TPG RE Finance Trust, Inc.

TRTX • NYSE

TPG RE Finance Trust, Inc. is a reit - mortgage company in the real estate sector on NYSE, led by Doug Bouquard, with a market cap of $716.9M. As of Q3 2025, 74% of shares are held by 137 institutional investors, with Long Pond Capital, LP as the largest holder at 8.78%.

Chief Executive OfficerDoug Bouquard

Market Cap$716.9M

REIT - Mortgage

Real Estate

Websitetpgrefinance.com

Country

United States of America

Overview

Overview of institutional ownership in TRTX as of Q3 2025 with a market cap of $672.7M

All Institutions

Institutions: 137
Value Held: $500.0M
Shares Held: 58.4M
Avg Position: $3.6M
Median Position: $333.0K

Hedge Funds

Hedge Funds: 21
Value Held: $119.0M
Shares Held: 13.9M
Avg Position: $5.7M
Median Position: $583.6K

Ownership Breakdown

Institutional (non-HF)

56.64%

$381.0M

Hedge Funds

17.69%

$119.0M

Retail & Other

25.67%

$172.7M

Based on market cap of $672.7M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TRTX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Long Pond Capital, LP Hedge Fund•Long/Short	John Peter Khoury Managing Partner	$59.1M 3.89% of portfolio	8.78% 6.9M shares	Q1 2024 Held for 1y 8m	$1.5B
B BlackRock, Inc. Institution	-	$54.7M 0.00% of portfolio	8.14% 6.4M shares	Q3 2017 Held for 8y 2m	$5.67T
GOLDMAN SACHS GROUP INC Institution	David M. Solomon CEO	$37.6M 0.01% of portfolio	5.59% 4.4M shares	Q3 2017 Held for 8y 2m	$691.34B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$33.9M 0.00% of portfolio	5.04% 4.0M shares	Q3 2017 Held for 8y 2m	$6.69T
S State of New Jersey Common Pension Fund A Institution	-	$27.0M 9.56% of portfolio	4.01% 3.1M shares	Q3 2025 Held for 2 months	$282.1M
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$25.3M 0.00% of portfolio	3.76% 3.0M shares	Q3 2017 Held for 8y 2m	$1.65T
N Nan Shan Life Insurance Co., Ltd. Institution	-	$24.1M 0.51% of portfolio	3.59% 2.8M shares	Q3 2017 Held for 8y 2m	$4.7B
T TPG GP A, LLC Institution	-	$20.5M 1.12% of portfolio	3.04% 2.4M shares	Q4 2021 Held for 3y 11m	$1.8B
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	Pei Yu-Tsung Steven Managing Partner	$18.5M 16.88% of portfolio	2.75% 2.2M shares	Q2 2023 Held for 2y 5m	$109.5M
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$15.2M 0.00% of portfolio	2.20% 1.7M shares	Q3 2017 Held for 8y 2m	$2.88T

Net Capital Flow

Institutional buying and selling activity for TRTX in Q3 2025

Traded: −$26.3M
Buyers: 70
Sellers: 60
Total Bought: +$59.7M
Total Sold: −$86.0M
Avg Position: $3.3M

Biggest Buyers

Institution	Net Bought	Current Position
S State of New Jersey Common Pension Fund A Institution	+$27.0M +3.1M shares	$27.0M 3.1M shares
GOLDMAN SACHS GROUP INC Institution	+$5.4M +629.2K shares	$37.6M 4.4M shares
O One William Street Capital Management, L.P. Institution	+$3.6M +420.7K shares	$3.6M 420.7K shares
DIMENSION CAPITAL MANAGEMENT PARTNERS Fund of Funds	+$1.9M +219.5K shares	$5.8M 679.2K shares
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	+$1.8M +213.2K shares	$8.0M 933.3K shares
B BlackRock, Inc. Institution	+$1.8M +213.2K shares	$54.7M 6.4M shares
VANGUARD GROUP INC Institution	+$1.6M +190.5K shares	$33.9M 4.0M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$1.6M +186.8K shares	$8.6M 999.3K shares
W WHITE BAY PT LLC Institution	+$1.4M +165.1K shares	$1.4M 165.1K shares
BANK OF AMERICA CORP /DE/ Institution	+$1.1M +133.8K shares	$3.1M 357.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
T TPG GP A, LLC Institution	−$40.2M −4.7M shares	$20.5M 2.4M shares
MORGAN STANLEY RIA/Wealth	−$9.0M −1.0M shares	$25.3M 3.0M shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$7.6M −980.2K shares	Sold Off 0 shares
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	−$4.3M −505.8K shares	$18.5M 2.2M shares
Long Pond Capital, LP Hedge Fund•Long/Short	−$3.5M −405.0K shares	$59.1M 6.9M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$2.0M −259.5K shares	Sold Off 0 shares
SEGALL BRYANT & HAMILL Long Only Manager	−$1.9M −242.3K shares	Sold Off 0 shares
CITIGROUP INC Institution	−$1.7M −200.1K shares	$9.6M 1.1M shares
UBS Group AG Institution	−$1.7M −199.1K shares	$2.9M 336.2K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$1.6M −184.5K shares	$4.5M 522.8K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TRTX in Q3 2025

New Positions: 8
New Value: $30.9M
Exited Positions: 16
Exited Value: $16.4M

New Positions

Institution	Position Value
S State of New Jersey Common Pension Fund A Institution	$27.0M 3.1M shares
O One William Street Capital Management, L.P. Institution	$3.6M 420.7K shares
SEVEN MILE ADVISORY RIA/Wealth	$137.7K 16.1K shares
S SIG BROKERAGE, LP Institution	$92.0K 10.7K shares
Cetera Investment Advisers RIA/Wealth	$89.8K 10.5K shares
SRS Capital Advisors, Inc. RIA/Wealth	$8.1K 941.0 shares
O Optiver Holding B.V. Institution	$4.9K 578.0 shares
Legacy Wealth Managment, LLC/ID RIA/Wealth	$51.0 6.0 shares

Exited Positions

Institution	Previous Position
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$7.6M 980.2K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$2.0M 259.5K shares
SEGALL BRYANT & HAMILL Long Only Manager	$1.9M 242.3K shares
AXS Investments LLC Institution	$1.5M 199.8K shares
V Vestcor Investment Management Corp Institution	$1.3M 164.8K shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$861.2K 111.6K shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$418.9K 54.3K shares
B Brevan Howard Capital Management LP Institution	$207.1K 26.8K shares
Vident Advisory, LLC ETF Provider	$197.9K 25.6K shares
Modern Wealth Management, LLC RIA/Wealth	$161.0K 20.9K shares

Options Activity

Institutions with the largest Call and Put options positions in TRTX as of Q3 2025

Call Positions: 7
Call Value: $58.8M
Put Positions: 1
Put Value: $1.1M

Call Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$25.1M 29.4K contracts
Caption Management, LLC Hedge Fund•Long/Short	$19.6M 22.9K contracts
WELLS FARGO & COMPANY/MN Institution	$6.0M 7.0K contracts
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	$4.3M 5.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.9M 2.3K contracts
J JANE STREET GROUP, LLC Institution	$1.9M 2.2K contracts
S SIG BROKERAGE, LP Institution	- - contracts

Put Positions

Institution	Position Value
P PEAK6 LLC Institution	$1.1M 1.3K contracts

Most Committed Institutions

Institutions with TRTX as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
O One William Street Capital Management, L.P. Institution	-	20.06% $3.6M	0.54% 420.7K shares	Q3 2025 Held for 2 months	$18.0M
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	Pei Yu-Tsung Steven Managing Partner	16.88% $18.5M	2.75% 2.2M shares	Q2 2023 Held for 2y 5m	$109.5M
Q Q Global Advisors, LLC Institution	-	15.50% $4.4M	0.66% 516.8K shares	Q2 2025 Held for 5 months	$28.5M
S State of New Jersey Common Pension Fund A Institution	-	9.56% $27.0M	4.01% 3.1M shares	Q3 2025 Held for 2 months	$282.1M
Long Pond Capital, LP Hedge Fund•Long/Short	John Peter Khoury Managing Partner	3.89% $59.1M	8.78% 6.9M shares	Q1 2024 Held for 1y 8m	$1.5B
S Solel Partners LP Hedge Fund•Long/Short	William Cronin Stone CFO	1.44% $7.5M	1.11% 873.7K shares	Q4 2024 Held for 11 months	$519.8M
N Nokomis Capital, L.L.C. Hedge Fund•Long/Short	Kendall Katherine Lunney CFO	1.21% $3.3M	0.50% 389.1K shares	Q1 2024 Held for 1y 8m	$276.2M
T TPG GP A, LLC Institution	-	1.12% $20.5M	3.04% 2.4M shares	Q4 2021 Held for 3y 11m	$1.8B
DIMENSION CAPITAL MANAGEMENT PARTNERS Fund of Funds	Miguel Fernando Duenas President	0.85% $5.8M	0.86% 679.2K shares	Q1 2025 Held for 8 months	$685.4M
Bracebridge Capital, LLC Hedge Fund•Credit Arb	Nancy Gail Zimmerman Founder	0.68% $1.6M	0.23% 182.2K shares	Q1 2025 Held for 8 months	$228.8M

Hedge Fund Spotlight

Discover hedge funds investing in TRTX

Bracebridge Capital, LLC

Hedge Fund • Credit Arb

Portfolio ManagerNancy Gail Zimmerman

Portfolio Value: $228.8M
Positions: 23
Last Reported: Q3 2025

Sector Allocation

Position in TPG RE Finance Trust, Inc.

Market Value: $1.6M
Shares Held: 182.2K
Portfolio Weight: 0.68%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Invesco S&P 500 Equal Weight ETF RSP	ETF ETF	$100.4M	43.87%
2 Uniti Group Inc. UNIT	REIT - Specialty Real Estate	$42.5M	18.57%
3 Alvotech ALVO	Drug Manufacturers - Specialty & Generic Healthcare	$22.2M	9.68%