Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q4 2025 Earnings Presentation
29 slides from Tpg Re Finance Trust's earnings presentation, Feb 18, 2026
Slide 1: TPG RE Finance Trust Reports Operating Results for Quarter and Full Year 2025
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2025 February 17, 2026 NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter and full year ended December 31, 20
Slide 2: Full Year 2025 Activity
• Issued TRTX 2025-FL7, a $1.1 billion managed CRE CLO with $957.0 million of investment-grade bonds outstanding, a 30- month reinvestment period, an advance rate of 87.0%, and a weighted average interest rate at issuance of Term SOFR plus 1.67%, before transaction costs. • Redeemed all $411.5 milli
Slide 3: Subsequent Events
SUBSEQUENT EVENTS • Closed one first mortgage loan with a total loan commitment of $81.0 million and initial funding of $78.5 million, an interest rate of Term SOFR + 2.65%, and an as-is loan-to-value ratio of 65.1%. • Received the full repayment of one first mortgage loan with a total loan commitme
Slide 4: 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 5: 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 6: Fourth Quarter and Full Year 2025 Supplemental Information
Fourth Quarter and Full Year 2025 Supplemental Information February 17, 2026
Slide 7: 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 8: TRTX By the Numbers
TRTX By the Numbers Loan Portfolio1 Liquidity & Capitalization Dividend & Earnings $4.3 billion $143.0 million $0.24 Loan Investment Portfolio of Liquidity 5 4Q25 Common Stock Dividend Declared $85.8 million 82.0% 3.0x $0.00 $0.24 100% 4Q25 Distributable Average Loan Size Non-Mark-to-Market Debt-to-
Slide 9: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 2025 Highlights • Net income attributable to common stockholders of $0.2 million or $0.00 per diluted common share and $45.5 million or $0.57 per diluted common share for 4Q25 and the year ended December 31, 2025, respectively • Distributable Earnings of $18.5 million or
Slide 10: 4Q25 Operating Results
4Q25 Operating Results Net Income Distributable Earnings ($ in millions) Attributable to Common Adjustments Distributable Earnings2 per Common Share, Stockholders1 Diluted Interest Income $74.4 $— $74.4 $0.95 $0.00 GAAP Income per Interest Expense (49.0) — (49.0) (0.62) Diluted Share1 Net Interest I
Slide 11: Liquidity and Leverage
Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios3,4 Covenant Cash1 Cash 2 Debt-to-Equity Ratio Total Leverage Ratio Undrawn Capacity CLO Reinvestment Cash $457.6 $69.2 35% 3.02x 3.02x $25.4 2.63x 2.63x 2.64x 2.64x 2.23x 2.23x $236.4 $1.8 $216.4 $68.8 $44.2 $348.0 $143.0 $4.
Slide 12: 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 56.1% / 34.2% Transitional 24.8% Weighted Average All-in Yield2 7.15% Bridge Weighted Average Credit Spread 3.18% 55.4% Moderate Weighted Ave
Slide 13: Loan Portfolio Composition
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% ▪ 4Q25 total loan repayments of $378.3 million, including full repayments of $378.3 million and no partial repayments 2025 Loan Portfolio Act
Slide 14: Loan Portfolio Walk
Loan Portfolio Walk TTM Loan Originations of $1.9 billion Drive Net Asset Growth of 25% Total Loan Commitments1 Unpaid Principal Balance Deferred Fundings and New Loan Originations2 Repayments/Sales/ Unfunded Loan Commitments REO Conversion $843.0 $4,290.6 ($378.3) $265.3 $173.6 $670.5 $3,899.3 $8.3
Slide 15: Risk Ratings
Risk Ratings Dispersion of Risk Ratings1 Trailing 4 Stable Risk Ratings1 by Amortized Cost ($ in millions) Quarter By Amortized Cost Average: December 31, 2025 September 30, 2025 3.01 $3,773.8 3.02 3.01 3.02 3.00 $3,449.4 4Q 2025 Loan Count: 50 3Q 2025 Loan Count: 47 44 44 3/31/2025 06/30/2025 9/30/
Slide 16: CECL Reserve
CECL Reserve ▪ Quarter-end allowance for credit losses of $77.4 million, an increase of $11.3 million from $66.1 million as of September 30, 2025 QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M General Reserve Specifically Identified Loans General Reserve Specifically Identi
Slide 17: Loan Financing
Loan Financing Diverse Financing Sources 82% Non-MTM Financing1 Total Financing Capacity $4.9B Outstanding Principal Balance $3.3B 18.0% 1.8% Secured Credit Agreements (Credit MTM) 1.0% Sources of Financing 10 Asset-Specific Financing Secured Revolving 79.2% Credit Facility Non-MTM Non-Mark-to-Marke
Slide 18: 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 $237.7 million, and net book equity of $206.5 million as of December 31, 2025 ($ in thousands) Office Office Total Office Multifamily Multifamily1 Multifamily Total M
Slide 19: Impact of Changing Rates
Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quarter)1 0.04 Index Rate at December 31, 2025 Term SOFR: 3.69% $0.03 0.03 $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% Change in Index Rate 1. Static analysis b
Slide 20: Appendix
Appendix TPG RE Finance Trust, Inc.| 4Q 2022
Slide 21: 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 $268.3 S + 2.6% 2.9 years New York City, NY Multifamily $602,537 / Unit 69.5% 3 Loan 25 $256.3 $253.
Slide 22: 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): Year Ended Three Months Ended (unaudited) Dec 31, 2025 Dec 31, 2025 Sep 30, 202
Slide 23: Consolidated Balance Sheets
Consolidated Balance Sheets All amounts in thousands except share and per share amounts December 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $87,613 $190,160 Restricted cash 654 323 Accounts receivable — 10 Collateralized loan obligation proceeds held at trustee 3,976 — Accounts rece
Slide 24: 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 December 31, Year Ended December 31, 2025 2024 2025 2024 Interest income and interest expense Interest income $74,418 $68,992 $290,237 $307,146 Interest expense (
Slide 25: 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 26: 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 27: 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 28: 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 29: 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