Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	[1]	$ 302,262	$ 254,050
Restricted cash	[1]	83	265
Accounts receivable	[1]	24	666
Collateralized loan obligation proceeds held at trustee	[1]	237,521	297,168
Accounts receivable from servicer/trustee	[1]	5,327	163,648
Accrued interest and fees receivable	[1]	35,297	41,742
Loans held for investment	[1]	3,952,102	4,978,674
Allowance for credit losses	[1]	(213,258)	(197,272)
Loans held for investment, net (includes $1,354,430 and $1,538,859, respectively, pledged as collateral under secured financing agreements)	[1]	3,738,844	4,781,402
Real estate owned	[1]	111,960	0
Other assets	[1]	26,005	6,197
Total assets	[1]	4,457,323	5,545,138
Liabilities
Accrued interest payable	[1]	10,105	11,080
Accrued expenses and other liabilities	[1],[2]	38,854	25,132
Secured financing agreements, net	[1]	1,027,618	1,147,288
Deferred revenue	[1]	1,003	1,459
Dividends payable	[1]	18,921	18,970
Total liabilities	[1]	3,319,868	4,223,142
Commitments and contingencies - see Note 14	[1]
Permanent equity
Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 77,734,786 and 77,410,282 shares issued and outstanding, respectively)	[1]	77	77
Additional paid-in-capital	[1]	1,721,708	1,716,938
Accumulated deficit	[1]	(584,338)	(395,027)
Total stockholders' equity	[1]	1,137,455	1,321,996
Total permanent equity	[1]	1,137,455	1,321,996
Total liabilities and stockholders' equity	[1]	4,457,323	5,545,138
Collateralized loan obligations
Liabilities
Collateralized loan obligations, net	[1]	1,973,911	2,452,212
Asset-specific financing arrangements
Liabilities
Collateralized loan obligations, net	[1]	213,397	561,017
Mortgage loan payable
Liabilities
Collateralized loan obligations, net	[1]	30,514	0
Affiliated Entity
Liabilities
Payable to affiliates	[1]	5,545	5,984
Series A Preferred Stock
Permanent equity
Preferred stock	[1]	0	0
Series C Preferred Stock
Permanent equity
Preferred stock	[1]	$ 8	$ 8

[1] The Company’s consolidated Total Assets and Total Liabilities as of September 30, 2023 include assets and liabilities of variable interest entities (“VIEs”) of $2.6 billion and $2.0 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2022 include assets and liabilities of VIEs of $3.3 billion and $2.5 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.(2)Includes $23.4 million and $17.3 million of reserve for expected losses for unfunded loan commitments as of September 30, 2023 and December 31, 2022, respectively.

[2] Includes $23.4 million and $17.3 million of reserve for expected losses for unfunded loan commitments as of September 30, 2023 and December 31, 2022, respectively.