TPG RE Finance Trust, Inc. Q4 2025 Earnings Call Summary

Management attributes the 25% year-over-year growth in earning assets to a deliberate pivot toward multifamily and industrial sectors, which now comprise over 72% of the balance sheet. The transition to a 100% performing loan portfolio was driven by the repayment of older vintage loans and the origination of $1.9 billion in new investments during 2025. Increased transaction volume is cited as a critical catalyst for price discovery, allowing the firm to replace valuation speculation with hard market-c ...