TPG RE Finance Trust (TRTX) is a commercial real estate mortgage REIT that originates and holds floating-rate bridge loans secured by institutional-quality commercial real estate in the U.S. TRTX's core product is the transitional bridge loan — a short-term, floating-rate first mortgage made to borrowers repositioning, renovating, or leasing up a property. TRTX targets loans above $50M in unpaid principal balance, with LTVs below 75% and credit spreads of 250–400 bps over Term SOFR. As of year-end 2025, TRTX held 50 loans with $4.1B of unpaid principal balance, a weighted average all-in yield of 7.1%, and a weighted average LTV of 65.7%. TRTX lends primarily to institutional real estate sponsors, with a focus on multifamily and industrial assets. TRTX earns the spread between interest income on its loan portfolio and its cost of funds. On the liability side, TRTX funds itself primarily through CRE CLOs — securitization vehicles that provide non-recourse, non-mark-to-market, match-term financing — with $2.6B of CLO financing outstanding as of year-end 2025. This liability structure limits exposure to margin calls during market dislocations. TRTX is externally managed by an affiliate of TPG, a global alternative asset manager with $303B in AUM, which provides deal sourcing and underwriting support. TRTX's growth strategy focuses on deploying excess liquidity into new loans, increasing leverage from ~2.6x toward a 3.0–3.5x target, recycling REO capital, and issuing additional CLOs.