Terms

Series

6.25% Series C Cumulative Redeemable Preferred Stock

Liquidation Preference

$25.00

Coupon Rate

6.25%

Rate Type

Fixed

Annual Dividend

$1.56

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

June 14, 2026

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Existing And Future Indebtedness, Any Class Or Series Of Capital Stock Designated As Ranking Senior To The Series C Preferred Stock; Pari Passu With: Series B Cumulative Redeemable Preferred Stock, Any Class Or Series Of Capital Stock Designated As Parity Stock; Senior To: Common Stock, Any Class Or Series Of Capital Stock Designated As Junior Stock

Regulatory (Basel III) Call

No

Tax Classification

Reit Passthrough

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

7,000,000

Prospectus Summary

TPG RE Finance Trust, Inc. (NYSE: TRTX), a Maryland REIT focused on commercial real estate debt, is offering 7,000,000 shares of its 6.25% Series C Cumulative Redeemable Preferred Stock at a $25.00 liquidation preference, callable at par on or after June 14, 2026. Dividends are paid quarterly in arrears on or about March 30, June 30, September 30, and December 30, equating to $1.5625 per share annually ($0.390625 per quarter). The dividends are cumulative—meaning any missed payments must be paid in full before the company can resume dividends on common or junior stock—providing holders a degree of protection against dividend interruption. The Series C Preferred Stock ranks senior to TRTX's common stock and any designated junior stock, and on parity with the outstanding Series B Preferred Stock. It is subordinate to all existing and future indebtedness of the company. Because TRTX is a holding company that directly operates its business (with no separately capitalized bank subsidiary), there is no structural subordination in the traditional bank sense; however, preferred holders sit behind all debt creditors in a liquidation. There is no regulatory capital call provision, as this is a REIT rather than a bank. The company may redeem the preferred upon a Change of Control within 120 days of such event at $25.00 plus accrued dividends. At the $25.00 public offering price, the effective yield is 6.25% per annum. As a REIT, TRTX's dividends are generally not eligible for the qualified dividend income (QDI) preferential tax rate or the corporate dividends-received deduction (DRD); distributions are typically taxed as ordinary income or return of capital. Payment dates are on or about the 30th of March, June, September, and December, with record dates set by the board between 10 and 90 days before each payment date. If full cumulative dividends on the Series C Preferred Stock have not been declared and paid for all past periods, the company is blocked from paying any dividends on common stock or other junior or parity securities, providing a structural dividend stopper that prioritizes preferred holders.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If TPG RE Finance Trust has not paid full cumulative dividends on the Series C Preferred Stock for all past periods, it cannot pay dividends on or repurchase common stock or any other junior or parity stock (other than dividends paid in junior stock shares or a same-terms exchange offer).

Other Preferreds from TPG RE Finance Trust Inc

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 40 (Weak)