Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q3 2025 Earnings Presentation
28 slides from Tpg Re Finance Trust's earnings presentation, Oct 28, 2025
Slide 1: TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2025
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2025 October 28, 2025 NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended September 30, 2025. Regarding third quarter
Slide 2: Subsequent Events
SUBSEQUENT EVENTS • Closed three first mortgage loans with aggregate total loan commitments of $196.5 million and aggregate initial fundings of $183.2 million, a weighted average interest rate of Term SOFR + 2.90%, and a weighted average as-is loan-to-value ratio of 73.4%. The first mortgage loans a
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: Third Quarter 2025 Supplemental Information
Third Quarter 2025 Supplemental Information October 28, 2025
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 $3.7 billion $216.4 million $0.24 Loan Investment Portfolio of Liquidity 5 3Q25 Common Stock Dividend Declared $79.7 million 87.4% 2.6x $0.23 $0.25 100% 3Q25 Distributable Average Loan Size Non-Mark-to-Market Debt-to-
Slide 8: 3Q25 Operating Results
3Q25 Operating Results Net Income Distributable Earnings ($ in millions) Attributable to Common Adjustments Distributable Earnings2 per Common Share, Stockholders1 Diluted Interest Income $77.1 $— $77.1 $0.98 $0.23 GAAP Income per Interest Expense (48.8) — (48.8) (0.62) Diluted Share1 Net Interest I
Slide 9: Liquidity and Leverage
Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios3,4 Covenant Cash1 Cash 2 Debt-to-Equity Ratio Total Leverage Ratio Undrawn Capacity CLO Reinvestment Cash $457.6 23% 2.63x 2.63x 2.64x 2.64x $69.2 $25.4 2.23x 2.23x 2.14x 2.14x $320.8 $130.6 $236.4 $1.8 $216.4 $68.8 $44.2 $34
Slide 10: Loan Portfolio
Loan Portfolio Portfolio Metrics Loan Category4,5 Total Loan Commitments $3.7B Outstanding Principal Balance $3.6B Light MSA Concentrations (Top 25 / Top 10) 1 52.6% / 30.8% Transitional 22.5% Weighted Average All-in Yield2 7.75% Bridge 52.1% Weighted Average Credit Spread 3.36% Moderate Weighted Av
Slide 11: Loan Portfolio Composition
Loan Portfolio Composition ▪ 3Q25 total loan originations of $279.2 million, with a weighted average interest rate of Term SOFR + 3.22% and as-is LTV of 64.9% ▪ 3Q25 total loan repayments of $415.8 million, including full repayments of $405.8 million and partial repayments of $10.0 million 2025 Loan
Slide 12: Loan Portfolio Walk
Loan Portfolio Walk TTM Loan Originations of $1.2 billion Drive Net Asset Growth of 12% Total Loan Commitments1 Unpaid Principal Balance Deferred Fundings and New Loan Originations2 Repayments/Sales/ Unfunded Loan Commitments REO Conversion $265.3 $670.5 $3,899.3 ($172.3) $8.3 $116.4 ($415.8) $3,747
Slide 13: Risk Ratings
Risk Ratings Dispersion of Risk Ratings1 Trailing 4 Stable Risk Ratings1 by Amortized Cost ($ in millions) Quarter By Amortized Cost Average: September 30, 2025 June 30, 2025 3.02 3.02 3.02 3.01 3.02 $3,593.0 $3,449.4 3Q 2025 Loan Count: 47 2Q 2025 Loan Count: 49 44 46 12/31/2024 03/31/2025 6/30/202
Slide 14: CECL Reserve
CECL Reserve ▪ Carried at quarter-end an allowance for credit losses of $66.1 million, a decrease of $2.6 million from $68.8 million as of June 30, 2025 QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M General Reserve Specifically Identified Loans General Reserve Specifically
Slide 15: Loan Financing
Loan Financing Diverse Financing Sources 87% Non-MTM Financing1 Total Financing Capacity $4.6B 3.6% 12.6% Outstanding Principal Balance $2.9B Secured Credit Agreements (Credit MTM) Sources of Financing 10 Asset-Specific Financing 7.3% Secured Revolving Credit Facility Non-MTM Non-Mark-to-Market 87.4
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 $205.2 million as of September 30, 2025 ($ in thousands) Office Office Total Office Multifamily Multifamily1 Multifamily Total
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 September 30, 2025 Term SOFR: 4.13% $0.02 0.02 $0.01 0.01 $0.00 0.00 (0.01) ($0.01) ($0.01) (0.02) - 1.00% - 0.50% 0.00% + 0.50% + 1.00% Change in Index Rate 1. Static analysis bas
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 $256.3 $253.6 S + 3.6% 1.9 years San Jose, CA Multifamily $444,646 / Unit 72.7% 3 Loan 2 $227.1 $227.1 S +
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) Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets All amounts in thousands except share and per share amounts September 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $93,591 $190,160 Restricted cash 868 323 Accounts receivable — 10 Collateralized loan obligation proceeds held at trustee 44,233 — Accounts re
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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Interest income and interest expense Interest income $77,106 $77,855 $215,819 $238,154 Interest
Slide 23: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows All amounts in thousands Nine Months Ended September 30, 2025 September 30, 2024 Cash flows from operating activities: Net income $56,343 $63,653 Adjustment to reconcile net income to net cash flows from operating activities: Amortization and accretion of premiu
Slide 24: 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 25: 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 26: 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 27: 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 28: 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