Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q2 2026 Earnings Presentation
24 slides from Tpg Re Finance Trust's earnings presentation, Jul 28, 2026
Slide 1: Second Quarter 2026 Supplemental Information
July 28, 2026 Second Quarter 2026 Supplemental Information Exhibit 99.2
Slide 2: Forward-Looking Statements and Other Disclosures
Supplemental Information| 2Q 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| 2Q 2026 3TPG RE Finance Trust, Inc.| NYSE: TRTX TRTX By the Numbers 1. Includes one fixed rate contiguous mezzanine loan 2. See Appendix for definitions, including LTV, Total Leverage ratio, and a description of the Company's Loan Risk Rating scale 3. Weighted average cost
Slide 4: Second Quarter 2026 Highlights
Supplemental Information| 2Q 2026 4TPG RE Finance Trust, Inc.| NYSE: TRTX Second Quarter 2026 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 deferred origina
Slide 5: 2Q26 Operating Results and Book Value
Supplemental Information| 2Q 2026 5TPG RE Finance Trust, Inc.| NYSE: TRTX $11.06 $0.05 ($0.07) $0.22 ($0.24) ($0.04) $0.02 ($0.05) $10.95 Book Value 3/31/26 Retired Common Stock Issuance of Common Stock Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Share
Slide 6: Liquidity and Leverage
Supplemental Information| 2Q 2026 6TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios4 1. Includes cash held to satisfy liquidity covenants under secured credit agreements 2. Available for Eligible Collateral, as defined in relevant loan
Slide 7: Loan Portfolio
Supplemental Information| 2Q 2026 7TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio 32% 13% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $4.5B Outstanding Principal Balance $4.3B MSA Concentrations (Top 25 / Top 10)1 56.1% / 34.7% Weighted Average All-in Yield2 7.05% Weighted Averag
Slide 8: Loan Portfolio Composition
Supplemental Information| 2Q 2026 8TPG RE Finance Trust, Inc.| NYSE: TRTX 4.3% 53.0% 8.7% 7.4% 1.7% 23.4% 1.5% 65.6% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Jun 30, 2026 Loan Portfolio Composition Loan Portfolio by Property Type1 1. By total loan commitment Note: Data
Slide 9: Loan Portfolio Originations & Repayments
Supplemental Information| 2Q 2026 9TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio Originations & Repayments FY2026 Loan Full Repayments 1. By total loan commitment Note: Data as of June 30, 2026 unless otherwise noted. FY2026 Loan Originations1 ▪ 2Q26 total loan originations of $466.0 million
Slide 10: Loan Portfolio Walk
Supplemental Information| 2Q 2026 10TPG RE Finance Trust, Inc.| NYSE: TRTX $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 $14.8 $450.0 ($274.4) $4,335.0 6/30/2025 Deferred Fundings Originations Repayments 9/30/2025 Deferred Fundings Originations
Slide 11: Loan Risk Ratings & CECL Reserve
Supplemental Information| 2Q 2026 11TPG RE Finance Trust, Inc.| NYSE: TRTX $— $172.7 $3,986.6 $162.3 $—$— $171.5 $3,797.1 $161.4 $— June 30, 2026 March 31, 2026 1 2 3 4 5 Loan Risk Ratings & CECL Reserve Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Weighted Average Risk Rating of 3.
Slide 12: Financing
Supplemental Information| 2Q 2026 12TPG RE Finance Trust, Inc.| NYSE: TRTX 32.6% 54.4% 11.3% 1.7% Secured Debt Agreements Securitized Debt Corporate Debt Asset-Specific Debt Financing Diverse Financing Sources1 Total Financing Capacity $5.3B Outstanding Principal Balance $3.5B Loan Portfolio Sources
Slide 13: Real Estate Owned
Supplemental Information| 2Q 2026 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: Impact of Changing Rates
Supplemental Information| 2Q 2026 14TPG RE Finance Trust, Inc.| NYSE: TRTX Change in Index Rate $0.00 ($0.01) $0.00 $0.02 $0.04 - 1.00% - 0.50% 0.00% + 0.50% + 1.00% (0.02) (0.01) 0.00 0.01 0.02 0.03 0.04 0.05 Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Share per
Slide 15: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 16: TRTX Loan Portfolio
Supplemental Information| 2Q 2026 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| 2Q 2026 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| 2Q 2026 18TPG RE Finance Trust, Inc.| NYSE: TRTX All amounts in thousands except share and per share amounts Consolidated Balance Sheets June 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $65,577 $87,613 Restricted cash 633 654 Collateralized loan obligation p
Slide 19: Consolidated Statements of Income and Comprehensive Income
Supplemental Information| 2Q 2026 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 Interest income and interest exp
Slide 20: Definitions
Supplemental Information| 2Q 2026 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| 2Q 2026 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| 2Q 2026 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| 2Q 2026 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| 2Q 2026 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