TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2026

Distributable earnings of $0.07 per share were below the declared common dividend of $0.24 per share.

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NEW YORK--(BUSINESS WIRE)-- TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended September 30, 2026.

Regarding third quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “Our third quarter results demonstrate TRTX’s continued successful execution of the business plan we communicated several years ago. During the third quarter, we added $773 million of loan commitments, grew net earning assets by $600 million, and repurchased 1.2 million shares of common stock. Building on this momentum, our Board approved a new $50 million share repurchase program, doubling our prior authorization and underscoring our conviction in the value of TRTX shares and our disciplined approach to capital allocation. We enter the fourth quarter with a well-positioned balance sheet, with a focus on continuing to create long-term value for our shareholders.”

THIRD QUARTER 2026 ACTIVITY

• Recognized GAAP net income attributable to common stockholders of $5.8 million, or $0.08 per common share, based on a diluted weighted average share count of 76.5 million common shares. Book value per common share was $10.85 as of September 30, 2026, compared to $10.95 at June 30, 2026.
• Generated Distributable Earnings and Distributable Earnings Before Realized Losses of $5.1 million, or $0.07 per common share, and $18.1 million, or $0.24 per common share, respectively, based on a diluted weighted average share count of 76.5 million common shares.
• Declared on September 17, 2026 a cash dividend of $0.24 per share of common stock which was paid on October 23, 2026 to common stockholders of record as of September 28, 2026. The Company paid on September 30, 2026 to preferred stockholders of record as of September 18, 2026 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.
• Repurchased 1,163,018 shares of common stock, at a weighted average price of $8.00 per share, for total consideration (including commissions and related fees) of $9.3 million, which increased book value per common share by $0.04 per common share.
• Originated eight first mortgage loans and acquired one first mortgage loan with aggregate total loan commitments of $772.7 million, an aggregate initial unpaid principal balance of $690.0 million, a weighted average interest rate of Term SOFR plus 3.02%, a weighted average interest rate floor of 2.51% and a weighted average as-is loan-to-value ratio of 70.2%.
• Completed one non-judicial foreclosure resulting in the acquisition of one multifamily property with a fair value of $30.1 million at foreclosure.
• Funded $71.8 million of future funding obligations associated with previously originated and acquired loans.
• Received loan repayments of $119.6 million, including one full loan repayment of $106.0 million, involving the following property types: 88.6% multifamily and 11.4% industrial.
• Weighted average risk rating of the Company’s loan portfolio was 3.0 as of September 30, 2026, unchanged from June 30, 2026.
• Carried at quarter-end an allowance for credit losses of $76.1 million, a decrease of $4.5 million from $80.7 million as of June 30, 2026. The quarter-end allowance of 147 basis points of total loan commitments as of September 30, 2026, represented a decline of 32 basis points from 179 basis points as of June 30, 2026.
• Ended the quarter with $291.6 million of near-term liquidity: $70.8 million of cash-on-hand, of which $18.2 million was available for investment, net of $52.6 million held to satisfy liquidity covenants under the Company’s various financing arrangements; undrawn capacity under secured financing arrangements of $87.3 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $22.0 million; undrawn capacity of $100.0 million under the Revolver; and collateralized loan obligation reinvestment proceeds held at the trustee of $11.5 million.
• Non-mark-to-market borrowings represented 78.8% of total borrowings at September 30, 2026.

SUBSEQUENT EVENTS

• Received repayments of $72.2 million relating to one multifamily loan and one industrial loan, including the full repayment of one first mortgage loan with a total loan commitment and an unpaid principal balance of $61.5 million and $61.5 million, respectively. The fully repaid loan carried a risk rating of 3.0 as of September 30, 2026.
• On October 2, 2026, the Company closed TRTX 2026-FL8, a $1.0 billion managed CRE CLO. The Company placed approximately $820.0 million of investment grade securities with institutional investors.
• On October 26, 2026, our Board of Directors approved a new share repurchase program (the "New Program") pursuant to which we are authorized to repurchase up to $50.0 million of the Company's common stock. The New Program authorizes the repurchase of common stock from time to time on the open market or in privately negotiated transactions, including under 10b5-1 plans.

The Company issued a supplemental presentation detailing its third quarter 2026 operating results, which can be viewed at http://investors.tpgrefinance.com/.

CONFERENCE CALL AND WEBCAST INFORMATION

The Company will host a conference call and webcast to review its financial results with investors and other interested parties at 9:00 a.m. ET on Tuesday, October 27, 2026. To participate in the conference call, callers from the United States and Canada should dial +1 (877) 407-9716, and international callers should dial +1 (201) 493-6779, ten minutes prior to the scheduled call time. The webcast may also be accessed live by visiting the Company’s investor relations website at http://investors.tpgrefinance.com/event.

REPLAY INFORMATION

A replay of the conference call will be available after 12:00 p.m. ET on Tuesday, October 27, 2026 through 11:59 p.m. ET on Tuesday, November 10, 2026. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13762508. The replay will be available on the Company’s website for one year after the call date.

ABOUT TRTX

TPG RE Finance Trust, Inc. is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit https://www.tpgrefinance.com/.

FORWARD-LOOKING STATEMENTS

This earnings release contains “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, risks and uncertainties relating to the performance of the Company’s investments; global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, tariffs and international trade policies, geopolitical conditions and global conflicts, stress to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains; the Company's ability to originate loans that are in the pipeline and under evaluation by the Company; financing needs and arrangements; and the risks, uncertainties and factors set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2026, as such risk factors may be updated from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. Forward‐looking statements are generally identifiable by use of forward‐looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue,” “ability” or other similar words or expressions. Forward‐looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward‐looking information. Statements, among others, relating to our approach to capital allocation, the positioning of our balance sheet, and the creation of long-term value for our shareholders are forward-looking statements, and the Company cannot assure you that it will achieve such results. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward‐looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward‐looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company’s views only as of the date of this earnings release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements appearing in this earnings release. The Company does not undertake any obligation to update any forward-looking statements contained in this earnings release as a result of new information, future events or otherwise. Past performance is not indicative nor a guarantee of future returns. Yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors.

Non-GAAP Financial Measures Reconciliation

Distributable Earnings

Distributable Earnings is a non-GAAP measure, which we define as GAAP net income (loss) attributable to our common stockholders, including realized gains and losses from loan write-offs, loan sales and other loan resolutions (including conversions to real estate owned (“REO”)), regardless of whether such items are included in other comprehensive income or loss, or in GAAP net income (loss), and excluding (i) non-cash stock compensation expense, (ii) depreciation and amortization expense (which only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments), (iii) unrealized gains (losses) (including credit loss expense (benefit), net), and (iv) certain non-cash or income and expense items.

We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We generally must distribute at least 90% of our net taxable income annually, subject to certain adjustments and excluding any net capital gains, for us to continue to qualify as a real estate investment trust for U.S. federal income tax purposes. We believe that one of the primary reasons investors purchase our common stock is to receive our dividends. Because of our investors’ continued focus on our ability to pay dividends, Distributable Earnings is an important measure for us to consider when determining our distribution policy and dividends per common share. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan investment and operating activities.

Distributable Earnings excludes the impact of our credit loss provision or reversals of our credit loss provision, but only to the extent that our credit loss provision exceeds any realized credit losses during the applicable reporting period. See Note 2 to our Consolidated Financial Statements included in our Form 10-Q for additional details regarding our accounting policies and estimation of our allowance for credit losses.

Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies.

Reconciliation of GAAP Net Income Attributable to Common Stockholders to Distributable Earnings

The table below reconciles GAAP net income attributable to common stockholders and related diluted per share amounts to Distributable Earnings and related diluted per share amounts ($ in thousands, except weighted average share and per share data):

	Three Months Ended,
	September 30, 2026				Per Diluted Share(1)
Net income attributable to common stockholders	$	5,820			$	0.08
Non-cash stock compensation expense		1,254				0.02
Depreciation and amortization		2,477				0.03
Credit loss expense, net		8,573				0.11
Distributable earnings before realized losses from loan resolutions	$	18,124			$	0.24
Realized loss on loan write-offs related to REO conversions		(13,006	)			(0.17	)
Distributable earnings	$	5,118			$	0.07
Weighted average common shares outstanding, diluted		76,491,356
Dividends declared	$	18,508			$	0.24

____________________________
(1)		Numbers presented may not foot due to rounding.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261026261415/en/

INVESTOR RELATIONS CONTACT
+1 (212) 405-8500
IR@tpgrefinance.com

MEDIA CONTACT
TPG RE Finance Trust, Inc.
Courtney Power
+1 (415) 743-1550
media@tpg.com

Source: TPG RE Finance Trust, Inc.

Key Terms

gaap financial

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

term sofr financial

Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.

loan-to-value ratio financial

The loan-to-value ratio (LTV) measures how large a loan is compared with the worth of the asset used as collateral, expressed as a percentage — for example, a $80,000 loan on a $100,000 property equals an 80% LTV. It matters to investors because higher LTVs mean higher risk of loss if the asset falls in value, and they influence borrowing costs, loan approval, and the stability and pricing of securities backed by such loans; think of it like how deep your financial safety net is under a loan.

collateralized loan obligation financial

A collateralized loan obligation (CLO) is a financial product that bundles many corporate loans into a single pool and then sells pieces of that pool to investors, with each piece offering different levels of risk and return. Think of it like a large box of varied loans sliced into portions so investors can choose higher safety with lower yield or higher reward with more risk; CLO performance matters because it concentrates credit and interest-rate risk and affects income stability for holders.

10b5-1 plans regulatory

A 10b5-1 plan is a prearranged, written schedule that lets company insiders buy or sell shares at set times or under set conditions, designed to avoid accusations of trading on nonpublic information. Think of it like scheduling automatic payments: trades happen according to a plan rather than on impulse. Investors watch these plans because they can provide predictable insider selling or buying signals but can also be structured in ways that mask true motives.