Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q1 2026 Earnings Presentation
23 slides from Tpg Re Finance Trust's earnings presentation, Apr 28, 2026
Slide 1: First Quarter 2026 Supplemental Information
April 28, 2026 First Quarter 2026 Supplemental Information Exhibit 99.2
Slide 2: Forward-Looking Statements and Other Disclosures
Supplemental Information| 1Q 2026 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| 1Q 2026 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: 1Q26 Operating Results
Supplemental Information| 1Q 2026 4TPG RE Finance Trust, Inc.| NYSE: TRTX $11.07 $0.02 ($0.01) $0.24 ($0.24) ($0.04) $0.02 $0.00 $11.06 Book Value 12/31/25 R etired C ommon S tock Issuance of C ommon S tock Net Income, E xcluding C redit Loss Benefit Dividends on C ommon S hares Dividends on P refer
Slide 5: Liquidity and Leverage
Supplemental Information| 1Q 2026 5TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios4,5 1. Cash held to satisfy liquidity covenants under secured credit agreements 2. Available for Eligible Collateral, as defined in relevant loan portfo
Slide 6: Loan Portfolio
Supplemental Information| 1Q 2026 6TPG 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 58.2% / 35.8% Weighted Average All-in Yield2 7.10% Weighted Averag
Slide 7: 2026 Loan Portfolio Activity and Composition
Supplemental Information| 1Q 2026 7TPG RE Finance Trust, Inc.| NYSE: TRTX Full Repayments 53.4%46.6% Investments1 54.6%45.4% 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 loa
Slide 8: Loan Portfolio Walk
Supplemental Information| 1Q 2026 8TPG RE Finance Trust, Inc.| NYSE: TRTX $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 $14.6 $135.5 ($123.6) $4,144.6 3/31/2025 Deferred Fundings Originations Repayments 6/30/2025 Deferred Fundings Originations Re
Slide 9: Risk Ratings
Supplemental Information| 1Q 2026 9TPG RE Finance Trust, Inc.| NYSE: TRTX $— $171.5 $3,797.1 $161.4 $—$— $169.2 $3,773.8 $159.9 $— March 31, 2026 December 31, 2025 1 2 3 4 5 3.01 3.02 3.00 3.00 6/30/2025 09/30/2025 12/31/2025 3/31/2026 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in
Slide 10: CECL Reserve
Supplemental Information| 1Q 2026 10TPG RE Finance Trust, Inc.| NYSE: TRTX 176 176 180 179 176 176 180 179 General Reserve Specifically Identified Loans 6/30/2025 9/30/2025 12/31/2025 3/31/2026 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $68.8 $66.1 $77.4 $7
Slide 11: Diverse Financing Sources
Supplemental Information| 1Q 2026 11TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 77.9% 22.1% 1.8% 76.1% Secured Credit Agreements (Credit MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources Total
Slide 12: Real Estate Owned
Supplemental Information| 1Q 2026 12TPG 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 13: Impact of Changing Rates
Supplemental Information| 1Q 2026 13TPG RE Finance Trust, Inc.| NYSE: TRTX C hange in Index R ate $0.02 ($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 Quarter
Slide 14: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 15: TRTX Loan Portfolio
Supplemental Information| 1Q 2026 15TPG 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 16: Per Share Calculations
Supplemental Information| 1Q 2026 16TPG 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 17: Consolidated Balance Sheets
Supplemental Information| 1Q 2026 17TPG RE Finance Trust, Inc.| NYSE: TRTX All amounts in thousands except share and per share amounts Consolidated Balance Sheets March 31, 2026 December 31, 2025 ASSETS Cash and cash equivalents $91,985 $87,613 Restricted cash 472 654 Collateralized loan obligation
Slide 18: Consolidated Statements of Income and Comprehensive Income
Supplemental Information| 1Q 2026 18TPG 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 March 31, 2026 2025 Interest income and interest expense Interest income $74,179 $68,04
Slide 19: Definitions
Supplemental Information| 1Q 2026 19TPG 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 20: Definitions (cont.)
Supplemental Information| 1Q 2026 20TPG 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 21: Definitions (cont.)
Supplemental Information| 1Q 2026 21TPG 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 22: Definitions (cont.)
Supplemental Information| 1Q 2026 22TPG 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 23: Company Information
Supplemental Information| 1Q 2026 23TPG 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