Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q1 2026 Earnings Presentation
27 slides from Tpg Re Finance Trust's earnings presentation, Apr 29, 2026
Slide 1: TPG RE Finance Trust Reports Operating Results for Quarter Ended March 31, 2026
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,
Slide 2: Subsequent Events
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 t
Slide 3: Forward-Looking Statements
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 un
Slide 4: Non-GAAP Financial Measures Reconciliation
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 (includin
Slide 5: First Quarter 2026 Supplemental Information
First Quarter 2026 Supplemental Information April 28, 2026
Slide 6: Forward-Looking Statements and Other Disclosures
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
Slide 7: TRTX By the Numbers
TRTX By the Numbers Loan Portfolio1 Liquidity & Capitalization Dividend & Earnings $4.3 billion $172.8 million $0.24 Loan Investment Portfolio of Liquidity 5 1Q26 Common Stock Dividend Declared $86.3 million 100% 77.9% 3.1x $0.19 $0.25 1Q26 Distributable Average Loan Size Performing Portfolio Non-Ma
Slide 8: 1Q26 Operating Results
1Q26 Operating Results Net Income Distributable Earnings ($ in millions) Attributable to Common Adjustments Distributable Earnings2 per Common Share, Stockholders1 Diluted Interest Income $74.2 $— $74.2 $0.94 $0.19 GAAP Income per Interest Expense (48.5) — (48.5) (0.61) Diluted Share1 Net Interest I
Slide 9: Liquidity and Leverage
Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios4,5 Covenant Cash1 Cash 2 Debt-to-Equity Ratio Total Leverage Ratio Undrawn Capacity CLO Reinvestment Cash3 $236.4 $1.8 18% 3.10x 3.10x $216.4 3.02x 3.02x $68.8 $44.2 2.63x 2.63x 2.64x 2.64x $172.8 $143.0 $41.2 $4.0 $78.6 $51.
Slide 10: Loan Portfolio
Loan Portfolio Portfolio Metrics Loan Category4,5 Total Loan Commitments $4.3B Outstanding Principal Balance $4.1B Light MSA Concentrations (Top 25 / Top 10)1 58.2% / 35.8% Transitional 25.1% Weighted Average All-in Yield2 7.10% Bridge Weighted Average Credit Spread 3.17% 55.2% Moderate Weighted Ave
Slide 11: Loan Portfolio Composition
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
Slide 12: Loan Portfolio Walk
Loan Portfolio Walk TTM Loan Originations of $1.9 billion Drive Net Asset Growth of 26% Total Loan Commitments1 Unpaid Principal Balance Deferred Fundings and New Loan Originations2 Repayments/Sales/ Unfunded Loan Commitments REO Conversion $843.0 $4,290.6 $135.5 $4,316.9 ($378.3) $14.6 $265.3 $173.
Slide 13: Risk Ratings
Risk Ratings Dispersion of Risk Ratings1 Trailing 4 Stable Risk Ratings1 by Amortized Cost ($ in millions) Quarter By Amortized Cost Average: March 31, 2026 December 31, 2025 3.01 3.01 3.02 3.00 3.00 $3,797.1 $3,773.8 1Q 2026 Loan Count: 50 4Q 2025 Loan Count: 50 44 44 6/30/2025 09/30/2025 12/31/202
Slide 14: CECL Reserve
CECL Reserve ▪ 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 QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M General Reserve Specifically Identified Loans General Reserve Specifically Identifie
Slide 15: Loan Financing
Loan Financing Diverse Financing Sources 78% Non-MTM Financing1 Total Financing Capacity $4.9B Outstanding Principal Balance $3.4B Secured Credit 22.1% Agreements (Credit MTM) 1.8% Sources of Financing 10 Asset-Specific Financing Secured Revolving 76.1% Credit Facility Non-MTM Non-Mark-to-Market 77.
Slide 16: Real Estate Owned
Real Estate Owned ▪ 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 $205.2 million as of March 31, 2026 ($ in thousands) Office Office Total Office Multifamily Multifamily1 Multifamily Total Mult
Slide 17: Impact of Changing Rates
Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quarter)1 0.03 Index Rate at March 31, 2026 Term SOFR: 3.66% $0.02 $0.02 0.02 $0.01 0.01 $0.00 0.00 (0.01) ($0.01) (0.02) - 1.00% - 0.50% 0.00% + 0.50% + 1.00% C hange in Index R ate 1. Static analysis based o
Slide 18: Appendix
Appendix TPG RE Finance Trust, Inc.| 4Q 2022
Slide 19: TRTX Loan Portfolio
TRTX Loan Portfolio $ Millions Commitment TRTX Loan TRTX Loan Extended Property Per Sq. ft. / Loan Name Commitment1 Balance2 Interest Rate Maturity Location Type 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.
Slide 20: Per Share Calculations
Per Share Calculations ▪ 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): Three Months Ended (unaudited) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets All amounts in thousands except share and per share amounts 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
Slide 22: Consolidated Statements of Income and Comprehensive Income
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 Othe
Slide 23: Definitions
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 it
Slide 24: Definitions (cont.)
Definitions (cont.) Deferred Fundings ▪ Fundings to borrowers that are made under existing loan commitments after a loan closing date. ▪ Our financial covenants and guarantees for outstanding borrowings related to our secured financing agreements require TPG RE Finance Trust Holdco, LLC, a Delaware
Slide 25: Definitions (cont.)
Definitions (cont.) ▪ 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,
Slide 26: Definitions (cont.)
Definitions (cont.) ▪ 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 asse
Slide 27: Company Information
Company Information 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