Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Investor Presentation (November 2025)
25 slides from Tpg Re Finance Trust's investor presentation, Nov 17, 2025
Slide 1: TPG RE Finance Trust, Inc. Investor Presentation
November 2025 TPG RE Finance Trust, Inc. Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Other Disclosures
Investor Presentation| November 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
Slide 3: TRTX By the Numbers
Investor Presentation| November 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 ext
Slide 4: TRTX Relative Stock Performance
Investor Presentation| November 2025 4TPG RE Finance Trust, Inc.| NYSE: TRTX 0.79x 0.88x 0.81x 0.72x 0.60x 0.35x 0.25x TRTX BXMT ARI BRSP KREF GPMT CMTG 10.7% 12.0% 11.8% 10.2% 10.1% 7.3% —% TRTX KREF BRSP BXMT ARI GPMT CMTG Current Common Stock Dividend Yield2 Current Price to Book Value Multiple3
Slide 5: TPG – Premier Global Asset Manager
Investor Presentation| November 2025 5TPG RE Finance Trust, Inc.| NYSE: TRTX TPG – Premier Global Asset Manager Capital Real Estate Market Solutions $87B $19B$31B $16B TPG RE Partners (TREP) TPG RE Finance Trust (TRTX) TPG Tech Adjacencies (TTAD) TPG Growth TPG Digital Media (TDM) SPACs Public Marke
Slide 6: Strength of TPG Real Estate Platform
Investor Presentation| November 2025 6TPG 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 September 30, 2025. Include
Slide 7: Capital Allocation - Path to Growth
Investor Presentation| November 2025 7TPG RE Finance Trust, Inc.| NYSE: TRTX Leverage Ratio / Target Leverage Ratio $0.03 $0.05 $0.06 $3,940 $4,330 $4,601 $4,871 Potential Incremental Distributable Earnings per share (quarterly) Potential Gross Loan Investment Capacity 2.64x 3.00x 3.25x 3.50x $0.00
Slide 8: 3Q25 Operating Results
Investor Presentation| November 2025 8TPG RE Finance Trust, Inc.| NYSE: TRTX $11.20 $0.04 $— $0.25 ($0.24) ($0.04) $0.01 $0.03 $11.25 Book Value 6/30/25 Retired Common Stock Issuance of Common Stock Net Income, Excluding Credit Loss Benefit Dividends on Common Shares Dividends on Preferred Shares Eq
Slide 9: Liquidity and Leverage
Investor Presentation| November 2025 9TPG 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 r
Slide 10: Loan Portfolio
Investor Presentation| November 2025 10TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio 32% 13% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $3.7B Outstanding Principal Balance $3.6B MSA Concentrations (Top 25 / Top 10)1 52.6% / 30.8% Weighted Average All-in Yield2 7.75% Weighted Av
Slide 11: Loan Portfolio Composition
Investor Presentation| November 2025 11TPG RE Finance Trust, Inc.| NYSE: TRTX 18.1% 15.0% 15.6% 54.5% 54.5% 51.6% 10.3% 8.9% 7.8% 11.7% 8.9% 8.9% 2.3% 2.0% 2.1% 1.1% 9.0% 12.2% 67.2% 66.1% 66.2% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Sep 30, 2024 Jun 30, 2025 Sep 30,
Slide 12: Select 3Q25 Loan Originations
Investor Presentation| November 2025 12TPG RE Finance Trust, Inc.| NYSE: TRTX Select 3Q25 Loan Originations 1. See Appendix for definitions, including LTV and Loan Category 2. In-place debt yield for loans originated during 3Q25 is defined as the ratio of in-place net cash flow (annualized) divided
Slide 13: Loan Portfolio Walk
Investor Presentation| November 2025 13TPG RE Finance Trust, Inc.| NYSE: TRTX $3,264.1 $4.7 $225.2 ($110.2) ($99.2) $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) $3,641.4 9/30/2024 Deferred Fundings Originations Repayments REO Conversion 12/31/2024 Deferred Fundi
Slide 14: Risk Ratings
Investor Presentation| November 2025 14TPG RE Finance Trust, Inc.| NYSE: TRTX 3.02 3.02 3.01 3.02 12/31/2024 03/31/2025 6/30/2025 9/30/2025 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.02 Start of Peri
Slide 15: CECL Reserve
Investor Presentation| November 2025 15TPG RE Finance Trust, Inc.| NYSE: TRTX 187 199 176 176 187 199 176 176 General Reserve Specifically Identified Loans 12/31/2024 3/31/2025 6/30/2025 9/30/2025 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $64.0 $67.2 $68.8
Slide 16: Diverse Financing Sources
Investor Presentation| November 2025 16TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 87.4% 12.6% 3.6% 7.3% 76.5% Secured Credit Agreements (Credit MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sourc
Slide 17: Impact of Changing Rates
Investor Presentation| November 2025 17TPG RE Finance Trust, Inc.| NYSE: TRTX Change in Index Rate ($0.01) ($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 Quar
Slide 18: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 19: TRTX Loan Portfolio
Investor Presentation| November 2025 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.
Slide 20: Per Share Calculations
Investor Presentation| November 2025 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
Slide 21: Definitions
Investor Presentation| November 2025 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
Slide 22: Definitions (cont.)
Investor Presentation| November 2025 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 Southwe
Slide 23: Definitions (cont.)
Investor Presentation| November 2025 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
Slide 24: Definitions (cont.)
Investor Presentation| November 2025 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 prop
Slide 25: Company Information
Investor Presentation| November 2025 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
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