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 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 Pledgor 20, LLC		Delaware
TPG RE Finance 20, Ltd.		Cayman Islands
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 1, Ltd.		Cayman Islands
TPG RE Finance 2, Ltd.		Cayman Islands
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
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 RE Finance 24, Ltd.	Cayman Islands
TPG RE Finance 25, Ltd.	Cayman Islands
TPG RE Finance 26, Ltd.	Cayman Islands
TPG Real Estate Finance Trust 2018-FL1 Issuer, Ltd	Cayman Islands
TRTX 2018-FL2 Issuer, Ltd	Cayman Islands
TPG RE Finance Trust 2018-FL1 Co-Issuer, LLC	Delaware
TRTX 2018-FL2 Co-Issuer, LLC	Delaware
TPG RE Finance Trust CLO Loan Seller, LLC	Delaware
TRTX CLO Loan Seller 2, LLC	Delaware
TPG RE Finance Trust 2018-FL1 Retention Holder, LLC	Delaware
TRTX 2018-FL2 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, Corp.	Maryland
TRTX Master CLO Loan Seller, LLC	Delaware
TRTX Master Retention Holder, LLC	Delaware
TRTX 2019-FL3 Issuer, Ltd	Cayman Islands
TRTX 2019-FL3 Co-Issuer, LLC	Delaware