TPG RE Finance Trust, Inc. (TRTX) reported net income attributable to common stockholders of $0.2 million for the year ended December 31, 2025, or $0.57 per diluted share, compared to $59.7 million, or $0.75 per diluted share, for the year ended December 31, 2024. The company's net interest income totaled $103.8 million, resulting from interest income of $290.2 million and interest expense of $186.5 million. This compares to a net interest income of $108.3 million in the prior year, where interest income was $307.1 million and interest expense was $198.9 million.
The company's strategic developments in 2025 included the origination of 20 first mortgage loans with total commitments of $1.9 billion and the sale of two office properties classified as real estate owned (REO) for net proceeds of $39.4 million, resulting in a gain on sale of $7.0 million. TPG RE Finance Trust also issued TRTX 2025-FL6 and TRTX 2025-FL7, collateralized loan obligations (CLOs) totaling $1.1 billion each, and redeemed all outstanding investment-grade bonds of TRTX 2019-FL3 and TRTX 2021-FL4. The company also extended its secured revolving credit facility by three years to February 2028 and increased the capacity by $85.0 million to $375.0 million.
Key operational developments included a balance sheet loan portfolio consisting of 50 loans held for investment totaling $4.3 billion of commitments and an unpaid principal balance of $4.1 billion, with a weighted average credit spread of 3.2%. As of December 31, 2025, 99.7% of the loan commitments were floating rate, of which 100.0% were first mortgage loans. The company's balance sheet loan portfolio had a weighted average all-in yield of 7.1% and a weighted average term to extended maturity of 3.0 years. The company also owned two office properties and four multifamily properties with an aggregate carrying value of $237.7 million.
The company explained that the decrease in net interest income was primarily due to a decline in the average index rate and credit spread, partially offset by an increase in the average outstanding balance of the loan portfolio. The increase in credit loss expense was primarily due to a net increase of $14.9 million which reflects the impact of an uncertain macroeconomic environment, partially offset by a net decrease of $1.0 million related to the company's loan origination and repayment activity. The company expects that its leverage, measured as the ratio of total debt to equity, will generally be less than 3.75:1, subject to compliance with its financial covenants under its secured financing agreements and other contractual obligations.
About TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc. is a real estate finance company that originates and acquires diversified commercial mortgage loans and real estate-related debt instruments secured by institutional-quality properties in the U.S. It operates as a REIT, focusing on high-quality, transitional, and value-creating properties, leveraging secured financing and active management to generate attractive risk-adjusted returns for investors.
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