HIGHBuilt-inProduct / Revenue mix
100%
first mortgage loans
“10-K Item 1: 'As of December 31, 2025, 99.7% of our loan commitments were floating rate, of which 100.0% were first mortgage loans.'”
TRTX · Concentration risk · 10-K extracted
TPG RE Finance Trust (TRTX) concentration risks
Updated
The most significant concentration TPG RE Finance Trust discloses is first mortgage loans at 100%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: TPG RE Finance Trust’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH1
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06TPG RE Finance Trust's disclosed concentration centers on loan product type rather than customer or geography. As of December 31, 2025, 99.7% of the company's loan commitments were floating rate, and of that floating-rate book, 100.0% were first mortgage loans — a share the filing discloses at a high level and characterizes as structural. This reflects the fundamental design of TRTX's lending business rather than dependency on any single borrower or region: the company is built around originating floating-rate first mortgage loans, and its portfolio composition simply confirms that design. Because this is a structural rather than dependency-type exposure, it is unlikely to shift quickly or unexpectedly — it describes what kind of lender TRTX is, not a risk concentrated in a handful of counterparties. The practical implication for investors is that TRTX's earnings and credit performance will move closely with commercial real estate first-mortgage collateral values and floating-rate benchmarks, since virtually all of the disclosed loan commitments sit in this single product type. With only this one disclosed exposure, TRTX's concentration profile is narrow in scope but high in share within that single dimension, and there is no additional customer, geographic, or supplier concentration flagged in the filing to weigh against it.
For the engine’s reasoning on TRTX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Mortgage
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ABR | Arbor Realty Trust | 2 | 0 | 2 | 4 |
| TRTX● | TPG RE Finance Trust, Inc. | 1 | 0 | 0 | 1 |
| AGNC | AGNC Investment Corp. | 0 | 2 | 0 | 2 |
| AGNCM | AGNC Investment Corp. - Deposit | 0 | 2 | 0 | 2 |
| ADAM | Adamas Trust, Inc. | 0 | 0 | 0 | 0 |
| AGNCN | AGNC Investment Corp. - Deposit | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.