Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — FY2025 Earnings Presentation
24 slides from Tpg Re Finance Trust's earnings presentation, Feb 17, 2026
Slide 1: Fourth Quarter and Full Year 2025 Supplemental Information
February 17, 2026 Fourth Quarter and Full Year 2025 Supplemental Information Exhibit 99.2
Slide 2: Forward-Looking Statements and Other Disclosures
Supplemental Information| 4Q 2025 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
Supplemental Information| 4Q 2025 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
Supplemental Information| 4Q 2025 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: 4Q25 Operating Results and Book Value
Supplemental Information| 4Q 2025 5TPG RE Finance Trust, Inc.| NYSE: TRTX $11.25 $0.00 ($0.01) $0.19 ($0.24) ($0.04) $0.06 ($0.14) $11.07 Book Value 9/30/25 Retired Common Stock Issuance of Common Stock Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Share
Slide 6: Liquidity and Leverage
Supplemental Information| 4Q 2025 6TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios3,4 1. Cash held to satisfy liquidity covenants under secured credit agreements 2. Available for Eligible Collateral, as defined in relevant loan portfo
Slide 7: Loan Portfolio
Supplemental Information| 4Q 2025 7TPG 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 Averag
Slide 8: Loan Portfolio Composition and Activity
Supplemental Information| 4Q 2025 8TPG 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 64.2
Slide 9: Loan Portfolio Walk
Supplemental Information| 4Q 2025 9TPG 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) $4,118.1 12/31/2024 Deferred Fundings Repayments 3/31/2025 Deferred Fundings Originations Repayments 6/30/2025 D
Slide 10: Risk Ratings
Supplemental Information| 4Q 2025 10TPG RE Finance Trust, Inc.| NYSE: TRTX 3.02 3.01 3.02 3.00 3/31/2025 06/30/2025 9/30/2025 12/31/2025 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.01 Start of Period
Slide 11: CECL Reserve
Supplemental Information| 4Q 2025 11TPG 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 12: Diverse Financing Sources
Supplemental Information| 4Q 2025 12TPG 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 13: Real Estate Owned
Supplemental Information| 4Q 2025 13TPG 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
Slide 14: Portfolio Net Interest Income Sensitivity
Supplemental Information| 4Q 2025 14TPG 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 15: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 16: TRTX Loan Portfolio
Supplemental Information| 4Q 2025 16TPG 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 17: Per Share Calculations
Supplemental Information| 4Q 2025 17TPG 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 18: Consolidated Balance Sheets
Supplemental Information| 4Q 2025 18TPG RE Finance Trust, Inc.| NYSE: TRTX All amounts in thousands except share and per share amounts Consolidated Balance Sheets December 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $87,613 $190,160 Restricted cash 654 323 Accounts receivable — 10 Co
Slide 19: Consolidated Statements of Income and Comprehensive Income
Supplemental Information| 4Q 2025 19TPG 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 December 31, Year Ended December 31, 2025 2024 2025 2024 Interest income and interest e
Slide 20: Definitions
Supplemental Information| 4Q 2025 20TPG 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 21: Definitions (cont.)
Supplemental Information| 4Q 2025 21TPG 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 22: Definitions (cont.)
Supplemental Information| 4Q 2025 22TPG 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 23: Definitions (cont.)
Supplemental Information| 4Q 2025 23TPG 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 24: Company Information
Supplemental Information| 4Q 2025 24TPG 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