Exhibit 21.1

Subsidiaries of the Registrant

Subsidiary	Jurisdiction
TPG RE Finance Trust Holdco, LLC		Delaware
TPG RE Finance Trust TRS Corp.		Delaware
TPG RE Finance Trust GenPar, Inc.		Cayman Islands
TPG RE Finance Trust CLO Issuer Sub, Ltd.		Cayman Islands
TPG RE Finance Trust TRS Sub, Ltd.		Cayman Islands
TPG RE Finance 13, Ltd.		Cayman Islands
TPG RE Finance 14, Ltd.		Cayman Islands
TPG RE Finance 15, LLC		Delaware
TPG RE Finance 16, LLC		Delaware
TPG RE Finance 17, LLC		Delaware
TPG RE Finance 18, LLC		Delaware
TPG RE Finance 19, LLC		Delaware

TPG RE Finance 20, Ltd.	Cayman Islan ds
TPG RE Finance, Ltd.	Cayman Islands
TPG RE Finance Trust Sub 1, LLC	Delaware
TPG RE Finance Pledgor 1, LLC	Delaware

TPG RE Finance Pledgor 2, LLC	Delaware
TPG RE Finance 3, LLC	Delaware
TPG RE Finance 4, LLC	Delaware
TPG RE Finance 5, LLC	Delaware
TPG RE Finance 6, LLC	Delaware
TPG RE Finance 7, LLC	Delaware
TPG RE Finance 8, LLC	Delaware
TPG RE Finance 9, LLC	Delaware
TPG RE Finance 10, LLC	Delaware

TPG RE Finance Pledgor 11, LLC	Delaware
TPG RE Finance Pledgor 12, LLC	Delaware
TPG RE Finance, LLC	Delaware
TPG RE Finance 11, Ltd.	Cayman Islands
TPG RE Finance 12, Ltd.	Cayman Islands
TPG RE Finance 2, Ltd.	Cayman Islands
TPG RE Finance 1, Ltd.	Cayman Islands
TRT Securities 1, LLC	Delaware
TRT Securities 2, LLC	Delaware
TRT Securities 3, LLC	Delaware
TRT Securities 4, LLC	Delaware
TRT Securities 5, LLC	Delaware
TPG RE Finance 21, Ltd.	Cayman Islands
TPG RE Finance 22, Ltd.	Cayman Islands
TPG RE Finance 23, Ltd.	Cayman Islands
TPG Real Estate Finance 2018-FL1 Issuer, Ltd.	Cayman Islands
TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC	Delaware
TPG RE Finance Trust CLO Loan Seller, LLC	Delaware
TPG RE Finance Trust 2018-FL1 Retention Holder, LLC	Delaware
TPG RE Finance Trust CLO Holdco TRS, LLC	Delaware
TPG RE Finance Trust CLO Sub-REIT Parent, LLC	Delaware
TPG RE Finance Trust CLO Sub-REIT	Maryland