TPG RE Finance Trust, Inc. is a commercial real estate finance company and REIT that originates and acquires a diversified portfolio of institutional-grade commercial real estate debt, primarily first mortgage loans and senior participation interests in loans secured by properties in multifamily, industrial, hospitality, office, and mixed-use sectors across major U.S. markets. The company targets loans exceeding $50 million in principal balance with conservative loan-to-value ratios and floating rates, and finances its portfolio through secured credit agreements, mortgage loans, and collateralized loan obligations. Externally managed by TPG RE Finance Trust Management, an affiliate of global alternative asset manager TPG, the company generates returns by capturing the spread between its borrowing costs and the yields on its commercial real estate loan portfolio.