a maximum commitment amount of $500 million and $398.4 million outstanding as of March 31, 2019. The senior secured credit agreement bears interest at LIBOR plus 1.81%. The current extended maturity of this agreement is September 29, 2022.

The Company has a secured credit agreement (the “Credit Agreement”), as borrower, with Citibank, N.A. as administrative agent and lender, and Citigroup Global Markets Inc. as sole lead arranger and sole lead book running manager. The Credit Agreement governs a secured revolving credit agreement with aggregate secured borrowing capacity of up to $160.0 million, subject to borrowing base availability and certain other conditions, which the Company occasionally uses to finance originations or acquisitions of eligible loans on an interim basis until permanent financing is arranged. The Credit Agreement has an initial maturity date of July 12, 2020, and borrowings bear interest at an interest rate per annum equal to one-month LIBOR or the applicable base rate plus a margin of 2.25%. The initial advance rate on borrowings under the Credit Agreement with respect to individual pledged assets can vary up to 70%, and may decline over the borrowing term of up to a 90-day period, after which borrowings against that respective asset must be repaid. At March 31, 2019, $61.4 million was outstanding on the Credit Agreement.

The agreements include various covenants covering net worth, liquidity, recourse limitations, and debt coverage. The Company was in compliance with all covenants as of March 31, 2019 and December 31, 2018.

Term Loan Facility

The Company entered into a term loan facility, as the borrower, with an institutional asset manager as the lender. The term loan facility has capacity up to $750 million, bears interest at LIBOR plus 1.85%, and allows for an advance rate of no less than 70% and up to 85% based on the loans pledged to the facility. As of March 31, 2019, the Company pledged five loan investments to the term loan facility supporting outstanding borrowings of $267.7 million.

The agreement includes various covenants covering net worth, liquidity, recourse limitations, and debt coverage. The Company was in compliance with all covenants as of March 31, 2019 and December 31, 2018.

Schedule of Maturities

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Maturities

(7) Schedule of Maturities

The future principal payments for the five years subsequent to March 31, 2019 and thereafter are as follows (in thousands):

	Collateralized loan obligations		Secured revolving repurchase agreements		Senior secured and secured credit agreements		Term loan facility		Asset-specific financing
2019	$	577,781	$	1,281,331	$	—	$	—	$	—
2020		404,761		98,128		459,795		114,020		32,500
2021		208,658		235,610		—		34,827		—
2022		70,354		—		—		88,654		—
2023		—		—		—		30,160		—
Thereafter		—		—		—		—		—
Total	$	1,261,554	$	1,615,069	$	459,795	$	267,661	$	32,500

Fair Value Measurements

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

(8) Fair Value Measurements

The Company’s consolidated balance sheet includes Level I fair value measurements related to cash equivalents, restricted cash, accounts receivable, and accrued liabilities. At March 31, 2019, the Company had $52.3 million invested in money market funds with original maturities of less than 90 days. The carrying values of these financial assets and liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The consolidated balance sheet also includes Loans Held for Investment, the assets and liabilities of TRTX 2018-FL1 and TRTX 2018-FL2 (collateralized loan obligations as of March 31, 2019 and December 31, 2018), and secured financing arrangements that are considered Level III fair value measurements that are not measured at fair value on a recurring basis, but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment. The Company did not have any non-recurring fair value items as of March 31, 2019 and December 31, 2018.

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

	March 31, 2019
			Fair Value
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	4,712,134		—		—	$	4,741,978
Financial Liabilities
Term Loan Facility		266,549		—		—		266,549
Collateralized Loan Obligations		1,251,393		—		—		1,251,393
Secured Financing Arrangements		2,097,844		—		—		2,097,844

	December 31, 2018
			Fair Value
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	4,293,787		—		—	$	4,317,844
Financial Liabilities
Term Loan Facility		113,504		—		—		113,504
Collateralized Loan Obligations		1,509,930		—		—		1,509,930
Secured Financing Arrangements		1,526,449		—		—		1,526,449

Level III fair values were determined based on standardized valuation models and significant unobservable market inputs, including holding period, discount rates based on loan to value, property type and loan pricing expectations developed by the Manager that were corroborated with other institutional lenders to determine a market spread that was added to the one-month LIBOR forward curve. There were no transfers of financial assets or liabilities within the fair value hierarchy during the three months ended March 31, 2019 or December 31, 2018.

At March 31, 2019 and December 31, 2018, the estimated fair value of Loans Held for Investment was $4.7 billion and $4.3 billion, respectively. The weighted average gross spread at March 31, 2019 and December 31, 2018 was 3.9% and 3.9%, respectively. The weighted average years to maturity at March 31, 2019 and December 31, 2018 was 3.8 years and 3.9 years, respectively, assuming full extension of all loans.

At March 31, 2019 and December 31, 2018, the carrying value of the secured financing agreements approximates fair value as current borrowing spreads reflect market terms. At March 31, 2019 and December 31, 2018, the carrying value of the assets and liabilities of TRTX 2018-FL1 and TRTX 2018-FL2 approximates fair value as current borrowing spreads reflect market terms.

Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

(9) Income Taxes

The Company indirectly owns 100% of the equity of multiple taxable REIT subsidiaries (collectively “TRSs”), including certain of its TRTX 2018-FL1 and TRTX 2018-FL2 subsidiaries. Taxable REIT subsidiaries are subject to applicable U.S. federal, state, local and foreign income tax on their taxable income. In addition, as a REIT, the Company also may be subject to a 100% excise tax on certain transactions between it and its TRSs that are not conducted on an arm’s-length basis. The Company files income tax returns in the United States federal jurisdiction as well as various state and local jurisdictions. The filings are subject to normal reviews by 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 generally range from 2015 to present.

ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. As of March 31, 2019 and December 31, 2018, 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 and comprehensive income. For the three months ended March 31, 2019 and 2018, the Company did not have interest or penalties associated with the underpayment of any income taxes.

For the three months ended March 31, 2019 and 2018, the Company incurred no federal, state and local tax expense relating to its TRSs. For the three months ended March 31, 2019 and 2018, the Company recognized $0.2 million of federal, state and local tax expense. At March 31, 2019 and 2018, the Company’s effective tax rate was 0.8%.

At March 31, 2019 and December 31, 2018, the Company had no deferred tax assets or liabilities.

Related Party Transactions

3 Months Ended

Mar. 31, 2019

Related Party Transactions

(10) Related Party Transactions

Management Agreement

The Company is externally managed and advised by the Manager pursuant to the terms of a management agreement, dated July 25, 2017, between the Company and the Manager (as amended, the “Management Agreement”). On May 2, 2018, the Company and the Manager amended the Management Agreement solely for the purpose of amending the definitions of “Equity,” “Core Earnings” and “Incentive Compensation” in the Management Agreement. The changes were effected to include equity issued by subsidiaries of the Company in the definition of Equity, and to exclude distributions on equity issued by subsidiaries from the calculation of the Manager’s Incentive Compensation.

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. As amended, “Equity” means (a) the sum of (1) the net proceeds received by the Company and, without duplication, the Company’s subsidiaries, from all issuances of the Company’s and the subsidiaries’ equity securities, including for the avoidance of doubt issuances of common stock and Class A common stock by the Company prior to the completion of the Company’s initial public offering (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 (2) the value of contributions, including, without limitation, contributions of assets or interests in assets in exchange for equity securities, made by persons other than the Company or a subsidiary of the Company, from time to time, to the capital of the Company or another subsidiary of the Company plus (3) 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 (b) less (1) any distributions made by the Company to the holders of the Company’s equity securities and any distributions made by the Company’s subsidiaries to the holders of the subsidiaries’ equity securities (other than to the Company or another subsidiary of the Company) following the completion of the Company’s initial public offering, (2) any amount that the Company or any of the Company’s subsidiaries has 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 (3) 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 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. For purposes of calculating the Manager’s incentive compensation, the Management Agreement, as amended, specifies that equity securities of the Company or any of the Company’s subsidiaries that are entitled to a specified periodic distribution or have other debt characteristics will not constitute equity securities and will not be included in “Equity” for the purpose of calculating incentive compensation. Instead, the aggregate distribution amount that accrues to such equity securities during the calendar quarter of such calculation will be subtracted from Core Earnings, before incentive compensation for purposes of calculating incentive compensation, unless such distribution is otherwise excluded from Core Earnings.

As amended, “Core Earnings” means the net income (loss) attributable to the holders of the Company’s common stock and Class A common stock and, without duplication, the holders of the Company’s subsidiaries’ equity securities (other than the Company or any of the Company’s subsidiaries), computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), and excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other similar non-cash items that are included in net income for the applicable period, regardless of whether such items are included in other comprehensive income or loss or in net income and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the Company’s independent directors.

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

Management Fees Incurred and Paid for the three months ended March 31, 2019 and March 31, 2018

For the three months ended March 31, 2019 and 2018, the Company incurred and paid the following management fees and incentive management fees pursuant to the Management Agreement (dollars in thousands):

	Three Months Ended March 31,
	2019		2018
Management Agreement fees incurred	$	6,508	$	5,630
Management Agreement fees paid		6,100		5,232

Management fees and incentive management fees included in payable to affiliates on the consolidated balance sheets at March 31, 2019 and December 31, 2018 are $6.5 million and $6.1 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 and comprehensive income expense category or the consolidated balance sheets based on the nature of the item. For the three months ended March 31, 2019, the Manager incurred $0.3 million of expenses that were reimbursable by the Company. As of March 31, 2019, no amounts remained outstanding that were reimbursable by the Company to the Manager. For the three months ended March 31, 2018, $0.3 million was incurred by the Manager and reimbursable by the Company.

On March 19, 2019, in conjunction with the Company’s common stock offering of 6 million shares, the Manager reimbursed offering costs of $0.3 million. See Note 12 to the Consolidated Financial Statements for details.

Termination Fee

A termination fee will be payable to the Manager upon termination of the Management Agreement by the Company absent a cause event. The termination fee would also be payable to the Manager upon termination of the Management Agreement by the Manager if the Company materially breaches the Management Agreement. The termination fee is equal to three times the sum of (x) the average annual base management fee and (y) the average annual incentive compensation earned by the Manager, in each case during the 24-month period immediately preceding the most recently completed calendar quarter prior to the date of termination or, if such termination occurs prior to July 25, 2019, and such termination fee is payable, the base management fees and the incentive compensation will be annualized for the period from July 25, 2017 to July 25, 2019 based on such fees actually received by the Manager during such period.

Earnings per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings per Share

(11) Earnings per Share

The Company calculates its basic and diluted earnings per share using the two-class method for all periods presented, as the unvested restricted shares of its common stock granted to certain current and former employees and affiliates of the Manager, qualify as participating securities. These restricted shares have the same rights as the Company’s other shares of common stock and Class A common stock, including participating in any dividends, and therefore have been included in the Company’s basic and diluted earnings per share calculation. For the three months ended March 31, 2019 and 2018, $0.1 million and $0.03 million, respectively of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plan (see Note 13 for details).

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

	Three Months Ended March 31,
	2019			2018
Net Income Attributable to TPG RE Finance Trust, Inc.	$	28,409		$	25,111
Participating Securities' Share in Earnings		(141	)		—
Net Income Attributable to Common Stockholders	$	28,268		$	25,111
Weighted Average Common Shares Outstanding, Basic and Diluted		68,294,736			60,393,818
Per Common Share Amount, Basic and Diluted	$	0.42		$	0.42

Stockholders' Equity

3 Months Ended

Mar. 31, 2019

Stockholders Equity Note [Abstract]

Stockholders' Equity

(12) Stockholders’ Equity

Equity Distribution Agreement

On March 7, 2019, the Company and the Manager entered into an equity distribution agreement with each of Citigroup Global Markets Inc., J.P. Morgan Securities LLC, JMP Securities LLC, Wells Fargo Securities, LLC and TPG Capital BD, LLC (each a “Sales Agent” and, collectively, the “Sales Agents”) relating to the issuance and sale by the Company of shares of its common stock, $0.001 par value per share, pursuant to a continuous offering program. In accordance with the terms of the equity distribution agreement, the Company may, at its discretion and from time to time, offer and sell shares of its common stock having an aggregate gross sales price of up to $125.0 million through the Sales Agents, each acting as the Company’s agent. The offering of shares of the Company’s common stock pursuant to the equity distribution agreement will terminate upon the earlier of (1) the sale of shares of the Company’s common stock subject to the equity distribution agreement having an aggregate gross sales price of $125.0 million and (2) the termination of the equity distribution agreement by the Sales Agents or the Company at any time as set forth in the equity distribution agreement.

Each Sales Agent will be entitled to commissions in an amount not to exceed 1.75% of the gross sales prices of shares of the Company’s common stock sold through it, as the Company’s agent. For the three months ended March 31, 2019, no shares of common stock were sold pursuant to the equity distribution agreement.

Common Stock Issuance

On March 19, 2019, the Company completed a common stock offering of 6.0 million shares at a price to the underwriters of $19.80 per share, generating net proceeds of $118.8 million, after underwriting discounts. The Manager reimbursed offering costs of $0.3 million. The Company intends to use the proceeds from the offering to originate or acquire commercial mortgage loans consistent with its investment strategy and investment guidelines.

10b5-1 Purchase Plan

The Company entered into an agreement and related amendments (the “10b5-1 Purchase Plan”) with Goldman Sachs & Co. LLC, as our agent, to 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 has been exhausted. On August 1, 2018, the Company’s Board of Directors authorized the Company to extend the repurchase period for the remaining capital committed to the 10b5-1 Purchase Plan. No other changes to the terms of the 10b5-1 Purchase Plan were authorized. Under the amended 10b5-1 Purchase Plan, the repurchase period was extended to February 28, 2019 or, if sooner, the date on which all the capital committed to the 10b5-1 Purchase Plan has been exhausted.

The 10b5-1 Purchase Plan requires Goldman Sachs & Co. LLC to purchase for us shares of our common stock when the market price per share is below the threshold price specified in the 10b5-1 Purchase Plan which is based on our book value per common share. During the three months ended March 31, 2019, the Company repurchased 2,324 shares of common stock, at a weighted average price of $18.27 per share, for total consideration (including commissions and related fees) of $0.04 million. The 10b5-1 Purchase Plan expired by its terms on February 28, 2019.

Dividends

Upon the approval of the Company’s Board of Directors, dividends are accrued by the Company. 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 then 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.

Preferred Stock

During the three months ended March 31, 2019, a subsidiary of the Company issued 125 shares of Series A preferred stock for proceeds of $0.1 million. On February 28, 2018, the Company’s previously issued shares of Series A preferred stock were redeemed for $0.1 million.

Common and Class A Common Stock

On March 19, 2019, the Company’s Board of Directors declared a dividend for the first quarter of 2019 in the amount of $0.43 per share of common stock and Class A common stock, or $31.6 million in the aggregate, which dividend was payable on April 25, 2019 to holders of record of our common stock and Class A common stock as of March 29, 2019. On March 19, 2018, the Company declared a dividend for the first quarter of 2018 in the amount of $0.42 per share of common stock and Class A common stock, or $25.3 million in the aggregate, which was paid on April 25, 2018 to holders of record of our common stock and Class A common stock as of March 29, 2018.

For the three months ended March 31, 2019 and 2018, common stock and Class A common stock dividends in the amount of $31.6 million and $25.3 million were declared and approved, respectively.

As of March 31, 2019 and December 31, 2018, $31.6 million and $29.0 million, respectively, remain unpaid and are reflected in dividends payable on the Company’s consolidated balance sheets.

Other Comprehensive (Loss) Income

For the three months ended March 31, 2019 and 2018, other comprehensive (loss) income was $0.1 million and $(0.2) million, respectively. Other comprehensive (loss) income is a result of unrealized (losses) gains on available-for-sale securities (CMBS and CRE CLO investments held at period end).

Share-based Incentive Plan

3 Months Ended

Mar. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-based Incentive Plan

(13) Share-based Incentive Plan

The Company does not have any employees as it is externally managed by the Manager. However, as of March 31, 2019, certain individuals employed by an affiliate of the Manager and certain members of the Company’s Board of Directors were compensated, in part, through the issuance of share-based instruments.

The Company’s Board of Directors has adopted, and the Company’s stockholders have approved, the TPG RE Finance Trust, Inc. 2017 Equity Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the grant of equity-based awards to the Company’s, and its affiliates’, directors, officers, employees (if any) and consultants, and the members, officers, directors, employees and consultants of our Manager or its affiliates, as well as to our Manager and other entities that provide services to us and our affiliates and the employees of such entities. The total number of shares of common stock or long term incentive plan (“LTIP”) units that may be awarded under the Incentive Plan is 4,600,463. The Incentive Plan will automatically expire on the tenth anniversary of its effective date, unless terminated earlier by the Company’s Board of Directors.

Generally, the shares vest in installments over a four-year period, pursuant to the terms of the award and the Incentive Plan. As of March 31, 2019, there were 327,901 shares of common stock that will vest as follows: 100,305 shares in 2019; 93,876 shares in 2020; 93,877 shares in 2021; and 39,843 shares in 2022. As of March 31, 2019, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $5.2 million. This cost is expected to be recognized over a weighted average period of 1.6 years from March 31, 2019. For the three months ended March 31, 2019, the Company recognized $0.6 million of share-based compensation expense as general and administrative expense in the consolidated statements of income and comprehensive income.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(14) Commitments and Contingencies

Unfunded Commitments

As of March 31, 2019 and December 31, 2018, the Company had $640.7 million and $634.2 million, respectively, of unfunded commitments related to loans held for investment. These commitments are not reflected on the consolidated balance sheets.

Litigation

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. The Company establishes an accrued liability for loss contingencies when a settlement arising from a legal proceeding is both probable and reasonably estimable. If a legal matter is not probable and reasonably estimable, no such liability is recorded. Examples of this include (i) early stages of a legal proceeding, (ii) damages that are unspecified or cannot be determined, (iii) discovery has not started or is incomplete or (iv) there is uncertainty as to the outcome of pending appeals or motions. If these items exist, an estimated range of potential loss cannot be determined and as such the Company does not record an accrued liability.

As of March 31, 2019 and December 31, 2018, the Company was not involved in any material legal proceedings and has not recorded an accrued liability for loss contingencies.

Concentration of Credit Risk

3 Months Ended

Mar. 31, 2019

Risks And Uncertainties [Abstract]

Concentration of Credit Risk

(15) Concentration of Credit Risk

Property Type

A summary of the loan portfolio by property type as of March 31, 2019 and December 31, 2018 based on total loan commitment and current unpaid principal balance (“UPB”) is as follows (dollars in thousands):

	As of March 31, 2019
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	1,926,459	$	312,218		35.9	%	$	1,614,241		34.2	%
Multifamily		1,384,512		129,447		25.8			1,255,065		26.5
Mixed Use		919,485		107,801		17.1			811,684		17.1
Hotel		667,793		37,188		12.4			630,605		13.3
Retail		233,554		48,844		4.3			184,710		3.9
Condominium		129,868		5,211		2.4			124,657		2.6
Industrial		—		—		—			—		—
Other		112,000		—		2.1			112,000		2.4
Total	$	5,373,671	$	640,709		100.0	%	$	4,732,962		100.0	%

	As of December 31, 2018
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	1,898,511	$	316,510		38.5	%	$	1,582,001		36.8	%
Multifamily		1,247,860		131,177		25.2			1,116,683		25.9
Mixed Use		838,200		114,748		16.9			723,452		16.8
Hotel		508,450		10,896		10.3			497,554		11.5
Retail		233,555		50,247		4.7			183,308		4.2
Condominium		154,673		10,580		3.1			144,093		3.3
Industrial		66,500		—		1.3			66,500		1.5
Other		—		—		—			—		—
Total	$	4,947,749	$	634,158		100.0	%	$	4,313,591		100.0	%

Geography

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

	March 31, 2019
Geographic Region	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
East	$	2,070,677	$	159,512		38.6	%	$	1,911,165		40.5	%
South		1,586,916		259,802		29.5			1,327,114		28.0
West		902,274		77,586		16.8			824,688		17.4
Midwest		725,704		122,509		13.5			603,195		12.7
Various		88,100		21,300		1.6			66,800		1.4
Total	$	5,373,671	$	640,709		100.0	%	$	4,732,962		100.0	%

	December 31, 2018
Geographic Region	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
East	$	2,084,807	$	170,131		42.1	%	$	1,914,676		44.4	%
South		1,525,173		270,933		30.8			1,254,240		29.1
West		760,416		100,422		15.4			659,994		15.3
Midwest		577,353		92,672		11.7			484,681		11.2
Various		—		—		—			—		—
Total	$	4,947,749	$	634,158		100.0	%	$	4,313,591		100.0	%

Category

A summary of the loan portfolio by category as of March 31, 2019 and December 31, 2018 based on total loan commitment and current UPB is as follows (dollars in thousands):

	March 31, 2019
Loan Category	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Bridge	$	2,661,392	$	193,047		49.5	%	$	2,468,345		52.1	%
Light Transitional		1,460,627		168,838		27.2			1,291,789		27.3
Moderate Transitional		1,251,652		278,824		23.3			972,828		20.6
Total	$	5,373,671	$	640,709		100.0	%	$	4,732,962		100.0	%

	December 31, 2018
Loan Category	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Bridge	$	2,414,456	$	199,397		48.8	%	$	2,215,059		51.3	%
Light Transitional		1,513,227		212,290		30.6			1,300,937		30.2
Moderate Transitional		1,020,066		222,471		20.6			797,595		18.5
Total	$	4,947,749	$	634,158		100.0	%	$	4,313,591		100.0	%

Loan commitments represent principal commitments made by the Company at March 31, 2019 and December 31, 2018, respectively.

Subsequent Events

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Subsequent Events

(16) Subsequent Events

The following events occurred subsequent to March 31, 2019:

Investment Activity

From April 1, 2019 through April 29, 2019, the Company has closed, or is in the process of closing, six first mortgage loans with a total loan commitment amount of $613.7 million. In addition, the Company purchased six floating rate CRE CLO investments for $98.9 million which have a weighted average coupon of LIBOR plus 2.4%. These investments will be funded with a combination of cash-on-hand and borrowings.

Senior Mortgage Loan Repayments

From April 1, 2019 through April 29, 2019, the Company received full loan repayments related to one of its first mortgage loans with a total loan commitment and unpaid principal balance of $63.2 million and $57.3 million, respectively. The risk rating for the loan that was repaid was 3 as of March 31, 2019.

Common Stock Offering Option Exercise

On April 12, 2019, Morgan Stanley & Co. LLC, as representative of the underwriters, exercised in full the underwriters’ option to purchase 900,000 additional shares of common stock. As a result, and pursuant to the terms of the underwriting agreement, the Company issued and sold 900,000 additional shares of common stock to the underwriters on April 16, 2019, generating additional net proceeds, before transaction expenses, of approximately $17.4 million from the issuance and sale of such shares.

Cash Dividend

On April 25, 2019, the Company paid a cash dividend on its common stock and Class A common stock of $0.43 per share, or $31.6 million, to stockholders of record as of March 29, 2019.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The interim consolidated financial statements include the Company’s accounts, consolidated variable interest entities for which the Company is the primary beneficiary, and its wholly-owned subsidiaries. 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 interim consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the interim consolidated financial statements include, but are not limited to: 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 (see Note 5 for details).

Revenue Recognition

Interest income on loans is accrued using the interest method based on the contractual terms of the loan, adjusted for credit impairment, if any. The objective of the interest method is to arrive at periodic interest income including recognition of fees and costs at a constant effective yield. Premiums, discounts, and origination fees are amortized or accreted into interest income over the lives of the loans using the interest method, or on a straight line basis when it approximates the interest method. Extension and modification fees are accreted into income on a straight line basis, when it approximates the interest method, over the related extension or modification period. Exit fees are accreted into income on a straight line basis, when it approximates the interest method, over the lives of the loans to which they relate unless they can be waived by the Company or a co-lender in connection with a loan refinancing. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s loan investments have in the past and may in the future 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 the loan on non-accrual status when: (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 experiences a maturity default. Based on the Company’s judgment as to the collectability of principal, a loan on non-accrual status is either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for principal and interest payments, or on a cost-recovery basis, where all cash receipts reduce the loan’s carrying value, and interest income is only recorded when such carrying value has been fully recovered.

During the three months ended March 31, 2019 and the year end December 31, 2018, no loans were placed on non-accrual status and no losses or impairments were recorded to our loan portfolio.

Loans Held for Investment

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

The Company evaluates each loan classified as a loan held for investment for impairment on a quarterly basis. Impairment occurs when it is deemed probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan. If the loan is considered to be impaired, a loan loss 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 securing the impaired loan, less estimated costs to sell such collateral, if recovery of the Company’s investment is expected solely from the sale of such collateral. As part of the quarterly impairment review, the Company evaluates the risk of each loan and assigns a risk rating based on a variety of factors, grouped as follows to include, among other factors: (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, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively, which ratings are defined as follows:

1-

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

2-

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

3-

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

4-

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

5-

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 recognized any impairments on its loan portfolio and has not recorded any loan loss allowances against any of the loans in its portfolio. The Company’s determination of asset-specific loan loss reserves, should any such reserves be necessary, relies on material estimates regarding the fair value of loan collateral. Such losses could be caused by various factors, including, but not limited to, unanticipated adverse changes in the economy or events adversely affecting specific assets, borrowers, industries in which our borrowers operate or markets in which our borrowers or their properties are located. Significant judgment is required when evaluating loans for impairment.

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

Commercial Mortgage-Backed and Commercial Real Estate Collateralized Loan Obligation Securities

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

Portfolio Financing Arrangements

The Company finances certain loan and CMBS and CRE CLO investments using secured revolving repurchase agreements, asset-specific financing arrangements, senior secured and secured credit agreements, collateralized loan obligations, and a term loan facility. The related borrowings are recorded as separate liabilities on the Company’s consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the related borrowings are reported separately on the Company’s consolidated statements of income and comprehensive income. In certain instances, the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third party. For all such syndications the Company has completed through March 31, 2019, 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.

As of December 31, 2018, the Company revised its “Note Payable” naming convention in its consolidated balance sheet to “Asset-Specific Financings”. No amounts reported in prior periods were reclassified between financial statement line items and there was no impact to the Company’s financial statements resulting from this naming convention change during the current fiscal year.

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 and CRE CLO investments. The three levels of inputs that may be used to measure fair value are as follows:

Level I—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level II—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level III—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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

Income Taxes

The Company qualifies and has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, commencing with its initial taxable year ended December 31, 2014. To the extent that it annually distributes at least 90% of its REIT taxable income to stockholders and complies with various other requirements as a REIT, the Company generally will not be subject to U.S. federal income taxes on its distributed REIT taxable income. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Even though the Company currently qualifies for taxation as a REIT, the Company may be subject to certain U.S. federal, state, local and foreign taxes on the Company’s income and property and to U.S. federal income and excise taxes on the Company’s undistributed REIT taxable income.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC Topic 740, Income Taxes (“ASC 740”), a valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. The Company intends to continue to operate in a manner consistent with, and to continue to meet the requirements to be treated as, a REIT for tax purposes and to distribute all of its REIT taxable income. Accordingly, the Company does not expect to pay corporate level federal taxes.

Earnings per Common Share

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

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

Share-Based Compensation

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

Deferred Financing Costs

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

Cash and Cash Equivalents

Cash and cash equivalents include cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of March 31, 2019 and December 31, 2018. 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.

Accounts Receivable from Servicer/Trustee

Accounts receivable from Servicer/Trustee represents cash proceeds from loan and CMBS and CRE CLO investment activities that have not been remitted to the Company based on contractual procedures previously agreed upon. Amounts are generally held by the Servicer/Trustee for less than 60 days before being remitted to the Company.

Recently Issued Accounting Pronouncements

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

Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Schedule of Loan Investment Portfolio

The following tables present an overview of the loan investment portfolio as of March 31, 2019 and December 31, 2018 (dollars in thousands):

	March 31, 2019
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	4,732,962	$	(20,828	)	$	4,712,134
Subordinated and mezzanine loans		—		—			—
Subtotal before allowance		4,732,962		(20,828	)		4,712,134
Allowance for loan losses		—		—			—
Total	$	4,732,962	$	(20,828	)	$	4,712,134

	December 31, 2018
Loans Receivable	Outstanding Principal		Unamortized Premium (Discount), Loan Origination Fees, net			Carrying Amount
Senior loans	$	4,313,591	$	(19,804	)	$	4,293,787
Subordinated and mezzanine loans		—		—			—
Subtotal before allowance		4,313,591		(19,804	)		4,293,787
Allowance for loan losses		—		—			—
Total	$	4,313,591	$	(19,804	)	$	4,293,787

Summary of Loan Portfolio Activity

For the three months ended March 31, 2019, loan portfolio activity was as follows (dollars in thousands):

	Carrying Value
Balance at December 31, 2018	$	4,293,787
Additions during the period:
Loans originated		628,460
Additional fundings		57,394
Amortization of discount and origination fees		3,628
Deductions during the period:
Collection of principal		(271,135	)
Balance at March 31, 2019	$	4,712,134

Summary of Carrying Values and Results of Internal Risk Rating Review

The table below summarizes the carrying values and results of the Company’s internal risk rating review performed as of March 31, 2019 and December 31, 2018 (dollars in thousands):

	Carrying Value
Rating	March 31, 2019		December 31, 2018
1	$	—	$	29,923
2		1,161,728		959,314
3		3,416,582		3,099,401
4		133,824		205,149
5		—		—
Totals	$	4,712,134	$	4,293,787

Weighted Average Risk Rating⁽¹⁾		2.8		2.8

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

Available-for-Sale Securities (Tables)

3 Months Ended

Mar. 31, 2019

Investments Debt And Equity Securities [Abstract]

Details of Carrying and Fair Values Of CMBS And CRE CLO Investment Portfolio

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

	March 31, 2019
	Face Amount		Unamortized Premium (Discount), net			Gross Unrealized (Loss)			Estimated Fair Value
Investments, at Fair Value
CMBS and CRE CLO Investments	$	310,192	$	(19	)	$	(1,879	)	$	308,294

	December 31, 2018
	Face Amount		Unamortized Premium (Discount), net			Gross Unrealized (Loss)			Estimated Fair Value
Investments, at Fair Value
CMBS and CRE CLO Investments	$	76,404	$	(38	)	$	(1,985	)	$	74,381

Available-for-sale CMBS and CRE CLO Investments by Contractual Maturity

The Company’s CMBS and CRE CLO investments have a weighted average contractual maturity, based on estimated fair value, of 16.3 years. The amortized cost and estimated fair value of the Company’s available-for-sale CMBS and CRE CLO investments by contractual maturity are shown in the following table (dollars in thousands):

	March 31, 2019
	Amortized Cost		Estimated Fair Value
Maturity Date
Within five years	$	37,920	$	37,582
After five years		272,328		270,712
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	$	310,248	$	308,294

	December 31, 2018
	Amortized Cost		Estimated Fair Value
Maturity Date
After one, within five years	$	37,929	$	38,076
After five years		38,436		36,305
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	$	76,365	$	74,381

Variable Interest Entities and Collateralized Loan Obligations (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Variable Interest Entities Assets and Liabilities

The Company’s total assets and total liabilities as of March 31, 2019 and December 31, 2018 included the following VIE assets and liabilities of TRTX 2018-FL2 and TRTX 2018-FL1 (dollars in thousands):

	March 31, 2019			December 31, 2018
ASSETS
Cash and Cash Equivalents	$	1,032		$	3,896
Accounts Receivable from Servicer/Trustee		6,562			94,763
Accrued Interest Receivable		3,130			3,672
Loans Held for Investment		1,678,629			1,824,281
Total Assets	$	1,689,353		$	1,926,612
LIABILITIES
Accrued Interest Payable	$	(2,632	)	$	(2,637	)
Accrued Expenses		(619	)		(668	)
Collateralized Loan Obligations		(1,283,520	)		(1,514,790	)
Total Liabilities	$	(1,286,771	)	$	(1,518,095	)

Collateralized Loan Obligation

Schedule of Borrowings and Corresponding Collateral

The following table outlines TRTX 2018-FL2 and TRTX 2018-FL1 loan collateral and borrowings under the TRTX 2018-FL2 and TRTX 2018-FL1 collateralized loan obligations as of March 31, 2019 and December 31, 2018 (dollars in thousands):

As of March 31, 2019
Collateral (loan investments)				Debt (notes issued)
Outstanding Principal		Carrying Value		Face Value			Carrying Value
$	1,678,629	$	1,678,629	$	(1,261,554	)	$	(1,251,393	)

As of December 31, 2018
Collateral (loan investments)				Debt (notes issued)
Outstanding Principal		Carrying Value		Face Value			Carrying Value

$	1,824,281	$	1,824,281	$	(1,527,237	)	$	(1,514,790	)

- Definition

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

+ References + Details

Secured Revolving Repurchase Agreements, Senior Secured and Secured Credit Agreements, Term Loan Facility, and Asset-Specific Financings (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Information Related to Secured Revolving Repurchase Agreements, Senior Secured and Secured Credit Agreements, and Asset-Specific Financings

The following table presents certain information regarding the Company’s secured revolving repurchase agreements, senior secured and secured credit agreements, and asset-specific financing as of March 31, 2019 and December 31, 2018. Except as otherwise noted, all agreements are on a non-recourse basis (dollars in thousands):

As of March 31, 2019
Asset-specific Financing	Maturity Date	Index Rate	Weighted Average Credit Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
BMO Harris Bank⁽¹⁾	04/09/20	1 Month LIBOR		2.7	%		4.0	%	$	32,500		—	$	32,500	$	45,000
Subtotal									$	32,500		—	$	32,500	$	45,000

Secured Revolving Repurchase Agreements
Goldman Sachs⁽¹⁾	08/19/19	1 Month LIBOR		2.2	%		4.7	%	$	750,000	$	397,738	$	352,262	$	550,082
Wells Fargo⁽¹⁾	05/25/19	1 Month LIBOR		1.7			4.2			750,000		383,024		366,976		518,183
Morgan Stanley⁽¹⁾	05/04/19	1 Month LIBOR		2.2			4.7			500,000		286,293		213,707		283,514
JP Morgan⁽¹⁾	08/20/21	1 Month LIBOR		2.2			4.6			400,000		194,702		205,298		279,270
US Bank⁽¹⁾	10/09/21	1 Month LIBOR		1.8			4.3			233,883		17,243		216,640		273,137
Goldman Sachs (CMBS and CRE CLO)⁽²⁾	04/25/19	1 Month OIS		0.6			3.1			50,666		—		50,666		61,051
JP Morgan (CMBS and CRE CLO)⁽²⁾	04/27/19	1 Month LIBOR		1.0			3.5			182,587		—		182,587		210,090
Wells Fargo (CMBS and CRE CLO)⁽²⁾	04/29/19	1 Month LIBOR		1.0			3.5			26,933		—		26,933		30,811
Royal Bank of Canada (CMBS and CRE CLO)⁽²⁾	N/A	N/A	N/A			N/A				—		—		—		—
Subtotal									$	2,894,069	$	1,279,000	$	1,615,069	$	2,206,138

Senior Secured and Secured Credit Agreements
Bank of America⁽¹⁾	09/29/20	1 Month LIBOR		1.8	%		4.3	%	$	500,000	$	101,560		398,440		512,699
Citibank⁽³⁾	07/12/20	1 Month LIBOR		2.3			4.8			160,000		98,644		61,355		87,651
Subtotal									$	660,000	$	200,204	$	459,795	$	600,350

Total									$	3,586,569	$	1,479,204	$	2,107,364	$	2,851,488

(1)

Borrowings under secured revolving repurchase agreements, a senior secured credit agreement, and one asset-specific financing arrangement with a guarantee for 25% recourse.

(2)

Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS and CRE CLO investment secured revolving repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to March 31, 2019.

(3)

Borrowings under the secured credit agreement with a guarantee for 100% recourse.

As of December 31, 2018
Asset-specific Financing	Maturity Date	Index Rate	Weighted Average Credit Spread			Interest Rate			Commitment Amount		Maximum Current Availability		Balance Outstanding		Principal Balance of Collateral
BMO Harris Bank⁽¹⁾	04/09/20	1 Month LIBOR		2.7	%		4.0	%	$	32,500		—	$	32,500	$	45,000
Subtotal									$	32,500		—	$	32,500	$	45,000

Secured Revolving Repurchase Agreements
Goldman Sachs⁽¹⁾	08/19/19	1 Month LIBOR		2.2	%		4.6	%	$	750,000	$	558,836	$	191,164	$	474,243
Wells Fargo⁽¹⁾	05/25/19	1 Month LIBOR		1.8			4.3			750,000		503,792		246,208		339,012
Morgan Stanley⁽¹⁾	05/04/19	1 Month LIBOR		2.2			4.7			500,000		317,493		182,507		244,936
JP Morgan⁽¹⁾	08/20/21	1 Month LIBOR		2.2			4.6			400,000		214,471		185,529		254,026
US Bank⁽¹⁾	10/09/21	1 Month LIBOR		1.8			4.3			212,840		6,800		206,040		262,929
Goldman Sachs (CMBS and CRE CLO)⁽²⁾	01/02/19	1 Month OIS		0.6			2.9			100,000		67,303		32,697		38,517
Royal Bank of Canada (CMBS and CRE CLO)⁽²⁾	N/A	N/A	N/A			N/A				100,000		100,000		—		—
Subtotal									$	2,812,840	$	1,768,695	$	1,044,145	$	1,613,663

Senior Secured and Secured Credit Agreements
Bank of America⁽¹⁾	09/29/20	1 Month LIBOR		1.9	%		4.2	%	$	500,000	$	112,560		387,440		494,247
Citibank⁽³⁾	07/12/20	1 Month LIBOR		2.3			4.8			160,000		87,059		72,941		169,134
Subtotal									$	660,000	$	199,619	$	460,381	$	663,381

Total									$	3,505,340	$	1,968,314	$	1,537,026	$	2,322,044

(1)	Borrowings under secured revolving repurchase agreements, a senior secured credit agreement, and one asset-specific financing arrangement with a guarantee for 25% recourse.

(2)

Borrowings under secured revolving repurchase agreements with a guarantee for 100% recourse. Maturity Date represents the sooner of the next maturity date of the CMBS and CRE CLO investment secured revolving repurchase agreement, or roll over date for the applicable underlying trade confirmation, subsequent to December 31, 2018.

(3)	Borrowings under the secured credit agreement with a guarantee for 100% recourse.

Commercial Mortgage Loans

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

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by commercial mortgage loans and CMBS and CRE CLO investments, including counterparty concentration risks, at March 31, 2019 (dollars in thousands):

	March 31, 2019
Loan Financings	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	750,000	$	550,082	$	549,703	$	353,241	$	196,462		13.6	%		141
Wells Fargo Bank		750,000		518,183		518,900		367,380		151,520		10.5			786
Morgan Stanley Bank⁽⁴⁾		500,000		283,514		282,512		214,487		68,025		4.7		N/A
JP Morgan Chase Bank		400,000		279,270		278,240		205,752		72,488		5.0			1,603
US Bank		233,883		273,137		271,761		216,946		54,815		3.8			1,836
Subtotal / Weighted Average	$	2,633,883	$	1,904,186	$	1,901,116	$	1,357,806	$	543,310					933

CMBS and CRE CLO Investment Financings
Goldman Sachs Bank	$	50,666	$	61,051	$	59,047	$	51,005	$	8,042		0.6	%		26
JP Morgan⁽²⁾		182,587		210,090		211,402		182,982		28,420		2.0			28
Wells Fargo⁽²⁾		26,933		30,811		30,863		26,983		3,880		0.3			29
Royal Bank of Canada		—		—		—		—		—		—			—
Subtotal / Weighted Average	$	260,186	$	301,952	$	301,312	$	260,970	$	40,342					28

Total / Weighted Average - Loans, CMBS and CRE CLO	$	2,894,069	$	2,206,138	$	2,202,428	$	1,618,776	$	583,652					765

(1)

Loan amounts shown in the table include interest receivable of $12.8 million and are net of premium, discount and origination fees of $15.8 million. CMBS and CRE CLO investment amounts shown in the table include interest receivable of $1.0 million and are net of premium, discount, and unrealized gains of $1.6 million.

(2)	Loan amounts shown in the table include interest payable of $2.9 million and do not reflect unamortized deferred financing fees of $6.2 million. CMBS and CRE CLO investments shown in the table include interest payable of $0.8 million.

(3)

Loan amounts represent the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. CMBS and CRE CLO investment amounts 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)

The secured revolving repurchase agreement provided by Morgan Stanley Bank is excluded from the “Days to Extended Maturity” column because it does not have a limit on the maximum number of permitted extensions. CMBS and CRE CLO investment extended maturity represents the sooner of the next maturity date of the CMBS and CRE CLO investment secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to March 31, 2019.

The following table summarizes certain characteristics of the Company’s secured revolving repurchase agreements secured by commercial mortgage loans and CMBS and CRE CLO investments, including counterparty concentration risks, at December 31, 2018 (dollars in thousands):

	December 31, 2018
Loan Financings	Commitment Amount		UPB of Collateral		Carrying Value of Collateral⁽¹⁾		Amounts Payable⁽²⁾		Net Counterparty Exposure⁽³⁾		Percent of Stockholders' Equity			Days to Extended Maturity⁽⁴⁾
Goldman Sachs Bank	$	750,000	$	474,243	$	472,797	$	191,705	$	281,092		21.2	%		231
Wells Fargo Bank		750,000		339,012		338,531		246,635		91,896		6.9			876
Morgan Stanley Bank⁽⁴⁾		500,000		244,936		245,932		183,901		62,031		4.7		N/A
JP Morgan Chase Bank		400,000		254,026		253,145		185,892		67,253		5.1			1,693
US Bank		212,840		262,929		261,916		206,422		55,494		4.2			1,743
Subtotal / Weighted Average	$	2,612,840	$	1,575,146	$	1,572,321	$	1,014,555	$	557,766					1,125

CMBS and CRE CLO Investment Financings
Goldman Sachs Bank	$	100,000	$	38,517	$	36,414	$	32,984	$	3,430		0.3	%		2
Royal Bank of Canada		100,000		—		—		—		—		—			—
Subtotal / Weighted Average	$	200,000	$	38,517	$	36,414	$	32,984	$	3,430					2

Total / Weighted Average - Loans, CMBS and CRE CLO	$	2,812,840	$	1,613,663	$	1,608,735	$	1,047,539	$	561,196					1,083

(1)

Loan amounts shown in the table include interest receivable of $14.5 million and are net of premium, discount and origination fees of $17.3 million. CMBS and CRE CLO investment amounts shown in the table include interest receivable of $0.1 million and are net of premium, discount, and unrealized gains of $2.2 million.

(2)	Loan amounts shown in the table include interest payable of $3.1 million and do not reflect unamortized deferred financing fees of $6.7 million. CMBS and CRE CLO investment amounts shown in the table include interest payable of $0.3 million.

(3)

Loan amounts represent the net carrying value of the commercial real estate assets sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest. CMBS and CRE CLO investment amounts represent 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)

The secured revolving repurchase agreement provided by Morgan Stanley Bank is excluded from the “Days to Extended Maturity” column because it does not have a limit on the maximum number of permitted extensions. CMBS and CRE CLO investment extended maturity represents the sooner of the next maturity date of the CMBS and CRE CLO secured revolving repurchase agreement, or roll date for the applicable underlying trade confirmation, subsequent to December 31, 2018.

Schedule of Maturities (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Future Principal Payments

The future principal payments for the five years subsequent to March 31, 2019 and thereafter are as follows (in thousands):

	Collateralized loan obligations		Secured revolving repurchase agreements		Senior secured and secured credit agreements		Term loan facility		Asset-specific financing
2019	$	577,781	$	1,281,331	$	—	$	—	$	—
2020		404,761		98,128		459,795		114,020		32,500
2021		208,658		235,610		—		34,827		—
2022		70,354		—		—		88,654		—
2023		—		—		—		30,160		—
Thereafter		—		—		—		—		—
Total	$	1,261,554	$	1,615,069	$	459,795	$	267,661	$	32,500

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

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

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

	March 31, 2019
			Fair Value
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	4,712,134		—		—	$	4,741,978
Financial Liabilities
Term Loan Facility		266,549		—		—		266,549
Collateralized Loan Obligations		1,251,393		—		—		1,251,393
Secured Financing Arrangements		2,097,844		—		—		2,097,844

	December 31, 2018
			Fair Value
	Carrying Value		Level I		Level II		Level III
Financial Assets
Loans Held for Investment	$	4,293,787		—		—	$	4,317,844
Financial Liabilities
Term Loan Facility		113,504		—		—		113,504
Collateralized Loan Obligations		1,509,930		—		—		1,509,930
Secured Financing Arrangements		1,526,449		—		—		1,526,449

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Management Fees and Incentive Management Fees Incurred and Paid Pursuant to Management Agreement

For the three months ended March 31, 2019 and 2018, the Company incurred and paid the following management fees and incentive management fees pursuant to the Management Agreement (dollars in thousands):

	Three Months Ended March 31,
	2019		2018
Management Agreement fees incurred	$	6,508	$	5,630
Management Agreement fees paid		6,100		5,232

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31,
	2019			2018
Net Income Attributable to TPG RE Finance Trust, Inc.	$	28,409		$	25,111
Participating Securities' Share in Earnings		(141	)		—
Net Income Attributable to Common Stockholders	$	28,268		$	25,111
Weighted Average Common Shares Outstanding, Basic and Diluted		68,294,736			60,393,818
Per Common Share Amount, Basic and Diluted	$	0.42		$	0.42

Concentration of Credit Risk (Tables)

3 Months Ended

Mar. 31, 2019

Loans And Leases Receivable Disclosure [Line Items]

Summary of Loan Portfolio by Property/ Loan Category Type

Property Type

A summary of the loan portfolio by property type as of March 31, 2019 and December 31, 2018 based on total loan commitment and current unpaid principal balance (“UPB”) is as follows (dollars in thousands):

	As of March 31, 2019
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	1,926,459	$	312,218		35.9	%	$	1,614,241		34.2	%
Multifamily		1,384,512		129,447		25.8			1,255,065		26.5
Mixed Use		919,485		107,801		17.1			811,684		17.1
Hotel		667,793		37,188		12.4			630,605		13.3
Retail		233,554		48,844		4.3			184,710		3.9
Condominium		129,868		5,211		2.4			124,657		2.6
Industrial		—		—		—			—		—
Other		112,000		—		2.1			112,000		2.4
Total	$	5,373,671	$	640,709		100.0	%	$	4,732,962		100.0	%

	As of December 31, 2018
Property Type	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Office	$	1,898,511	$	316,510		38.5	%	$	1,582,001		36.8	%
Multifamily		1,247,860		131,177		25.2			1,116,683		25.9
Mixed Use		838,200		114,748		16.9			723,452		16.8
Hotel		508,450		10,896		10.3			497,554		11.5
Retail		233,555		50,247		4.7			183,308		4.2
Condominium		154,673		10,580		3.1			144,093		3.3
Industrial		66,500		—		1.3			66,500		1.5
Other		—		—		—			—		—
Total	$	4,947,749	$	634,158		100.0	%	$	4,313,591		100.0	%

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

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

	March 31, 2019
Geographic Region	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
East	$	2,070,677	$	159,512		38.6	%	$	1,911,165		40.5	%
South		1,586,916		259,802		29.5			1,327,114		28.0
West		902,274		77,586		16.8			824,688		17.4
Midwest		725,704		122,509		13.5			603,195		12.7
Various		88,100		21,300		1.6			66,800		1.4
Total	$	5,373,671	$	640,709		100.0	%	$	4,732,962		100.0	%

	December 31, 2018
Geographic Region	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
East	$	2,084,807	$	170,131		42.1	%	$	1,914,676		44.4	%
South		1,525,173		270,933		30.8			1,254,240		29.1
West		760,416		100,422		15.4			659,994		15.3
Midwest		577,353		92,672		11.7			484,681		11.2
Various		—		—		—			—		—
Total	$	4,947,749	$	634,158		100.0	%	$	4,313,591		100.0	%

Loan Category

Loans And Leases Receivable Disclosure [Line Items]

Summary of Loan Portfolio by Property/ Loan Category Type

A summary of the loan portfolio by category as of March 31, 2019 and December 31, 2018 based on total loan commitment and current UPB is as follows (dollars in thousands):

	March 31, 2019
Loan Category	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Bridge	$	2,661,392	$	193,047		49.5	%	$	2,468,345		52.1	%
Light Transitional		1,460,627		168,838		27.2			1,291,789		27.3
Moderate Transitional		1,251,652		278,824		23.3			972,828		20.6
Total	$	5,373,671	$	640,709		100.0	%	$	4,732,962		100.0	%

	December 31, 2018
Loan Category	Loan Commitment		Unfunded Commitment		% of Loan Commitment			Loan UPB		% of Loan UPB
Bridge	$	2,414,456	$	199,397		48.8	%	$	2,215,059		51.3	%
Light Transitional		1,513,227		212,290		30.6			1,300,937		30.2
Moderate Transitional		1,020,066		222,471		20.6			797,595		18.5
Total	$	4,947,749	$	634,158		100.0	%	$	4,313,591		100.0	%

Loan commitments represent principal commitments made by the Company at March 31, 2019 and December 31, 2018, respectively.

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019 USD ($) Loan	Dec. 31, 2018 USD ($) Loan
Accounting Policies [Abstract]
Threshold period of delinquency	90 days
Number of loans on non-accrual status \| Loan	0	0
Percentage of senior mortgage loan transferred to third-party	100.00%
Maximum insured amount of each cash account \| $	$ 250,000	$ 250,000

Loans Held for Investment - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019 USD ($) Rating Loan	Dec. 31, 2018 USD ($) Rating Loan
Accounts Notes And Loans Receivable [Line Items]
Total loan commitment amount	$ 5,373,671,000	$ 4,947,749,000
Unfunded loan commitments	640,709,000	634,158,000
Unamortized loan discount and premium	$ 0	$ 0
Number of loans on non-accrual status \| Loan	0	0
Reserve	$ 0	$ 0
Weighted average risk rating \| Rating	2.8	2.8
Moved from Three Risk Rating into Two Risk Rating
Accounts Notes And Loans Receivable [Line Items]
Number of loans selected for risk rate changes \| Loan	3
Moved from Two Risk Rating into Three Risk Rating
Accounts Notes And Loans Receivable [Line Items]
Number of loans selected for risk rate changes \| Loan	1
German American Capital Corporation
Accounts Notes And Loans Receivable [Line Items]
Number of loans originated or acquired \| Loan	11
Total loan commitment amount	$ 713,600,000
Unpaid principal balance	633,100,000
Unfunded loan commitments	$ 80,500,000

Loans Held for Investment - Schedule of Loan Investment Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	$ 4,732,962	$ 4,313,591
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(20,828)	(19,804)
Carrying Amount, before allowance for loan losses	4,712,134	4,293,787
Senior Loans
Loans And Leases Receivable Disclosure [Line Items]
Outstanding Principal, before allowance for loan losses	4,732,962	4,313,591
Unamortized Premium (Discount), Loan Origination Fees net, before allowance for loan losses	(20,828)	(19,804)
Carrying Amount, before allowance for loan losses	$ 4,712,134	$ 4,293,787

Loans Held for Investment - Summary of Loan Portfolio Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Loans And Leases Receivable Disclosure [Abstract]
Balance at December 31, 2018	$ 4,293,787
Loans originated	628,460
Additional fundings	57,394
Amortization of discount and origination fees	3,628
Collection of principal	(271,135)
Balance at March 31, 2019	$ 4,712,134

Loans Held for Investment - Summary of Carrying Values and Results of Internal Risk Rating Review Performed (Details) $ in Thousands	Mar. 31, 2019 USD ($) Rating	Dec. 31, 2018 USD ($) Rating
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 4,712,134	$ 4,293,787
Weighted Average Risk Rating \| Rating	2.8	2.8
Rating 1
Accounts Notes And Loans Receivable [Line Items]
Carrying Value		$ 29,923
Rating 2
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 1,161,728	959,314
Rating 3
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	3,416,582	3,099,401
Rating 4
Accounts Notes And Loans Receivable [Line Items]
Carrying Value	$ 133,824	$ 205,149

Available-for-Sale Securities - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019 USD ($) Investment	Dec. 31, 2018 USD ($) Investment
Schedule Of Available For Sale Securities [Line Items]
Weighted average contractual maturity, Terms	16 years 3 months 18 days
CRE CLO Investments
Schedule Of Available For Sale Securities [Line Items]
Number of investments purchased \| Investment	10
Weighted average coupon rate	2.20%
Aggregate purchase price of investments \| $	$ 234,200,000
CMBS and CRE CLO Investments
Schedule Of Available For Sale Securities [Line Items]
Number of Investments \| Investment	14	4
Other than temporary impairments on available-for-sale \| $	$ 0	$ 0

Available-for-Sale Securities - Details of Carrying and Fair Values Of CMBS And CRE CLO Investment Portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value	$ 308,294	$ 74,381
CMBS and CRE CLO Investments
Schedule Of Available For Sale Securities [Line Items]
Face Amount	310,192	76,404
Unamortized Premium (Discount), net	(19)	(38)
Gross Unrealized (Loss)	(1,879)	(1,985)
Estimated Fair Value	$ 308,294	$ 74,381

Available-for-Sale Securities - Available-for-sale CMBS and CRE CLO Investments by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Estimated Fair Value
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	$ 308,294	$ 74,381
CMBS and CRE CLO Investments
Amortized Cost
Within five years	37,920
After one, within five years		37,929
After five years	272,328	38,436
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	310,248	76,365
Estimated Fair Value
Within five years	37,582
After one, within five years		38,076
After five years	270,712	36,305
Total investment in CMBS and CRE CLO securities, at amortized cost and estimated fair value	$ 308,294	$ 74,381

Variable Interest Entities and Collateralized Loan Obligations - Additional Information (Details) - USD ($)		3 Months Ended
	Feb. 14, 2018	Mar. 31, 2019	Dec. 31, 2018	Nov. 29, 2018
Class A Senior Secured Note
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Replenishment feature utilization amount		$ 247,400,000
Replenishment feature utilization percentage		50.30%
FL2-Securities
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Liquidation preference notional amount				$ 1,000
FL1-Securities
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Liquidation preference notional amount	$ 1,000
TPG Real Estate Finance 2018-FL2 Issuer, Ltd. and TPG RE Finance Trust 2018-FL2 Co-Issuer, LLC
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Preferred shares par value per share				$ 0.001
TPG Real Estate Finance 2018-FL2 Issuer, Ltd. and TPG RE Finance Trust 2018-FL2 Co-Issuer, LLC \| FL2-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of notes issued				$ 872,600,000
FL2-Co-Issuer
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of notes issued				795,100,000
FL2-Retention Holder \| FL2-Securities
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Variable interest entity retained ownership amount				$ 205,000,000
F L2 Mortgage Assets
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of notes issued		$ 993,600,000
Loans held for investment, aggregate unpaid principal balance percentage		21.10%
TPG Real Estate Finance 2018-FL1 Issuer, Ltd. and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Preferred shares par value per share	$ 0.001
TPG Real Estate Finance 2018-FL1 Issuer, Ltd. and TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC \| FL1-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of notes issued	$ 820,500,000
FL1-Co-Issuer
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of notes issued	745,900,000
FL1-Retention Holder \| FL1-Securities
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Variable interest entity retained ownership amount	186,500,000
FL1-Mortgage Assets
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of notes issued		$ 685,000,000
Loans held for investment, aggregate unpaid principal balance percentage		14.50%
Collateralized Loan Obligation
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Principal amount of notes issued		$ 1,261,554,000	$ 1,527,237,000
Net cash proceeds utilizing replenishment feature		6,400,000
Companion participation interests related to replenishment		31,800,000
Repayment of existing borrowings including accrued interest		25,400,000
Unamortized issuance costs		10,161,000	$ 12,447,000
Collateralized Loan Obligation \| FL2-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Payments to acquire variable interest entity (principal amount)		19,700,000
Debt issuance costs, gross		8,700,000
Unamortized issuance costs		7,900,000
Interest expense excluding amortization of deferred financing costs		7,700,000
Collateralized Loan Obligation \| FL1-Notes
Variable Interest Entities And Collateralized Loan Obligation [Line Items]
Debt issuance costs, gross		9,800,000
Unamortized issuance costs		2,300,000
Interest expense excluding amortization of deferred financing costs		5,400,000
Payments to acquire variable interest entity as an investment (principal amount)	$ 12,400,000	$ 9,900,000

Variable Interest Entities and Collateralized Loan Obligations - Summary of Variable Interest Entities Assets and Liabilities (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Total Assets	$ 1,689,353	$ 1,926,612
LIABILITIES
Total Liabilities	(1,286,771)	(1,518,095)
Cash and Cash Equivalents
ASSETS
Total Assets	1,032	3,896
Accounts Receivable from Servicer/Trustee
ASSETS
Total Assets	6,562	94,763
Accrued Interest Receivable
ASSETS
Total Assets	3,130	3,672
Loans Held for Investment
ASSETS
Total Assets	1,678,629	1,824,281
Accrued Interest Payable
LIABILITIES
Total Liabilities	(2,632)	(2,637)
Accrued Expenses
LIABILITIES
Total Liabilities	(619)	(668)
Collateralized Loan Obligation
LIABILITIES
Total Liabilities	$ (1,283,520)	$ (1,514,790)

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

Mar. 31, 2019

Dec. 31, 2018

Collateralized Loan Obligation

Debt, Carrying Value

^[1]

$ (1,251,393)

$ (1,509,930)

Collateral (loans), Outstanding Principal

1,678,629

1,824,281

Collateral (loans), Carrying Value

1,678,629

1,824,281

Debt, Face Value

(1,261,554)

(1,527,237)

Debt, Carrying Value

$ (1,251,393)

$ (1,514,790)

[1]

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2019 include assets and liabilities of variable interest entities (“VIEs”) of $1.7 billion and $1.3 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2018 include assets and liabilities of VIEs of $1.9 billion and $1.5 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Summary of Secured Revolving Repurchase Agreements, Senior Secured and Secured Credit Agreements, and Asset-Specific Financings (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Index Rate	one-month LIBOR	Index Rate
Senior Secured and Secured Credit Agreements
Debt Instrument [Line Items]
Commitment Amount	$ 660,000	$ 660,000
Maximum Current Availability	200,204	199,619
Balance Outstanding	459,795	460,381
Principal Balance of Collateral	600,350	663,381
Repurchase Agreements
Debt Instrument [Line Items]
Commitment Amount	2,894,069	2,812,840
Maximum Current Availability	1,279,000	1,768,695
Balance Outstanding	1,615,069	1,044,145
Principal Balance of Collateral	2,206,138	1,613,663
CMBS and CRE CLO Investments
Debt Instrument [Line Items]
Commitment Amount	260,186	200,000
Asset-specific Financing
Debt Instrument [Line Items]
Commitment Amount	32,500	32,500
Balance Outstanding	32,500	32,500
Principal Balance of Collateral	45,000	$ 45,000
Debt Instrument, Interest Rate at 4.8% \| Senior Secured and Secured Credit Agreements
Debt Instrument [Line Items]
Maturity Date		Jul. 12, 2020
Index Rate		1 Month LIBOR
Weighted Average Credit Spread		2.30%
Interest Rate		4.80%
Commitment Amount		$ 160,000
Maximum Current Availability		87,059
Balance Outstanding		72,941
Principal Balance of Collateral		169,134
Asset-specific Financing, Secured Revolving Repurchase Agreements and Senior Secured and Secured Credit Agreements
Debt Instrument [Line Items]
Commitment Amount	3,586,569	3,505,340
Maximum Current Availability	1,479,204	1,968,314
Balance Outstanding	2,107,364	1,537,026
Principal Balance of Collateral	$ 2,851,488	$ 2,322,044
BMO Harris Bank \| Debt Instrument, Interest Rate at 4.0% \| Asset-specific Financing
Debt Instrument [Line Items]
Maturity Date	Apr. 09, 2020	Apr. 09, 2020
Index Rate	1 Month LIBOR	1 Month LIBOR
Weighted Average Credit Spread	2.70%	2.70%
Interest Rate	4.00%	4.00%
Commitment Amount	$ 32,500	$ 32,500
Balance Outstanding	32,500	32,500
Principal Balance of Collateral	$ 45,000	$ 45,000
Goldman Sachs \| Debt Instrument, Interest Rate at 4.5% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Aug. 19, 2019
Index Rate	1 Month LIBOR
Weighted Average Credit Spread	2.20%
Interest Rate	4.70%
Commitment Amount	$ 750,000
Maximum Current Availability	397,738
Balance Outstanding	352,262
Principal Balance of Collateral	$ 550,082
Goldman Sachs \| Debt Instrument, Interest Rate at 4.6% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Aug. 19, 2019
Index Rate		1 Month LIBOR
Weighted Average Credit Spread		2.20%
Interest Rate		4.60%
Commitment Amount		$ 750,000
Maximum Current Availability		558,836
Balance Outstanding		191,164
Principal Balance of Collateral		$ 474,243
Goldman Sachs \| Debt Instrument, Interest Rate at 3.1% \| CMBS and CRE CLO Investments \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Apr. 25, 2019
Index Rate	1 Month OIS
Weighted Average Credit Spread	0.60%
Interest Rate	3.10%
Commitment Amount	$ 50,666
Balance Outstanding	50,666
Principal Balance of Collateral	$ 61,051
Goldman Sachs \| Debt Instrument, Interest Rate at 2.9% \| CMBS and CRE CLO Investments \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		Jan. 02, 2019
Index Rate		1 Month OIS
Weighted Average Credit Spread		0.60%
Interest Rate		2.90%
Commitment Amount		$ 100,000
Maximum Current Availability		67,303
Balance Outstanding		32,697
Principal Balance of Collateral		$ 38,517
Wells Fargo \| Debt Instrument, Interest Rate at 4.2% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	May 25, 2019
Index Rate	1 Month LIBOR
Weighted Average Credit Spread	1.70%
Interest Rate	4.20%
Commitment Amount	$ 750,000
Maximum Current Availability	383,024
Balance Outstanding	366,976
Principal Balance of Collateral	$ 518,183
Wells Fargo \| Debt Instrument, Interest Rate at 4.3% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date		May 25, 2019
Index Rate		1 Month LIBOR
Weighted Average Credit Spread		1.80%
Interest Rate		4.30%
Commitment Amount		$ 750,000
Maximum Current Availability		503,792
Balance Outstanding		246,208
Principal Balance of Collateral		$ 339,012
Wells Fargo \| Debt Instrument, Interest Rate at 3.5% \| CMBS and CRE CLO Investments \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Apr. 29, 2019
Index Rate	1 Month LIBOR
Weighted Average Credit Spread	1.00%
Interest Rate	3.50%
Commitment Amount	$ 26,933
Balance Outstanding	26,933
Principal Balance of Collateral	$ 30,811
Morgan Stanley \| Debt Instrument, Interest Rate at 4.7% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	May 04, 2019	May 04, 2019
Index Rate	1 Month LIBOR	1 Month LIBOR
Weighted Average Credit Spread	2.20%	2.20%
Interest Rate	4.70%	4.70%
Commitment Amount	$ 500,000	$ 500,000
Maximum Current Availability	286,293	317,493
Balance Outstanding	213,707	182,507
Principal Balance of Collateral	$ 283,514	$ 244,936
JP Morgan \| Debt Instrument, Interest Rate at 4.6% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Aug. 20, 2021	Aug. 20, 2021
Index Rate	1 Month LIBOR	1 Month LIBOR
Weighted Average Credit Spread	2.20%	2.20%
Interest Rate	4.60%	4.60%
Commitment Amount	$ 400,000	$ 400,000
Maximum Current Availability	194,702	214,471
Balance Outstanding	205,298	185,529
Principal Balance of Collateral	$ 279,270	$ 254,026
JP Morgan \| Debt Instrument, Interest Rate at 3.5% \| CMBS and CRE CLO Investments \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Apr. 27, 2019
Index Rate	1 Month LIBOR
Weighted Average Credit Spread	1.00%
Interest Rate	3.50%
Commitment Amount	$ 182,587
Balance Outstanding	182,587
Principal Balance of Collateral	$ 210,090
US Bank \| Debt Instrument, Interest Rate at 4.3% \| Repurchase Agreements
Debt Instrument [Line Items]
Maturity Date	Oct. 09, 2021	Oct. 09, 2021
Index Rate	1 Month LIBOR	1 Month LIBOR
Weighted Average Credit Spread	1.80%	1.80%
Interest Rate	4.30%	4.30%
Commitment Amount	$ 233,883	$ 212,840
Maximum Current Availability	17,243	6,800
Balance Outstanding	216,640	206,040
Principal Balance of Collateral	$ 273,137	$ 262,929
Royal Bank of Canada \| CMBS and CRE CLO Investments \| Repurchase Agreements
Debt Instrument [Line Items]
Index Rate	N/A	N/A
Commitment Amount		$ 100,000
Maximum Current Availability		$ 100,000
Bank of America \| Debt Instrument, Interest Rate at 4.2% \| Senior Secured and Secured Credit Agreements
Debt Instrument [Line Items]
Maturity Date	Sep. 29, 2020	Sep. 29, 2020
Index Rate	1 Month LIBOR	1 Month LIBOR
Weighted Average Credit Spread	1.80%	1.90%
Interest Rate	4.30%	4.20%
Commitment Amount	$ 500,000	$ 500,000
Maximum Current Availability	101,560	112,560
Balance Outstanding	398,440	387,440
Principal Balance of Collateral	$ 512,699	$ 494,247
Citibank \| Debt Instrument, Interest Rate at 4.8% \| Senior Secured and Secured Credit Agreements
Debt Instrument [Line Items]
Maturity Date	Jul. 12, 2020
Index Rate	1 Month LIBOR
Weighted Average Credit Spread	2.30%
Interest Rate	4.80%
Commitment Amount	$ 160,000
Maximum Current Availability	98,644
Balance Outstanding	61,355
Principal Balance of Collateral	$ 87,651

Summary of Secured Revolving Repurchase Agreements, Senior Secured and Secured Credit Agreements, and Asset-Specific Financings (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Asset-specific Financing, Secured Revolving Repurchase Agreements and Senior Secured and Secured Credit Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Repurchase Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage	100.00%	100.00%
Secured Credit Agreement
Debt Instrument [Line Items]
Recourse guarantee percentage	100.00%	100.00%

Secured Revolving Repurchase Agreements, Senior Secured and Secured Credit Agreements, Term Loan Facility, and Asset-Specific Financings - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019 USD ($) Agreement	Dec. 31, 2018 USD ($) Agreement
Debt Instrument [Line Items]
Index Rate	one-month LIBOR	Index Rate
Term Loan Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750,000,000
Debt Instrument, outstanding borrowing	$ 267,700
Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Percentage of individual pledged assets	70.00%
Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Percentage of individual pledged assets	85.00%
Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Line of credit, spread on variable rate	1.85%
Repurchase Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage	100.00%	100.00%
Number of repurchase agreements \| Agreement	5	5
Debt Instrument, outstanding borrowing	$ 1,615,069,000	$ 1,044,145,000
Repurchase Agreements \| Commercial Mortgage Loans
Debt Instrument [Line Items]
Number of repurchase agreements \| Agreement	53	51
Asset-specific Financing, Secured Revolving Repurchase Agreements and Senior Secured and Secured Credit Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%	25.00%
Number of repurchase agreements \| Agreement	4	2
Asset-specific Financing, Secured Revolving Repurchase Agreements and Senior Secured and Secured Credit Agreements \| CRE CLO Investments
Debt Instrument [Line Items]
Number of repurchase agreements \| Agreement	10
Asset-specific Financing, Secured Revolving Repurchase Agreements and Senior Secured and Secured Credit Agreements \| CMBS Investments
Debt Instrument [Line Items]
Number of repurchase agreements \| Agreement	2	2
Bank of America \| Senior Secured Credit Agreement
Debt Instrument [Line Items]
Credit agreement initiation date	Mar. 31, 2019
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Line of credit facility, outstanding amount	$ 398,400,000
Line of credit facility, extended maturity date	Sep. 29, 2022
Citibank \| Secured Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 160,000
Line of credit facility, outstanding amount	$ 61,400,000
Line of credit facility, initial maturity date	Jul. 12, 2020
Percentage of individual pledged assets	70.00%
Individual pledged assets term	90 days
Citibank \| Secured Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Index Rate	one-month LIBOR
Line of credit, spread on variable rate	2.25%
Holdco \| Repurchase Agreements
Debt Instrument [Line Items]
Recourse guarantee percentage	25.00%
Holdco \| Repurchase Agreements \| CMBS and CRE CLO Investments
Debt Instrument [Line Items]
Recourse guarantee percentage	100.00%
Asset-specific Financing
Debt Instrument [Line Items]
Debt Instrument, outstanding borrowing	$ 32,500,000	$ 32,500,000
Asset-specific Financing \| Holdco \| BMO Harris Bank
Debt Instrument [Line Items]
Guaranteed capped rate of outstanding obligations	25.00%

Summary of Repurchase Agreements Secured by Commercial Mortgage Loans, CMBS, CRE CLO Investments, Long - term Borrowings, and Counterparty Concentration (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 2,633,883	$ 2,612,840
UPB of Collateral	1,904,186	1,575,146
Carrying Value of Collateral	1,901,116	1,572,321
Amounts Payable under Secured Revolving Repurchase Agreements	1,357,806	1,014,555
Net Counterparty Exposure	$ 543,310	$ 557,766
Days to Extended Maturity	933 days	1125 days
CMBS and CRE CLO Investments
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 260,186	$ 200,000
UPB of Collateral	301,952	38,517
Carrying Value of Collateral	301,312	36,414
Amounts Payable under Secured Revolving Repurchase Agreements	260,970	32,984
Net Counterparty Exposure	$ 40,342	$ 3,430
Days to Extended Maturity	28 days	2 days
Commercial Mortgage Loans And CMBS and CRE CLO Investments
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 2,894,069	$ 2,812,840
UPB of Collateral	2,206,138	1,613,663
Carrying Value of Collateral	2,202,428	1,608,735
Amounts Payable under Secured Revolving Repurchase Agreements	1,618,776	1,047,539
Net Counterparty Exposure	$ 583,652	$ 561,196
Days to Extended Maturity	765 days	1083 days
Morgan Stanley Bank \| Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 500,000	$ 500,000
UPB of Collateral	283,514	244,936
Carrying Value of Collateral	282,512	245,932
Amounts Payable under Secured Revolving Repurchase Agreements	214,487	183,901
Net Counterparty Exposure	$ 68,025	$ 62,031
Percent of Stockholders' Equity	4.70%	4.70%
US Bank \| Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 233,883	$ 212,840
UPB of Collateral	273,137	262,929
Carrying Value of Collateral	271,761	261,916
Amounts Payable under Secured Revolving Repurchase Agreements	216,946	206,422
Net Counterparty Exposure	$ 54,815	$ 55,494
Percent of Stockholders' Equity	3.80%	4.20%
Days to Extended Maturity	1836 days	1743 days
Goldman Sachs \| Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 750,000	$ 750,000
UPB of Collateral	550,082	474,243
Carrying Value of Collateral	549,703	472,797
Amounts Payable under Secured Revolving Repurchase Agreements	353,241	191,705
Net Counterparty Exposure	$ 196,462	$ 281,092
Percent of Stockholders' Equity	13.60%	21.20%
Days to Extended Maturity	141 days	231 days
Goldman Sachs \| CMBS and CRE CLO Investments
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 50,666	$ 100,000
UPB of Collateral	61,051	38,517
Carrying Value of Collateral	59,047	36,414
Amounts Payable under Secured Revolving Repurchase Agreements	51,005	32,984
Net Counterparty Exposure	$ 8,042	$ 3,430
Percent of Stockholders' Equity	0.60%	0.30%
Days to Extended Maturity	26 days	2 days
JP Morgan \| Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 400,000	$ 400,000
UPB of Collateral	279,270	254,026
Carrying Value of Collateral	278,240	253,145
Amounts Payable under Secured Revolving Repurchase Agreements	205,752	185,892
Net Counterparty Exposure	$ 72,488	$ 67,253
Percent of Stockholders' Equity	5.00%	5.10%
Days to Extended Maturity	1603 days	1693 days
JP Morgan \| CMBS and CRE CLO Investments
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 182,587
UPB of Collateral	210,090
Carrying Value of Collateral	211,402
Amounts Payable under Secured Revolving Repurchase Agreements	182,982
Net Counterparty Exposure	$ 28,420
Percent of Stockholders' Equity	2.00%
Days to Extended Maturity	28 days
Wells Fargo \| Commercial Mortgage Loans
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 750,000	$ 750,000
UPB of Collateral	518,183	339,012
Carrying Value of Collateral	518,900	338,531
Amounts Payable under Secured Revolving Repurchase Agreements	367,380	246,635
Net Counterparty Exposure	$ 151,520	$ 91,896
Percent of Stockholders' Equity	10.50%	6.90%
Days to Extended Maturity	786 days	876 days
Wells Fargo \| CMBS and CRE CLO Investments
Repurchase Agreement Counterparty [Line Items]
Commitment Amount	$ 26,933
UPB of Collateral	30,811
Carrying Value of Collateral	30,863
Amounts Payable under Secured Revolving Repurchase Agreements	26,983
Net Counterparty Exposure	$ 3,880
Percent of Stockholders' Equity	0.30%
Days to Extended Maturity	29 days
Royal Bank of Canada \| CMBS and CRE CLO Investments
Repurchase Agreement Counterparty [Line Items]
Commitment Amount		$ 100,000

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

3 Months Ended

12 Months Ended

Mar. 31, 2019

Dec. 31, 2018

Repurchase Agreement Counterparty [Line Items]

Interest receivable

^[1]

$ 24,470

$ 20,731

Unamortized deferred financing fees

^[1]

7,964

6,146

6,700

Commercial Mortgage Loans

Repurchase Agreement Counterparty [Line Items]

Interest receivable

12,800

14,500

Premium, discount and origination fees

15,800

17,300

Unamortized deferred financing fees

2,900

3,100

6,200

CMBS and CRE CLO Investments

Repurchase Agreement Counterparty [Line Items]

Interest receivable

1,000

100

Premium, discount and origination fees

1,600

2,200

$ 800

$ 300

[1]

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2019 include assets and liabilities of variable interest entities (“VIEs”) of $1.7 billion and $1.3 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2018 include assets and liabilities of VIEs of $1.9 billion and $1.5 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Schedule of Maturities - Schedule of Future Principal Payments (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Collateralized Loan Obligation
Debt Instrument [Line Items]
2019	$ 577,781
2020	404,761
2021	208,658
2022	70,354
Total	1,261,554
Asset-specific Financing
Debt Instrument [Line Items]
2020	32,500
Total	32,500
Senior Secured and Secured Credit Agreements
Debt Instrument [Line Items]
2020	459,795
Total	459,795
Secured Revolving Repurchase Agreements
Debt Instrument [Line Items]
2019	1,281,331
2020	98,128
2021	235,610
Total	1,615,069
Term Loan Facility
Debt Instrument [Line Items]
2020	114,020
2021	34,827
2022	88,654
2023	30,160
Total	$ 267,661

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Money market funds	$ 52,300,000
Threshold period of delinquency	90 days
Market spread	one-month LIBOR	Index Rate
Transfers of financial assets or liabilities with in fair value hierarchy	$ 0	$ 0
Estimated fair value of loans held for investment	$ 4,700,000,000	$ 4,300,000,000
Weighted average gross spread percentage	3.90%	3.90%
Weighted average maturity period	3 years 9 months 18 days	3 years 10 months 24 days

Fair Value Measurements - Summary of Financial Assets and Liabilities Not Carried at Fair Value On Recurring Basis (Details) - Fair Value Measurements Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Value \| Loans Held for Investment
Financial Assets
Financial Assets, Nonrecurring	$ 4,712,134	$ 4,293,787
Carrying Value \| Term Loan Facility
Financial Liabilities
Financial Liabilities, Nonrecurring	266,549	113,504
Carrying Value \| Collateralized Loan Obligation
Financial Liabilities
Financial Liabilities, Nonrecurring	1,251,393	1,509,930
Carrying Value \| Secured Financing Arrangements
Financial Liabilities
Financial Liabilities, Nonrecurring	2,097,844	1,526,449
Estimate of Fair Value Measurement \| Level III \| Loans Held for Investment
Financial Assets
Financial Assets, Nonrecurring	4,741,978	4,317,844
Estimate of Fair Value Measurement \| Level III \| Term Loan Facility
Financial Liabilities
Financial Liabilities, Nonrecurring	266,549	113,504
Estimate of Fair Value Measurement \| Level III \| Collateralized Loan Obligation
Financial Liabilities
Financial Liabilities, Nonrecurring	1,251,393	1,509,930
Estimate of Fair Value Measurement \| Level III \| Secured Financing Arrangements
Financial Liabilities
Financial Liabilities, Nonrecurring	$ 2,097,844	$ 1,526,449

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Tax [Line Items]
Reserve for uncertain income tax positions	$ 0		$ 0
Interest for underpayment of income taxes	0	$ 0
Penalties for underpayment of income taxes	0	0
Current portion of income tax expense	$ 200,000	$ 200,000
Effective income tax rate	0.80%	0.80%
Deferred tax asset	$ 0		0
Deferred tax liabilities	0		$ 0
TRSs
Income Tax [Line Items]
Current portion of income tax expense	$ 0	$ 0
REIT Subsidiaries
Income Tax [Line Items]
Equity interest percentage by parent	100.00%

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

3 Months Ended

Mar. 19, 2019

Jul. 25, 2017

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

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

$ 119,100,000

20.00%

Management fees and incentive management fees payable

^[1]

6,486,000

$ 5,996,000

Amount incurred and reimbursable

300,000

$ 300,000

Reimbursable expenses remained outstanding

$ 0

Termination fee, description

A termination fee will be payable to the Manager upon termination of the Management Agreement by the Company absent a cause event. The termination fee would also be payable to the Manager upon termination of the Management Agreement by the Manager if the Company materially breaches the Management Agreement. The termination fee is equal to three times the sum of (x) the average annual base management fee and (y) the average annual incentive compensation earned by the Manager, in each case during the 24-month period immediately preceding the most recently completed calendar quarter prior to the date of termination or, if such termination occurs prior to July 25, 2019, and such termination fee is payable, the base management fees and the incentive compensation will be annualized for the period from July 25, 2017 to July 25, 2019 based on such fees actually received by the Manager during such period

Common Stock

Issuance of Common Stock, Shares

$ 118,800,000

6,000,000

Offering costs reimbursed by manager

$ 300,000

Management Agreement

Percentage of annual base management fee

1.50%

Percentage of quarterly base management fee

0.375%

Incentive management fee, description

$ 1,000,000,000

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. For purposes of calculating the Manager’s incentive compensation, the Management Agreement, as amended, specifies that equity securities of the Company or any of the Company’s subsidiaries that are entitled to a specified periodic distribution or have other debt characteristics will not constitute equity securities and will not be included in “Equity” for the purpose of calculating incentive compensation. Instead, the aggregate distribution amount that accrues to such equity securities during the calendar quarter of such calculation will be subtracted from Core Earnings, before incentive compensation for purposes of calculating incentive compensation, unless such distribution is otherwise excluded from Core Earnings.

Percentage multiplied by stockholders equity included in incentive management fee

7.00%

Management fees and incentive management fees payable

$ 6,500,000

$ 6,100,000

Management Agreement | Minimum

Management fee payable per annum

$ 250,000

Management fee payable per quarter

$ 62,500

[1]

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2019 include assets and liabilities of variable interest entities (“VIEs”) of $1.7 billion and $1.3 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2018 include assets and liabilities of VIEs of $1.9 billion and $1.5 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Related Party Transactions - Summary of Management Fees and Incentive Management Fees Incurred and Paid Pursuant to Management Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Related Party Transactions [Abstract]
Management Agreement fees incurred	$ 6,508	$ 5,630
Management Agreement fees paid	$ 6,100	$ 5,232

Earnings per Share - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Dividends declared	$ 100	$ 30
Undistributed net income attributable to common stockholders	$ 100	$ 30

Earnings per Share - Schedule of Calculation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net Income Attributable to TPG RE Finance Trust, Inc.	$ 28,409	$ 25,111
Participating Securities' Share in Earnings	(141)
Net Income Attributable to Common Stockholders	$ 28,268	$ 25,111
Weighted Average Common Shares Outstanding, Basic and Diluted	68,294,736	60,393,818
Per Common Share Amount, Basic and Diluted	$ 0.42	$ 0.42

Stockholders' Equity - Additional Information (Details) - USD ($)

3 Months Ended

Mar. 19, 2019

Mar. 07, 2019

Apr. 25, 2018

Mar. 19, 2018

Feb. 28, 2018

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

Aug. 21, 2017

$ 0.001

Proceeds from issuance of preferred stock

$ 119,100,000

125,000

Redemption of preferred stock

$ (125,000)

Unpaid dividends

$ 31,600,000

31,598,000

^[1]

25,307,000

$ 28,981,000

^[1]

Dividends

$ 25,300,000

31,600,000

25,300,000

Other comprehensive (loss) income

$ 106,000

(214,000)

Series A Preferred Stock

Preferred stock, liquidation preference per annum

125

Dividend rate

12.50%

$ 1,000

Proceeds from issuance of preferred stock

$ 100,000

Redemption of preferred stock

$ 100,000

Dividend declared per share

$ 0.001

$ 0.43

$ 0.42

Dividends

$ 31,600,000

$ 25,300,000

Common Stock And Class A Common Stock

Dividend payable declared date

Dividend payable date

Apr. 25, 2019

Apr. 25, 2018

Dividend record date

Mar. 29, 2019

Mar. 29, 2018

Mar. 19, 2018

Goldman Sachs & Co. LLC

Description on purchase plan agreement

35,000,000

as our agent, to 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 has been exhausted. On August 1, 2018, the Company’s Board of Directors authorized the Company to extend the repurchase period for the remaining capital committed to the 10b5-1 Purchase Plan. No other changes to the terms of the 10b5-1 Purchase Plan were authorized. Under the amended 10b5-1 Purchase Plan, the repurchase period was extended to February 28, 2019 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

2,324

Average price of repurchased shares

$ 18.27

Stock repurchased during period, value

$ 40,000

Purchase plan, expiration date

Feb. 28, 2019

Common Stock

Shares issued, price per share

6,000,000

$ 19.80

Offering costs reimbursed by manager

$ 118,800,000

$ 300,000

Dividend declared per share

$ 0.43

$ 0.42

Equity Distribution Agreement

Equity Distribution Agreement | Common Stock

$ 0.001

Equity Distribution Agreement | Common Stock | Maximum

0

Aggregate gross sales price of common stock

$ 125,000,000

Percentage of commission to each sales agent, on gross sales price of shares sold

1.75%

[1]

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2019 include assets and liabilities of variable interest entities (“VIEs”) of $1.7 billion and $1.3 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2018 include assets and liabilities of VIEs of $1.9 billion and $1.5 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details

Share-based Incentive Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Compensation Expense	$ 633	$ 177
2017 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized under the plan	4,600,463
Share vesting installment period	4 years
Total unrecognized compensation cost relating to unvested share-based compensation arrangements	$ 5,200
Unrecognized compensation cost, recognition period	1 year 7 months 6 days
Stock Compensation Expense	$ 600
2017 Equity Incentive Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	327,901
2017 Equity Incentive Plan \| 2019 \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	100,305
2017 Equity Incentive Plan \| 2020 \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	93,876
2017 Equity Incentive Plan \| 2021 \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	93,877
2017 Equity Incentive Plan \| 2022 \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock expected to vest	39,843

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Unfunded commitments related to loans held for investment	$ 640.7	$ 634.2

Concentration of Credit Risk - Summary of Loan Portfolio by Property Type (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 5,373,671	$ 4,947,749
Unfunded Commitment	$ 640,709	$ 634,158
% of Loan Commitment	100.00%	100.00%
Loan UPB	$ 4,732,962	$ 4,313,591
% of Loan UPB	100.00%	100.00%
Office
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 1,926,459	$ 1,898,511
Unfunded Commitment	$ 312,218	$ 316,510
% of Loan Commitment	35.90%	38.50%
Loan UPB	$ 1,614,241	$ 1,582,001
% of Loan UPB	34.20%	36.80%
Multifamily
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 1,384,512	$ 1,247,860
Unfunded Commitment	$ 129,447	$ 131,177
% of Loan Commitment	25.80%	25.20%
Loan UPB	$ 1,255,065	$ 1,116,683
% of Loan UPB	26.50%	25.90%
Mixed Use
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 919,485	$ 838,200
Unfunded Commitment	$ 107,801	$ 114,748
% of Loan Commitment	17.10%	16.90%
Loan UPB	$ 811,684	$ 723,452
% of Loan UPB	17.10%	16.80%
Hotel
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 667,793	$ 508,450
Unfunded Commitment	$ 37,188	$ 10,896
% of Loan Commitment	12.40%	10.30%
Loan UPB	$ 630,605	$ 497,554
% of Loan UPB	13.30%	11.50%
Retail
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 233,554	$ 233,555
Unfunded Commitment	$ 48,844	$ 50,247
% of Loan Commitment	4.30%	4.70%
Loan UPB	$ 184,710	$ 183,308
% of Loan UPB	3.90%	4.20%
Condominium
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 129,868	$ 154,673
Unfunded Commitment	$ 5,211	$ 10,580
% of Loan Commitment	2.40%	3.10%
Loan UPB	$ 124,657	$ 144,093
% of Loan UPB	2.60%	3.30%
Industrial
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment		$ 66,500
% of Loan Commitment		1.30%
Loan UPB		$ 66,500
% of Loan UPB		1.50%
Other
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 112,000
% of Loan Commitment	2.10%
Loan UPB	$ 112,000
% of Loan UPB	2.40%

Concentration of Credit Risk - Summary of Geographic Composition of Loans Held for Investment Based on Current UPB and Loan Commitment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 5,373,671	$ 4,947,749
Unfunded Commitment	$ 640,709	$ 634,158
% Loan Commitment	100.00%	100.00%
Loan UPB	$ 4,732,962	$ 4,313,591
% Loan UPB	100.00%	100.00%
East
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 2,070,677	$ 2,084,807
Unfunded Commitment	$ 159,512	$ 170,131
% Loan Commitment	38.60%	42.10%
Loan UPB	$ 1,911,165	$ 1,914,676
% Loan UPB	40.50%	44.40%
South
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 1,586,916	$ 1,525,173
Unfunded Commitment	$ 259,802	$ 270,933
% Loan Commitment	29.50%	30.80%
Loan UPB	$ 1,327,114	$ 1,254,240
% Loan UPB	28.00%	29.10%
West
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 902,274	$ 760,416
Unfunded Commitment	$ 77,586	$ 100,422
% Loan Commitment	16.80%	15.40%
Loan UPB	$ 824,688	$ 659,994
% Loan UPB	17.40%	15.30%
Midwest
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 725,704	$ 577,353
Unfunded Commitment	$ 122,509	$ 92,672
% Loan Commitment	13.50%	11.70%
Loan UPB	$ 603,195	$ 484,681
% Loan UPB	12.70%	11.20%
Various
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 88,100
Unfunded Commitment	$ 21,300
% Loan Commitment	1.60%
Loan UPB	$ 66,800
% Loan UPB	1.40%

Concentration of Credit Risk - Summary of Loan Portfolio by Loan Category Type (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 5,373,671	$ 4,947,749
Unfunded Commitment	$ 640,709	$ 634,158
% Loan Commitment	100.00%	100.00%
Loan UPB	$ 4,732,962	$ 4,313,591
% Loan UPB	100.00%	100.00%
Bridge
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 2,661,392	$ 2,414,456
Unfunded Commitment	$ 193,047	$ 199,397
% Loan Commitment	49.50%	48.80%
Loan UPB	$ 2,468,345	$ 2,215,059
% Loan UPB	52.10%	51.30%
Light Transitional
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 1,460,627	$ 1,513,227
Unfunded Commitment	$ 168,838	$ 212,290
% Loan Commitment	27.20%	30.60%
Loan UPB	$ 1,291,789	$ 1,300,937
% Loan UPB	27.30%	30.20%
Moderate Transitional
Loans And Leases Receivable Disclosure [Line Items]
Loan Commitment	$ 1,251,652	$ 1,020,066
Unfunded Commitment	$ 278,824	$ 222,471
% Loan Commitment	23.30%	20.60%
Loan UPB	$ 972,828	$ 797,595
% Loan UPB	20.60%	18.50%

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

1 Months Ended

3 Months Ended

Apr. 25, 2019

USD ($)

$ / shares

Apr. 16, 2019

USD ($)

shares

Mar. 19, 2019

USD ($)

$ / shares

Apr. 29, 2019

USD ($)

Loan

Investment

Mar. 31, 2019

USD ($)

Rating

Investment

Apr. 12, 2019

shares

Dec. 31, 2018

USD ($)

Rating

Mar. 31, 2018

USD ($)

Mar. 19, 2018

$ / shares

Weighted Average Risk Rating | Rating

Loan commitment amount

$ 5,373,671

$ 4,947,749

2.8

$ 119,100

Dividends Payable

$ 31,600

$ 31,598

^[1]

$ 28,981

^[1]

$ 25,307

Common Stock

Dividend amount per share | $ / shares

$ 118,800

$ 0.43

$ 0.42

CRE CLO Investments

Number of floating rate investment purchased | Investment

10

Foating rate investment purchased

$ 234,200

weighted average coupon rate

2.20%

Senior Mortgage Loan

Weighted Average Risk Rating | Rating

3

Subsequent Events | Common Stock

Dividend amount per share | $ / shares

Dividend payable date

Apr. 25, 2019

Dividend record date

Mar. 29, 2019

$ 0.43

Dividends Payable

$ 31,600

Subsequent Events | Morgan Stanley & Co. LLC | Exercise of Underwriters Option to Purchase Additional Shares

Exercise of underwriters stock option to purchase additional shares | shares

900,000

Additional shares of common stock sold to the underwriters | shares

900,000

Subsequent Events | CRE CLO Investments

$ 17,400

Number of floating rate investment purchased | Investment

6

Foating rate investment purchased

$ 98,900

weighted average coupon rate

2.40%

Subsequent Events | Senior Mortgage Loan