Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Investor Presentation (March 2026)
25 slides from Tpg Re Finance Trust's investor presentation, Mar 2, 2026
Slide 1: TPG RE Finance Trust, Inc. Investor Presentation
March 2026 TPG RE Finance Trust, Inc. Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Other Disclosures
Investor Presentation| March 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
Slide 3: TRTX By the Numbers
Investor Presentation| March 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 extens
Slide 4: Fourth Quarter and Full Year 2025 Highlights
Investor Presentation| March 2026 4TPG RE Finance Trust, Inc.| NYSE: TRTX Fourth Quarter and Full Year 2025 Highlights Financials 1.Refer to Appendix for reconciliation from GAAP Net Income (Loss) to Distributable Earnings 2. In addition to credit spread, all-in yield includes the amortization of de
Slide 5: TRTX Relative Stock Performance
Investor Presentation| March 2026 5TPG RE Finance Trust, Inc.| NYSE: TRTX 0.76x 0.94x 0.88x 0.78x 0.53x 0.24x 0.22x TRTX BXMT ARI BRSP KREF GPMT CMTG 11.3% 14.6% 11.5% 11.2% 9.6% 9.4% —% TRTX KREF GPMT BRSP BXMT ARI CMTG Current Common Stock Dividend Yield2 Current Price to Book Value Multiple3 1. T
Slide 6: TPG – Premier Global Asset Manager
Investor Presentation| March 2026 6TPG RE Finance Trust, Inc.| NYSE: TRTX TPG – Premier Global Asset Manager Capital Market Solutions $91B $32B $17B TPG Tech Adjacencies TPG Growth TPG Private Equity Opportunities TPG GP Solutions TPG NewQuest TPG Peppertree TPG Capital TPG Healthcare Partners TPG A
Slide 7: Strength of TPG Real Estate Platform
Investor Presentation| March 2026 7TPG RE Finance Trust, Inc.| NYSE: TRTX Strength of TPG Real Estate Platform Well-established real estate franchise with extensive portfolio and network creates significant advantages for TRTX in executing its lending strategy 1. As of December 31, 2025. Includes co
Slide 8: Capital Allocation - Path to Growth
Investor Presentation| March 2026 8TPG RE Finance Trust, Inc.| NYSE: TRTX Leverage Ratio / Target Leverage Ratio $0.01 $0.03 $0.04 $4,293 $4,539 $4,806 $5,073 Potential Incremental Distributable Earnings per share (quarterly) Potential Gross Loan Investment Capacity 3.02x 3.25x 3.50x 3.75x $0.00 $0.
Slide 9: 4Q25 Operating Results
Investor Presentation| March 2026 9TPG RE Finance Trust, Inc.| NYSE: TRTX $11.25 $0.00 ($0.01) $0.19 ($0.24) ($0.04) $0.06 ($0.14) $11.07 Book Value 9/30/25 Retired Common Stock Issuance of Common Stock Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Share
Slide 10: Liquidity and Leverage
Investor Presentation| March 2026 10TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity as a Percentage of Total Assets Leverage Ratios3,4 1. Cash held to satisfy liquidity covenants under secured credit agreements 2. Available for Eligible Collateral, as defined in rel
Slide 11: Loan Portfolio
Investor Presentation| March 2026 11TPG 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 56.1% / 34.2% Weighted Average All-in Yield2 7.15% Weighted Avera
Slide 12: Loan Portfolio Composition and Activity
Investor Presentation| March 2026 12TPG RE Finance Trust, Inc.| NYSE: TRTX Full Repayments 14.0% 64.1% 19.7% 2.2% Investments1 59.0% 5.4% 35.6% Loan Portfolio Composition ▪ 4Q25 total loan originations of $927.0 million, with a weighted average interest rate of Term SOFR + 2.66% and as-is LTV of 64.
Slide 13: Loan Portfolio Walk
Investor Presentation| March 2026 13TPG RE Finance Trust, Inc.| NYSE: TRTX $3,284.5 $13.6 ($21.5) $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) $4,118.1 12/31/2024 Deferred Fundings Repayments 3/31/2025 Deferred Fundings Originations Repayments 6/30/2025
Slide 14: Risk Ratings
Investor Presentation| March 2026 14TPG RE Finance Trust, Inc.| NYSE: TRTX 3.02 3.01 3.02 3.00 3/31/2025 06/30/2025 9/30/2025 12/31/2025 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.01 Start of Period
Slide 15: CECL Reserve
Investor Presentation| March 2026 15TPG RE Finance Trust, Inc.| NYSE: TRTX 199 176 176 180 199 176 176 180 General Reserve Specifically Identified Loans 3/31/2025 6/30/2025 9/30/2025 12/31/2025 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $67.2 $68.8 $66.1 $7
Slide 16: Diverse Financing Sources
Investor Presentation| March 2026 16TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 82.0% 18.0% 1.8% 1.0% 79.2% Secured Credit Agreements (Credit MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources
Slide 17: Impact of Changing Rates
Investor Presentation| March 2026 17TPG RE Finance Trust, Inc.| NYSE: TRTX Change in Index Rate $0.02 ($0.01) $0.00 $0.01 $0.03 - 1.00% - 0.50% 0.00% + 0.50% + 1.00% (0.02) (0.01) 0.00 0.01 0.02 0.03 0.04 Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quar
Slide 18: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 19: TRTX Loan Portfolio
Investor Presentation| March 2026 19TPG 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. Se
Slide 20: Per Share Calculations
Investor Presentation| March 2026 20TPG 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 St
Slide 21: Definitions
Investor Presentation| March 2026 21TPG 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 loa
Slide 22: Definitions (cont.)
Investor Presentation| March 2026 22TPG 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
Slide 23: Definitions (cont.)
Investor Presentation| March 2026 23TPG 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 th
Slide 24: Definitions (cont.)
Investor Presentation| March 2026 24TPG 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 propert
Slide 25: Company Information
Investor Presentation| March 2026 25TPG 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 Acc
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