TPG RE Finance Trust: Attractive Preferred Shares And A Robust Balance Sheet

TPG Real Estate Finance Trust has shifted its loan portfolio toward industrial and multifamily assets, reducing office exposure. TRTX's portfolio is now 70% comprised of post-2023 originations, minimizing legacy risk and supporting stable credit reserves and risk ratings. Leverage has increased to support new lending at attractive spreads, with book value stabilized above $13/share and robust interest coverage above 4.8x.