TRTX (NYSE: TRTX) Q1 2026 earnings cover dividend as loan book stays 100% performing
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
TPG RE Finance Trust, Inc. reported solid first-quarter 2026 results, with GAAP net income attributable to common stockholders of $15.2 million, or $0.19 per diluted share, and Distributable Earnings of $19.5 million, or $0.25 per diluted share, comfortably covering its $0.24 common dividend. Book value per common share was $11.06 as of March 31, 2026, essentially flat versus $11.07 at year-end 2025.
The company emphasized a 100% performing loan portfolio totaling $4.3 billion of commitments and reduced office loan exposure to less than 5%, with nearly 70% of loans originated after January 2023 and backed mainly by multifamily and industrial properties. Weighted average all-in yield was 7.10% and weighted average loan-to-value was 65.5%.
Liquidity stood at $172.8 million, including $77.0 million of investable cash and $39.7 million of undrawn secured capacity, while non-mark-to-market borrowings represented 77.9% of total borrowings and the Debt-to-Equity Ratio was 3.1x. The allowance for credit losses was $77.1 million, or 179 basis points of total loan commitments. The company repurchased 556,592 shares for $4.5 million in the quarter and a further 493,000 shares for $4.0 million after quarter-end, and originated new first mortgage loans with $148.4 million of commitments while receiving $123.6 million of repayments.
Positive
- Stronger profitability and dividend coverage: GAAP net income attributable to common stockholders rose to $15.2 million and Distributable Earnings of $0.25 per diluted share exceeded the $0.24 dividend, while net income increased from $13.7 million a year earlier, supporting a sustainable payout.
- Improved portfolio quality and risk profile: The entire $4.3 billion loan portfolio was performing, office exposure was reduced to less than 5%, and nearly 70% of loans were newer-vintage multifamily and industrial originations, signaling a more resilient asset mix.
Negative
- None.
Insights
Q1 earnings covered the dividend, credit quality remained strong, and office risk declined.
TPG RE Finance Trust generated GAAP net income attributable to common stockholders of $15.2 million and Distributable Earnings of $19.5 million in Q1 2026. Distributable Earnings of $0.25 per diluted share exceeded the $0.24 common dividend, indicating the payout was supported by current results.
The $4.3 billion loan portfolio was 100% performing with a weighted average risk rating of 3.0 and loan-to-value of 65.5%. Office exposure was reduced to less than 5%, while nearly 70% of loans were newer-vintage originations secured mainly by multifamily and industrial assets, which may reflect a more defensive mix.
Liquidity of $172.8 million and a Debt-to-Equity Ratio of 3.1x suggest moderate leverage for a commercial mortgage REIT, aided by 77.9% non-mark-to-market financing. The $77.1 million CECL reserve, at 179% basis points of commitments, and stable credit loss benefit indicate management continues to provision conservatively based on the portfolio’s current performance.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
GAAP net income attributable to common stockholders: $15.2 million
GAAP EPS (diluted): $0.19 per share
Distributable Earnings: $19.5 million
+5 more
8 metrics
GAAP net income attributable to common stockholders
$15.2 million
Quarter ended March 31, 2026
GAAP EPS (diluted)
$0.19 per share
Quarter ended March 31, 2026
Distributable Earnings
$19.5 million
Quarter ended March 31, 2026
Distributable Earnings per diluted share
$0.25 per share
Quarter ended March 31, 2026
Common dividend declared
$0.24 per share
Q1 2026 common stock dividend
Book value per common share
$11.06
As of March 31, 2026
Loan investment portfolio
$4.3 billion commitments
As of March 31, 2026; 100% performing
Allowance for credit losses
$77.1 million (179 bps)
As of March 31, 2026, of total loan commitments
Key Terms
Distributable Earnings, non-GAAP measure, CECL reserve, non-mark-to-market borrowings, +2 more
6 terms
Distributable Earnings financial
"Generated Distributable Earnings of $19.5 million, or $0.25 per common share"
Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.
non-GAAP measure financial
"Distributable Earnings is a non-GAAP measure, which we define as GAAP net income"
A non-GAAP measure is a company-crafted financial metric that adjusts or excludes items from standard accounting numbers to highlight what management sees as the business’s core performance. Investors use these figures like a filtered photo to reveal trends or cash flow drivers that raw accounting totals might hide, but because companies decide which items to remove, these measures should be compared with standard statements to avoid being misled.
CECL reserve financial
"The quarter-end allowance of 179 basis points of total loan commitments"
CECL reserve is the amount a lender or financial firm sets aside under the Current Expected Credit Loss accounting rule to cover estimated lifetime losses on loans and other financial assets. It matters to investors because the size and changes of this reserve directly affect reported profits, capital strength and a lender’s cushion against bad loans — think of it as a rainy‑day fund that reflects how much future trouble the firm expects from its loans.
non-mark-to-market borrowings financial
"Non-mark-to-market borrowings represented 77.9% of total borrowings at March 31, 2026"
Non-mark-to-market borrowings are loans or debt obligations carried on a company's balance sheet at their original contract value rather than being adjusted to reflect current market prices. For investors, this means the reported amount may not show gains or losses that would appear if the debt were revalued daily, so the true economic burden or benefit can be different from the headline number—like keeping the sticker price on a car even if the market value has moved significantly.
Loan-to-Value (LTV) financial
"a weighted average as-is loan-to-value ratio of 63.0%"
Loan-to-value (LTV) is the ratio of a loan amount to the value of the asset used as collateral, expressed as a percentage; for example, a $80,000 loan on a $100,000 property has an LTV of 80%. It matters to investors because higher LTVs mean greater risk of loss if the asset falls in value—like borrowing most of the price of a car, leaving little buffer—so lenders charge higher rates or restrict lending, affecting credit availability and borrower default risk.
Debt-to-Equity Ratio financial
"3.1x Debt-to-Equity Ratio3"
Debt-to-equity ratio shows how much a company relies on borrowed money compared with the owners’ funds; think of it as the amount of debt owed for every dollar of owner’s savings. Investors use it to judge financial risk and flexibility — a higher number means more borrowing and potentially greater interest burden or vulnerability in downturns, while a lower number suggests a more conservative, less risky balance sheet.
Offering Details
earnings_snapshot
Offering
Offering Type
earnings_snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________________________
FORM 8-K
___________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 28, 2026
___________________________________________________________________
(Exact Name of Registrant as Specified in its Charter)
___________________________________________________________________
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) (Zip Code)
(212 ) 601-4700
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
___________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
6.25% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o
Item 2.02 Results of Operations and Financial Condition.
On April 28, 2026, TPG RE Finance Trust, Inc. (the “Company”) issued an earnings release and supplemental financial information presentation announcing its financial results for the first quarter ended March 31, 2026. Copies of the earnings release and supplemental financial information presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Earnings Release, dated April 28, 2026 | |||||||
| 99.2 | Supplemental Financial Information Presentation for the Quarter Ended March 31, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TPG RE Finance Trust, Inc. | |||||||||||
| By: | /s/ Brandon Fox | ||||||||||
| Name: | Brandon Fox | ||||||||||
| Title: | Interim Chief Financial Officer and Chief Accounting Officer | ||||||||||
Date: April 28, 2026 | |||||||||||
 | Exhibit 99.1 | ||||
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2026
April 28, 2026
NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31, 2026.
Regarding first quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “During the first quarter of 2026, we out-earned our common stock dividend and maintained a 100% performing loan portfolio. Currently, our total office loan exposure has been reduced to less than 5%, and nearly 70% of our loan portfolio consists of newer vintage originations made after January 2023 secured primarily by multifamily and industrial collateral. Our loan portfolio and well-capitalized balance sheet will enable us to take advantage of our robust investment pipeline through the remainder of 2026.”
FIRST QUARTER 2026 ACTIVITY
•Recognized GAAP net income attributable to common stockholders of $15.2 million, or $0.19 per common share, based on a diluted weighted average share count of 79.1 million common shares. Book value per common share was $11.06 as of March 31, 2026, compared to $11.07 at December 31, 2025.
•Generated Distributable Earnings of $19.5 million, or $0.25 per common share based on a diluted weighted average share count of 79.1 million common shares.
•Declared on March 13, 2026 a cash dividend of $0.24 per share of common stock which was paid on April 24, 2026 to common stockholders of record as of March 27, 2026. The Company paid on March 31, 2026 to preferred stockholders of record as of March 20, 2026 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.
•Repurchased 556,592 shares of common stock, at a weighted average price of $8.06 per share, for total consideration (including commissions and related fees) of $4.5 million, which increased book value per common share by $0.02 per common share.
•Originated two first mortgage loans with aggregate total loan commitments of $148.4 million, an aggregate initial unpaid principal balance of $135.5 million, a weighted average interest rate of Term SOFR plus 2.73%, a weighted average interest rate floor of 2.86% and a weighted average as-is loan-to-value ratio of 63.0%.
•Funded $14.6 million of future funding obligations associated with previously originated and acquired loans.
•Received loan repayments of $123.6 million, including two full loan repayments of $92.7 million, involving the following property types: 40.0% multifamily; 35.0% hotel; and 25.0% industrial.
•Weighted average risk rating of the Company’s loan portfolio was 3.0 as of March 31, 2026, unchanged from December 31, 2025.
•Carried at quarter-end an allowance for credit losses of $77.1 million, a decrease of $0.3 million from $77.4 million as of December 31, 2025. The quarter-end allowance of 179 basis points of total loan commitments as of March 31, 2026, decreased 1 basis point from 180 basis points as of December 31, 2025.
•Ended the quarter with $172.8 million of near-term liquidity: $77.0 million of cash-on-hand available for investment, net of $15.0 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $39.7 million; and collateralized loan obligation reinvestment proceeds held at the servicer of $41.2 million.
•Extended the initial and extended maturity date of the Bank of America secured credit agreement, effective June 2026.
•Extended the initial maturity date of the Barclays secured credit agreement.
•Non-mark-to-market borrowings represented 77.9% of total borrowings at March 31, 2026.
1
SUBSEQUENT EVENTS
•Closed one first mortgage loan with a total loan commitment of $175.4 million and initial funding of $175.4 million, an interest rate of Term SOFR + 3.00%, and an as-is loan-to-value ratio of 65.4%.
•Received repayments of $262.3 million relating to two office loans, including the full repayment of one first mortgage loan with a total loan commitment and an unpaid principal balance of $227.1 million and $227.1 million, respectively. The loan carried a risk rating of 3.0 as of December 31, 2025.
•From April 1, 2026 through April 24, 2026, repurchased 493,000 shares of common stock, at a weighted average price of $8.07 per share, for total consideration (including commissions and related fees) of $4.0 million. The Company had $16.1 million of remaining capacity under its share repurchase program as of April 24, 2026.
The Company issued a supplemental presentation detailing its first 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 Wednesday, April 29, 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 Wednesday, April 29, 2026 through 11:59 p.m. ET on Wednesday, May 13, 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 13759489. 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/.
2
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, statements relating to the performance of the investments of TPG RE Finance Trust, Inc. (the “Company” or “TRTX”); 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, 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, 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” 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 belief that our loan portfolio and well-capitalized balance sheet will enable us to take advantage of our robust investment pipeline through the remainder of 2026 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.
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
3
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, | |||||||||||
| March 31, 2026 | Per Diluted Share(1) | ||||||||||
| Net income attributable to common stockholders | $ | 15,166 | $ | 0.19 | |||||||
| Non-cash stock compensation expense | 2,056 | 0.03 | |||||||||
| Depreciation and amortization | 2,577 | 0.03 | |||||||||
| Credit loss benefit, net | (286) | 0.00 | |||||||||
| Distributable earnings before realized losses from loan resolutions | $ | 19,513 | $ | 0.25 | |||||||
| Distributable earnings | $ | 19,513 | $ | 0.25 | |||||||
| Weighted average common shares outstanding, diluted | 79,063,393 | ||||||||||
| Dividends declared | $ | 19,239 | $ | 0.24 | |||||||
____________________________
(1)Numbers presented may not foot due to rounding.
4
April 28, 2026 First Quarter 2026 Supplemental Information Exhibit 99.2
Supplemental Information| 1Q 2026 2TPG RE Finance Trust, Inc.| NYSE: TRTX Forward-Looking Statements and Other Disclosures This presentation 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 (the “Exchange Act”), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will occur or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. Such risks, uncertainties and other important factors include, among others, the risks, uncertainties and factors set forth under the heading “Risk Factors” in our Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 17, 2026, as such risk factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Such risks, uncertainties and other factors include, but are not limited to, the following: ▪ the general political, economic, regulatory, competitive and other conditions in the markets in which we invest; ▪ fluctuations in interest rates and credit spreads have reduced and in the future could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments and could materially impair our ability to pay distributions to our stockholders; ▪ adverse changes in the real estate and real estate capital markets; ▪ general volatility of the securities markets in which we participate; ▪ changes in our business, investment strategies or target assets; ▪ difficulty in obtaining financing or raising capital; ▪ an inability to borrow incremental amounts or an obligation to repay amounts under our financing arrangements; ▪ reductions in the yield on our investments and increases in the cost of our financing; ▪ events giving rise to increases in our current expected credit loss reserve; ▪ we have in the past and may in the future foreclose on certain of the loans we originate or acquire, which could result in losses that negatively impact our results of operations and financial condition; ▪ as an owner of real estate through foreclosure or otherwise, we are subject to risks inherent in the ownership, operation, and development of real estate; ▪ adverse legislative or regulatory developments, including with respect to tax laws, securities laws and the laws governing financing and lending institutions; ▪ acts of God such as hurricanes, floods, earthquakes, droughts, wildfires, mudslides, volcanic eruptions, and other natural disasters, acts of war and/or terrorism or other hostilities and other events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments; ▪ adverse economic trends and changes in economic conditions, including as a result of slower growth or recession, changes to fiscal and monetary policy, inflation, changing interest rates, tariffs and international trade policies and disputes, geopolitical conditions, structural shifts and regulatory changes to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains; ▪ the failure of any banks with which we and/or our borrowers have a commercial relationship could adversely affect, among other things, our borrower's ability to access deposits or obtain financing on favorable terms or at all; ▪ reduced demand for office space, including as a result of fully remote and/or hybrid work schedules which allow work from remote locations other than the employer's office premises; ▪ adverse developments in the availability of desirable loan and other investment opportunities, whether due to competition, regulation or otherwise; ▪ deterioration in the performance of properties securing our investments that may cause deterioration in the performance of our investments, adversely impact certain of our financing arrangements and our liquidity, and potentially expose us to principal losses on our investments; ▪ defaults by borrowers in paying debt service or principal on outstanding indebtedness; ▪ the adequacy of collateral securing our investments and declines in the fair value of our investments; ▪ difficulties or delays in redeploying the proceeds from repayments of our existing investments; ▪ increased competition from entities engaged in mortgage lending and/or investing in our target assets, including as a result of changes in the financial regulatory regime that could decrease the restrictions on banks and other financial institutions and allow them to compete with us for investment opportunities that were previously not available to, or otherwise pursued by, them; ▪ difficulty in successfully managing our growth, including integrating new assets into our existing systems; ▪ the cost of operating our platform, including, but not limited to, the cost of operating a real estate investment platform and the cost of operating as a publicly traded company; ▪ the availability of qualified personnel and our relationship with our Manager; ▪ conflicts with TPG and its affiliates, including our Manager, the personnel of TPG providing services to us, including our officers, and certain funds managed by TPG; ▪ our ability to maintain our qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and our ability to maintain our exemption or exclusion from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and ▪ authoritative U.S. generally accepted accounting principles (or “GAAP”) or policy changes from standard-setting bodies such as the Financial Accounting Standards Board (“FASB”), the SEC, the Internal Revenue Service (“IRS”), the New York Stock Exchange (“NYSE”) and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements in this presentation apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this presentation and in other filings we make with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.
Supplemental Information| 1Q 2026 3TPG RE Finance Trust, Inc.| NYSE: TRTX TRTX By the Numbers 1. Includes one fixed rate contiguous mezzanine loan 2. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price discount, and accrual of both extension and exit fees. All-in yield for the total portfolio assumes Term SOFR as of March 31, 2026 for weighted average calculations 3. See Appendix for definitions, including LTV, Debt-to-Equity ratio, and a description of the Company's Loan Risk Rating scale 4. Weighted average cost of funds excludes current index rate or index rate floor, as applicable 5. See page 5 for additional detail 6. Calculated on Net Income Attributable to Common Stockholders; refer to Appendix for reconciliation from GAAP Net Income to Net Income Attributable to Common Stockholders 7. Refer to Appendix for reconciliation from GAAP Net Income to Distributable Earnings 8. Represents an annualized dividend yield based on the April 24, 2026 closing share price of $8.37 Note: Data as of March 31, 2026 unless otherwise noted. Liquidity and capitalization information excludes REO related financings with the exception of the Company's Debt-to-Equity Ratio calculation, as defined $0.24 1Q26 Common Stock Dividend Declared $0.19 1Q26 GAAP Income per Diluted Share6 $0.25 1Q26 Distributable Earnings per Diluted Share7 11.5% Annualized Dividend Yield8 8.7% Dividend Yield on Book Value per Share at March 31, 2026 $11.06 Book Value per Share at March 31, 2026 $4.3 billion Loan Investment Portfolio $86.3 million Average Loan Size 100% Performing Portfolio 3.0 Weighted Average Risk Rating3 7.10% Weighted Average All-in Yield2 3.17% Weighted Average Credit Spread 99.6% Floating Rate Portfolio 65.5% Weighted Average LTV3 $172.8 million of Liquidity5 77.9% Non-Mark-to-Market Financing 3.1x Debt-to-Equity Ratio3 1.80% Weighted Average Cost of Funds4 83.6% Weighted Average Approved Advance Rate $1.5 billion Available Financing Capacity Loan Portfolio1 Liquidity & Capitalization Dividend & Earnings $0.24 Common Dividends Declared QTD 2025
Supplemental Information| 1Q 2026 4TPG RE Finance Trust, Inc.| NYSE: TRTX $11.07 $0.02 ($0.01) $0.24 ($0.24) ($0.04) $0.02 $0.00 $11.06 Book Value 12/31/25 R etired C ommon S tock Issuance of C ommon S tock Net Income, E xcluding C redit Loss Benefit Dividends on C ommon S hares Dividends on P referred S hares E quity C ompensation C redit Loss Benefit Book Value 3/31/26 1Q26 Operating Results ($ in millions) Net Income Attributable to Common Stockholders1 Adjustments Distributable Earnings2 Distributable Earnings per Common Share, Diluted Interest Income $74.2 $— $74.2 $0.94 Interest Expense (48.5) — (48.5) (0.61) Net Interest Income $25.7 $— $25.7 $0.33 Management and Incentive Fees (5.3) — (5.3) (0.07) Stock Compensation Expense (2.1) 2.1 — — Revenue and Expense from REO operations, net 0.0 2.6 2.6 0.03 Other Income & Expenses3 0.3 — 0.3 0.00 Preferred Stock Dividends & Participating Securities’ Share in Earnings (3.8) — (3.8) (0.05) Net Income Before Credit Loss Benefit $14.9 $4.6 $19.5 $0.25 Credit Loss Benefit 0.3 (0.3) — — Total $15.2 $4.3 $19.5 $0.25 Per Common Share, Diluted $0.19 $0.06 $0.25 $0.19 GAAP Income per Diluted Share1 $0.25 Distributable Earnings per Diluted Share2 QoQ Change in Book Value 1. Refer to Appendix for reconciliation from GAAP Net Income to Net Income Attributable to Common Stockholders 2. Refer to Appendix for reconciliation from GAAP Net Income to Distributable Earnings 3. Includes the following income statement line items: Other Income, Professional Fees, General and Administrative, Servicing and Asset Management Fees, Income Tax Expense 4. Represents repurchases of the Company's common stock during the quarter Note: Totals may not sum due to rounding CECL Reserve per Share $0.99 CECL Reserve per Share $0.99 4
Supplemental Information| 1Q 2026 5TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios4,5 1. Cash held to satisfy liquidity covenants under secured credit agreements 2. Available for Eligible Collateral, as defined in relevant loan portfolio financing arrangements 3. As of March 31, 2026, includes amounts held at the Company's servicer 4. See Appendix for definitions of Debt-to-Equity Ratio and Total Leverage Ratio 5. See Appendix for a description of covenant requirements applicable to TRTX Note: Totals may not sum due to rounding 2.63x 2.64x 3.02x 3.10x 2.63x 2.64x 3.02x 3.10x Debt-to-Equity Ratio Total Leverage Ratio 6/30/2025 9/30/2025 12/31/2025 3/31/2026 $236.4 $216.4 $143.0 $172.8 $20.7 $16.4 $15.0 $15.0 $145.1 $77.2 $72.6 $77.0 $68.8 $78.6 $51.4 $39.7 $44.2 $41.2 Covenant Cash Cash Undrawn Capacity CLO Reinvestment Cash 6/30/2025 9/30/2025 12/31/2025 3/31/2026 1 2 18% $4.0 $1.8 3
Supplemental Information| 1Q 2026 6TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio 32% 13% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $4.3B Outstanding Principal Balance $4.1B MSA Concentrations (Top 25 / Top 10)1 58.2% / 35.8% Weighted Average All-in Yield2 7.10% Weighted Average Credit Spread 3.17% Weighted Average Interest Rate Floor 2.69% Weighted Average Borrower Interest Rate Cap3 4.52% % Floating Rate Loans4 99.6% Loan Category4,5 1. Top 25 markets determined by US Census. Portfolio loans with collateral properties that are located in different MSAs are classified in the market designation with over 50% of underlying loan collateral by unpaid principal balance 2. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price discount, and accrual of both extension and exit fees; All-in yield for the total portfolio assumes Term SOFR as of March 31, 2026 for weighted average calculations 3. Weighted Average Borrower Interest Rate Cap Strike Rate required by substantially all in-place loan agreements as of March 31, 2026, based on outstanding principal balances 4. By total loan commitment at March 31, 2026 5. See Appendix for definitions Note: Data as of March 31, 2026. Totals may not sum due to rounding East 27.7% West 38.5% Southeast 13.9% Southwest 11.5% Midwest 8.4% Loan Exposure by State4 Loan Exposure by Region4,5 10.6% 53.8% 5.0% 7.7% 1.8% 19.5% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Mar 31, 2026 Bridge 55.2% Moderate Transitional 19.7% Light Transitional 25.1%
Supplemental Information| 1Q 2026 7TPG RE Finance Trust, Inc.| NYSE: TRTX Full Repayments 53.4%46.6% Investments1 54.6%45.4% Loan Portfolio Composition ▪ 1Q26 total loan originations of $148.4 million, with a weighted average interest rate of Term SOFR + 2.73% and as-is LTV of 63.0% ▪ 1Q26 total loan repayments of $123.6 million, including full repayments of $92.7 million and partial repayments of $30.9 million 2026 Loan Portfolio Activity $148.4M $92.7M TTM Loan Portfolio Migration1 1. By total loan commitment Note: Data as of March 31, 2026 unless otherwise noted. Full repayments include loans held for investment (loan sales and REO conversions as applicable are not included) 63.0% Weighted Average LTV 65.4% Weighted Average LTV 3% Increase in Multifamily Exposure 39% Decrease in Office Exposure Weighted Average As-is LTV 1.6% 2 1.6%2.0% 29% Decrease in Life Science Exposure ▪ , and cost- recovery proceeds of $0.0 million ▪ 298% Increase in Industrial Exposure 17.3% 10.6% 10.6% 52.3% 53.4% 53.8% 10.3% 6.0% 5.0% 10.9% 7.8% 7.7% 2.3% 1.8% 1.8% 4.9% 18.8% 19.5% 66.1% 65.7% 65.5% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Mar 31, 2025 Dec 31, 2025 Mar 31, 2026
Supplemental Information| 1Q 2026 8TPG RE Finance Trust, Inc.| NYSE: TRTX $3,276.6 $8.8 $670.5 ($172.3) $3,783.6 $8.3 $265.3 ($415.8) $3,641.4 $11.9 $843.0 ($378.3) $4,118.1 $14.6 $135.5 ($123.6) $4,144.6 3/31/2025 Deferred Fundings Originations Repayments 6/30/2025 Deferred Fundings Originations Repayments 9/30/2025 Deferred Fundings Originations Repayments 12/31/2025 Deferred Fundings Originations Repayments 3/31/2026 $3,385.9 $3,899.3 $3,747.3 $4,290.6 $4,316.9 $109.8 $116.4 $106.8 $173.6 $173.5 Loan Portfolio Walk 1. Loan commitments exclude PIK interest of $1.2 million as of March 31, 2026, $1.0 million as of December 31, 2025, $0.9 million as of September 30, 2025, $0.7 million as of June 30, 2025, and $0.5 million as of March 31, 2025 2. New loan investments include initial funding amount funded on the closing date; all subsequent loan fundings are included in deferred fundings TTM Loan Originations of $1.9 billion Drive Net Asset Growth of 26% Repayments/Sales/ REO Conversion Unfunded Loan CommitmentsDeferred Fundings and New Loan Originations2Unpaid Principal BalanceTotal Loan Commitments1 6 6 YoY loan portfolio decline primarily attributable to loan resolutions of $1.1B4 consisting of: Repayments ($666M), Loan Sales ($212M) and REO Conversions ($254M) Sales: $— Repayments 1,090.0 REO — Total $1,090.0 1%
Supplemental Information| 1Q 2026 9TPG RE Finance Trust, Inc.| NYSE: TRTX $— $171.5 $3,797.1 $161.4 $—$— $169.2 $3,773.8 $159.9 $— March 31, 2026 December 31, 2025 1 2 3 4 5 3.01 3.02 3.00 3.00 6/30/2025 09/30/2025 12/31/2025 3/31/2026 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.01 Start of Period 3.0 3.0 3.0 3.0 Loan Resolutions2 3.0 3.0 3.0 3.0 Originations 3.0 3.0 3.0 3.0 End of Period 3.0 3.0 3.0 3.0 Weighted Average Risk Rating of 3.0 1Q 2026 Loan Count: 50 4Q 2025 Loan Count: 50 1. See Appendix for definitions, including Risk Ratings. 2. Loan resolutions include loan repayments in full, loan sales and REO conversions. Migration of Weighted Average Risk Ratings, by Property Type1 by Amortized Cost 44 44 3 0 44 3 0 3 3.1 3.1 3.0 3.0 2.7 2.8 3.0 3.0 4.0 4.0 3.0 3.0 3.0 3.0 1 2 3 4 5 1Q26 4Q25 1Q26 4Q25 1Q26 4Q25 1Q26 4Q25 1Q26 4Q25 1Q26 4Q25 1Q26 4Q25 Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage 0% 4% 92% 4% 0%0% 4% 92% 4% 0% March 31, 2026 December 31, 2025 1 2 3 4 5 3
Supplemental Information| 1Q 2026 10TPG RE Finance Trust, Inc.| NYSE: TRTX 176 176 180 179 176 176 180 179 General Reserve Specifically Identified Loans 6/30/2025 9/30/2025 12/31/2025 3/31/2026 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $68.8 $66.1 $77.4 $77.1 $68.8 $66.1 $77.4 $77.1 General Reserve Specifically Identified Loans 6/30/2025 9/30/2025 12/31/2025 3/31/2026 1. Represents the total CECL reserve expressed in basis points for the Company’s loan portfolio measured by commitments. The CECL reserve for non-specifically identified loans at March 31, 2026 is 179 bps, measured by the related CECL reserve (in dollars) divided by the related commitment (in dollars) ▪ Quarter-end allowance for credit losses of $77.1 million, a decrease of $0.3 million from $77.4 million as of December 31, 2025 —% —% No specifically identified loans No specifically identified loans
Supplemental Information| 1Q 2026 11TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 77.9% 22.1% 1.8% 76.1% Secured Credit Agreements (Credit MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources Total Financing Capacity $4.9B Outstanding Principal Balance $3.4B Sources of Financing 10 Non-Mark-to-Market 77.9% Weighted Average Credit Spread 1.80% Weighted Average Approved Advance Rate 83.6% 78% Non-MTM Financing1 Expected Debt Maturities2,3 1. Calculated on outstanding balance as of March 31, 2026 2. Based on extended maturity dates where ability to extend is at Company’s option 3. Maturity of collateralized loan obligation liabilities are based on the fully extended maturity of underlying mortgage loan collateral, considering the reinvestment window of each collateralized loan obligation Note: Data as of March 31, 2026 MTM Financing (credit only) Non-MTM Financing 2026 2027 2028 2029 2030 Thereafter $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2 $ in millions
Supplemental Information| 1Q 2026 12TPG RE Finance Trust, Inc.| NYSE: TRTX Real Estate Owned 1 Includes two properties 2. Excludes assumed working capital of $2.6 million 3. Carrying Value includes the impact of capital expenditures and depreciation and amortization recorded from acquisition to the reporting date Note: Carrying Value, Mortgage Debt Outstanding and Net Book Equity as of March 31, 2026 ($ in thousands) Office Office Total Office Multifamily Multifamily1 Multifamily Total Multifamily Total Portfolio Acquisition Date April 2023 December 2023 December 2023 November 2024 December 2024 Location Houston, TX Manhattan, NY Arlington Heights, IL San Antonio, TX Chicago, IL NRSF / Units 375,440 Sq. Ft. 121,238 Sq. Ft. 263 Units 600 Units 149 Units Fair Value at Acquisition2 $46,000 $40,041 $86,041 $72,000 $52,546 $37,358 $161,904 $247,945 Carrying Value3 $45,519 $35,690 $81,209 $65,537 $53,913 $35,691 $155,141 $236,350 Mortgage Debt Outstanding $31,200 $— $31,200 $— $— $— $— $31,200 Net Book Equity $14,319 $35,690 $50,009 $65,537 $53,913 $35,691 $155,141 $205,150 Property Photos ▪ Real Estate Owned portfolio with a total acquisition date fair value of $247.9 million, current carrying value of $236.4 million, and net book equity of $205.2 million as of March 31, 2026
Supplemental Information| 1Q 2026 13TPG RE Finance Trust, Inc.| NYSE: TRTX C hange in Index R ate $0.02 ($0.01) $0.00 $0.01 $0.02 - 1.00% - 0.50% 0.00% + 0.50% + 1.00% (0.02) (0.01) 0.00 0.01 0.02 0.03 Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quarter)1 1. Static analysis based on loan portfolio composition as of March 31, 2026 Index Rate at March 31, 2026 Term SOFR: 3.66%
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Supplemental Information| 1Q 2026 15TPG RE Finance Trust, Inc.| NYSE: TRTX TRTX Loan Portfolio 1. Represents TRTX’s potential maximum loan commitment/balance 2. Represents TRTX’s current loan balance and excludes third party pari passu and junior positions in the same capital structure, if any 3. See Appendix for a description of the Company’s Loan Risk Rating scale and definitions, including definition of LTV 4. Comprised of a first mortgage loan of $180.0 million and a contiguous mezzanine loan of $105.0 million, both of which we own. Each loan carries the same interest rate. 5. Comprised of a first mortgage loan of $245.0 million and a contiguous mezzanine loan of $11.3 million, of which we own both. The first mortgage loan has an interest rate of S+3.40% and the mezzanine loan has a fixed 8.0% PIK interest rate 6. Calculated as the ratio of unpaid principal balance as of March 31, 2026 to the as-is appraised value at origination, to reflect the sale by us in August 2020 of the contiguous mezzanine loan with an unpaid principal balance of $46.4 million and a commitment amount of $50.0 million as of sale date 7. Represents a 56.7% pari passu participation interest in a first mortgage loan, that was co-originated by the Company and a third-party. Note: As of March 31, 2026; Not all TRTX investments have or will have similar experiences or results, and there can be no assurance that the investments listed above will continue to perform in accordance with historical levels of performance $ Millions Loan Name TRTX Loan Commitment1 TRTX Loan Balance2 Interest Rate Extended Maturity Location Property Type Commitment Per Sq. ft. / Unit LTV3 Risk Rating3 Loan 14 $285.0 $269.6 S + 2.6% 4.7 years New York City, NY Multifamily $602,537 / Unit 69.5% 3 Loan 25 $256.3 $254.0 S + 3.6% 1.4 years San Jose, CA Multifamily $444,646 / Unit 72.6% 3 Loan 3 $227.1 $227.1 S + 3.0% 0.4 years New York, NY Office $448 Sq. ft. 65.2% 3 Loan 4 $194.5 $194.5 S + 3.4% 2.1 years Daly City, CA Life Science $492 Sq. ft. 63.1% 3 Loan 5 $173.0 $162.9 S + 2.7% 4.3 years Los Angeles, CA Multifamily $364,211 / Unit 72.1% 3 Loan 67 $169.1 $163.5 S + 3.2% 4.3 years Various, Various Industrial $94 Sq. ft. 62.8% 3 Loan 7 $129.0 $116.3 S + 3.4% 3.8 years Various, Various Industrial $215 Sq. ft. 55.3% 3 Loan 8 $113.0 $110.0 S + 3.3% 3.7 years Various, Various Multifamily $112,214 / Unit 64.6% 3 Loan 9 $106.0 $106.0 S + 3.5% 0.4 years Various, NJ Multifamily $117,796 / Unit 71.3% 3 Loan 10 $101.5 $101.5 S + 3.8% 4.4 years Nashville, TN Hotel $331,699 / Unit 67.7% 3 Loans 11 - 50 $2,562.4 $2,439.2 S + 3.2% 3.1 years 64.5% 3.0 Total Loans $4,316.9 $4,144.6 S +3.2% 3.0 years 65.5% 3.0 6
Supplemental Information| 1Q 2026 16TPG RE Finance Trust, Inc.| NYSE: TRTX Per Share Calculations Reconciliation of Net Income Attributable to Common Stockholders and Distributable Earnings 1. Includes preferred stock dividends declared and paid for Series A preferred stock and Series C Preferred Stock 2. GAAP Gain on sale of real estate owned, net includes the impact of $5.1 million of depreciation and amortization expense recognized in previous quarters. For purposes of Distributable Earnings, depreciation and amortization expense on real estate owned is an add back in the quarter recognized. Accordingly, in the reporting period sold, the GAAP Gain on sale of real estate owned, net must be reduced by the accumulated depreciation and amortization expense previously recognized. ▪ The following tables provide a reconciliation of GAAP net income to GAAP Net Income Attributable to Common Stockholders and Distributable Earnings (in thousands, except share and per share data): Book Value Per Common Share As of the Period Ended Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Total Stockholders' Equity $1,062,134 $1,068,023 $1,082,530 $1,090,837 Series C Preferred Stock ($201,250 aggregate liquidation preference) (201,250) (201,250) (201,250) (201,250) Series A Preferred Stock ($125 aggregate liquidation preference) (125) (125) (125) (125) Stockholders' Equity, Net of Preferred Stock $860,759 $866,648 $881,155 $889,462 Number of Common Shares Outstanding at Period End 77,801,209 78,318,722 78,306,713 79,420,606 Book Value per Common Share $11.06 $11.07 $11.25 $11.20 Three Months Ended (unaudited) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Net Income $18,939 $3,976 $21,993 $20,631 Preferred Stock Dividends1 (3,148) (3,148) (3,148) (3,148) Participating Securities' Share in Earnings (625) (639) (396) (602) Net Income Attributable to Common Stockholders $15,166 $189 $18,449 $16,881 Weighted-Average Common Shares Outstanding, Basic 78,252,513 78,269,283 78,515,639 79,474,862 Weighted-Average Common Shares Outstanding, Diluted 79,063,393 78,445,515 78,813,809 80,208,877 Earnings Per Common Share, Basic $0.19 $0.00 $0.23 $0.21 Earnings Per Common Share, Diluted $0.19 $0.00 $0.23 $0.21 Non-Cash Stock Compensation Expense 2,056 4,402 1,389 1,997 Depreciation and Amortization 2,577 2,595 2,712 3,423 Credit Loss (Benefit) Expense (286) 11,277 (2,608) 1,778 GAAP Gain on sale of real estate owned, net2 — — — (6,970) Adjusted Gain on sale of real estate owned, net for purposes of Distributable Earnings2 — — — 1,869 Distributable earnings before realized losses from loan sales and other loan resolutions $19,513 $18,463 $19,942 $18,978 Realized loss on loan write-offs related to loan sales and REO conversions — — — — Distributable Earnings $19,513 $18,463 $19,942 $18,978 Weighted-Average Common Shares Outstanding, Basic 78,252,513 78,269,283 78,515,639 79,474,862 Weighted-Average Common Shares Outstanding, Diluted 79,063,393 78,445,515 78,813,809 80,208,877 Distributable earnings before realized losses from loan sales and other loan resolutions per Common Share, Basic $0.25 $0.24 $0.25 $0.24 Distributable earnings before realized losses from loan sales and other loan resolutions per Common Share, Diluted $0.25 $0.24 $0.25 $0.24 Distributable Earnings per Common Share, Basic $0.25 $0.24 $0.25 $0.24 Distributable Earnings per Common Share, Diluted $0.25 $0.24 $0.25 $0.24 2. For the three months ended June 30, 2022, capital loss carryforwards were utilized to offset a $13.3 million taxable gain realized from the partial sale of an REO Property
Supplemental Information| 1Q 2026 17TPG RE Finance Trust, Inc.| NYSE: TRTX All amounts in thousands except share and per share amounts Consolidated Balance Sheets March 31, 2026 December 31, 2025 ASSETS Cash and cash equivalents $91,985 $87,613 Restricted cash 472 654 Collateralized loan obligation proceeds held at trustee — 3,976 Accounts receivable from servicer/trustee 43,745 717 Accrued interest and fees receivable 29,610 28,430 Loans held for investment 4,129,958 4,103,022 Allowance for credit losses (74,033) (74,503) Loans held for investment, net (includes $979,508 and $850,661, respectively, pledged as collateral under secured financing agreements) 4,055,925 4,028,519 Real estate owned, net 223,652 224,386 Other assets 26,866 31,935 Total Assets $4,472,255 $4,406,230 LIABILITIES AND EQUITY Liabilities Accrued interest payable $7,102 $6,751 Accrued expenses and other liabilities 13,860 15,884 Collateralized loan obligations, net 2,534,104 2,579,920 Secured financing agreements, net 738,578 618,470 Asset-specific financings, net 59,727 59,780 Mortgage loan payable, net 30,874 30,838 Payable to affiliates 5,315 5,274 Deferred revenue 1,318 1,940 Dividends payable 19,243 19,350 Total Liabilities $3,410,121 $3,338,207 Commitments and Contingencies Stockholders' Equity: Series A Preferred Stock ($0.001 par value per share; 100,000,000 and 100,000,000 shares authorized; 125 and 125 shares issued and outstanding, respectively) ($125 aggregate liquidation preference) — — Series C Preferred Stock ($0.001 par value per share; 8,050,000 shares authorized; 8,050,000 and 8,050,000 shares issued and outstanding, respectively) ($201,250 aggregate liquidation preference) 8 8 Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 77,801,209 and 78,318,722 shares issued and outstanding, respectively) 78 78 Additional paid-in-capital 1,742,631 1,740,585 Accumulated deficit (680,583) (672,648) Total Stockholders' Equity 1,062,134 1,068,023 Total Liabilities and Stockholders' Equity $4,472,255 $4,406,230
Supplemental Information| 1Q 2026 18TPG RE Finance Trust, Inc.| NYSE: TRTX Consolidated Statements of Income and Comprehensive Income All amounts in thousands except share and per share amounts Three Months Ended March 31, 2026 2025 Interest income and interest expense Interest income $74,179 $68,045 Interest expense (48,462) (43,143) Net interest income 25,717 24,902 Other revenue Other income, net 3,303 1,851 Revenue from real estate owned operations 8,288 10,279 Total other revenue 11,591 12,130 Other expenses Professional fees 1,468 788 General and administrative 910 1,101 Stock compensation expense 2,056 2,019 Servicing and asset management fees 525 422 Management fee 5,315 5,153 Expenses from real estate owned operations 8,269 10,350 Total other expenses 18,543 19,833 Credit loss benefit (expense), net 286 (3,424) Income before income taxes 19,051 13,775 Income tax expense, net (112) (56) Net income $18,939 $13,719 Preferred stock dividends and participating securities' share in earnings (3,773) (3,759) Net Income Attributable to Common Stockholders $15,166 $9,960 Earnings per Common Share, Basic $0.19 $0.12 Earnings per Common Share, Diluted $0.19 $0.12 Weighted Average Number of Common Shares Outstanding Basic: 78,252,513 80,975,625 Diluted: 79,063,393 81,768,745 Dividends declared per common share $0.24 $0.24 Other comprehensive income Net income $18,939 $13,719 Comprehensive net income $18,939 $13,719
Supplemental Information| 1Q 2026 19TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions ▪ 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 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 extend 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 REIT 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. ▪ 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. Distributable Earnings
Supplemental Information| 1Q 2026 20TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions (cont.) ▪ Fundings to borrowers that are made under existing loan commitments after a loan closing date.Deferred Fundings Geographic Diversity ▪ TRTX divides the South region into separate Southeast and Southwest regions using definitions established by The National Council of Real Estate Investment Fiduciaries (NCREIF). A reconciliation to TRTX’s Form 10-Q at March 31, 2026 follows (dollars in millions): Note: Totals may not sum due to rounding Region Form 10-Q Reclassification Supplemental % Total Commitment East $1,023.3 $175.3 $1,198.6 27.7 % South 941.6 (941.6) — — West 1,574.4 86.8 1,661.2 38.5 % Midwest 235.6 127.0 362.6 8.4 % Southeast — 599.1 599.1 13.9 % Southwest — 495.5 495.5 11.5 % Various 542.1 (542.1) — — Total $4,316.9 $— $4,316.9 100.0 % ▪ Our financial covenants and guarantees for outstanding borrowings related to our secured financing agreements require TPG RE Finance Trust Holdco, LLC, a Delaware limited liability company that is wholly owned by TRTX, to maintain compliance with the following financial covenants (among others): – Cash Liquidity: Minimum cash liquidity of no less than the greater of: $15.0 million; and 5.0% of Holdco’s recourse indebtedness – Tangible Net Worth: $1.0 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense), minus 75% of the redeemed or repurchased preferred or redeemable equity or stock. With respect to the Secured Revolving Credit Facility, $0.8 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense) after September 30, 2024, minus 75% of the redeemed or repurchased preferred or redeemable equity or stock after September 30, 2024 – Debt-to-Equity: Debt-to-Equity ratio not to exceed 4.25 to 1.0 with equity, as defined – Interest Coverage: Minimum interest coverage ratio of no less than 1.4 to 1.0 Financial Covenants
Supplemental Information| 1Q 2026 21TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions (cont.) ▪ Except for construction loans, LTV is calculated for loan originations and existing loans as the total outstanding principal balance of the loan or participation interest in a loan (plus any financing that is pari passu with or senior to such loan or participation interest), divided by the as-is appraised value of our collateral at the time of origination or acquisition of such loan or participation interest. For construction loans only, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value of the real estate securing the loan. The as-is or as-stabilized (as applicable) value reflects our Manager’s estimates, at the time of origination or acquisition of the loan or participation interest in a loan, of the real estate value underlying such loan or participation interest determined in accordance with our Manager’s underwriting standards and consistent with third-party appraisals obtained by our Manager. Loan-to-Value (LTV) ▪ Debt-to-Equity Ratio - Represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, secured credit agreements, asset-specific financing arrangements, a secured revolving credit facility, and mortgage loans payable, less cash, to (ii) total stockholders’ equity, at period end. ▪ Total Leverage Ratio - Represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, secured credit agreements, asset-specific financing arrangements, a secured revolving credit facility, and mortgage loans payable, plus nonconsolidated senior interests sold or co-originated (if any), less cash, to (ii) total stockholders’ equity, at period end. Leverage ▪ Bridge Loan - A loan with limited deferred fundings, generally less than 10% of the total loan commitment, which fundings are commonly conditioned on the borrower’s satisfaction of certain collateral performance tests. The related business plan generally involves little or no capital expenditure related to base building work (e.g., building mechanical systems, lobbies, elevators, common areas, or other amenities), with most deferred fundings related to leasing activity. The primary focus is on maintaining or improving current operating cash flow, or addressing minimal lease expirations or existing tenant vacancies. ▪ Light Transitional Loan - A transitional loan with deferred fundings ranging from 10% to 20% of the total loan commitment, which fundings are commonly conditioned on the borrower’s completion of specified improvements to the property or satisfaction of certain collateral performance tests. The related business plan is to lease existing or forecasted tenant vacancy to achieve stabilized occupancy and cash flow. Capital expenditure is primarily to fund leasing commissions and tenant improvements for new tenant leases, and capital expenditure allocated to base building work generally does not exceed 20%. Deferred fundings may also be budgeted to fund operating deficits, or interest expense, during the period prior to stabilized occupancy. ▪ Moderate Transitional Loan - A transitional loan with deferred fundings greater than 20% of the total loan commitment, which fundings are commonly conditioned on the borrower’s completion of specified improvements to the property or satisfaction of certain collateral performance tests. The related business plan generally involves capital expenditure for base building work needed before substantial leasing activity can be achieved, followed by capital expenditure for tenant improvements and leasing commissions to achieve stabilized occupancy and cash flow. Deferred fundings may also be budgeted to fund operating deficits, or interest expense, during the period prior to stabilized occupancy. ▪ Construction Loan - A loan made to a borrower to fund the ground-up construction of a commercial real estate property, or the horizontal development of commercial land. Loan Category
Supplemental Information| 1Q 2026 22TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions (cont.) Property Types ▪ Mixed-Use: TRTX classifies a loan as mixed-use if the property securing TRTX’s loan (a) involves more than one use; and (b) no single use represents more than 60% of the collateral property’s total value. In certain instances, TRTX’s classification may be determined by its assessment of which use is the principal driver of the property’s aggregate net operating income. ▪ Life Science: TRTX classifies a loan as life science if more than 60% of the gross leasable area is leased to, or will be converted to, life science-related space. Life science-related space includes laboratory space, office space, or allied light manufacturing space used in support of biotechnology, pharmaceuticals, biomedical technologies, life systems technologies, and the design and manufacture of biomedical technology. Loan Risk Ratings ▪ Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, whereby no single factor on its own, whether quantitative or qualitative, is given more weight than others. The factors that the Company considers in connection with this evaluation are grouped as follows: (i) loan and credit structure, including the as-is LTV; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geography, local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; (iv) the frequency and materiality of loan modifications or waivers occasioned by unfavorable variances between the underwritten business plan and actual performance; (v) changes in the capital markets that may impact the repayment of the loan via a refinancing or sale of the loan collateral; and (vi) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively: ◦ 1 - Very Low Risk ◦ 2 - Low Risk ◦ 3 - Medium Risk ◦ 4 - High Risk/Potential for Loss—A loan that has a high risk of realizing a principal loss; and ◦ 5 - Default/Loss Likely—A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss. ▪ The Company generally assigns a risk rating of “3” to all loan investments upon origination or acquisition, except when specific circumstances warrant an exception.
Supplemental Information| 1Q 2026 23TPG RE Finance Trust, Inc.| NYSE: TRTX Company Information Contact Information Headquarters: 888 Seventh Avenue 35th Floor New York, NY 10106 New York Stock Exchange: Symbol: TRTX TPG RE Finance Trust, Inc. Brandon Fox Interim Chief Financial Officer and Chief Accounting Officer +1 (415) 706-2751 bfox@tpg.com Investor Relations: +1 (212) 405-8500 IR@tpgrefinance.com External Affairs Contact: TPG RE Finance Trust, Inc. Courtney Power +1 (415) 743-1550 media@tpg.com Analyst Coverage BofA Securities Eric Dray +1 (646) 855-5780 Citizens JMP Securities Steven DeLaney +1 (212) 906-3517 Wells Fargo Donald Fandetti +1 (212) 214-8069 JP Morgan Richard Shane +1 (415) 315-6701 BTIG Thomas Catherwood +1 (212) 738-6140 Raymond James Gabe Poggi +1 (571) 227-9641 Transfer Agent Equiniti Trust Company, LLC +1 (800) 937-5449 HelpAST@equiniti.com 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 www.tpgrefinance.com.
FAQ
How did TPG RE Finance Trust (TRTX) perform financially in Q1 2026?
TPG RE Finance Trust reported GAAP net income attributable to common stockholders of $15.2 million, or $0.19 per diluted share. Distributable Earnings were $19.5 million, or $0.25 per diluted share, providing full coverage of the $0.24 common dividend.
What is the composition and risk profile of TRTX’s loan portfolio?
TRTX had a $4.3 billion loan investment portfolio with a 100% performing status and a weighted average risk rating of 3.0. Office exposure was reduced to less than 5%, and nearly 70% of loans were newer-vintage multifamily and industrial originations.
How strong are TRTX’s liquidity and leverage positions after Q1 2026?
The company reported $172.8 million of near-term liquidity, including $77.0 million of investable cash and $39.7 million of undrawn secured capacity. Its Debt-to-Equity Ratio was 3.1x, and 77.9% of borrowings were non-mark-to-market financing.
What credit loss reserve did TRTX carry at March 31, 2026?
As of March 31, 2026, TRTX’s allowance for credit losses was $77.1 million, down slightly from $77.4 million at year-end 2025. This reserve equaled 179 basis points of total loan commitments, reflecting management’s current loss expectations.