Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q2 2026 Earnings Presentation
25 slides from Tpg Re Finance Trust's earnings presentation, Jul 29, 2026
Slide 1: TPG RE Finance Trust, Inc. Investor Presentation
TPG RE Finance Trust, Inc. Investor Presentation June 2026
Slide 2: 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 3: TRTX By the Numbers
TRTX By the Numbers Loan Portfolio1 Liquidity & Capitalization Dividend & Earnings $4.3 billion $172.8 million $0.24 Loan Investment Portfolio of Liquidity 5 1Q26 Common Stock Dividend Declared $86.3 million 100% 77.9% 3.1x $0.19 $0.25 1Q26 Distributable Average Loan Size Performing Portfolio Non-Ma
Slide 4: TRTX Relative Stock Performance
TRTX Relative Stock Performance TRTX Relative Total Return Outperformance from January 2024 to May 20261 Current Common Stock Dividend Yield2 Current Price to Book Value Multiple3 0.91x 0.90x 15.0% 0.82x 0.76x 13.7% 11.4% 11.1% 10.3% 0.56x 9.1% 0.24x 0.21x —% TRTX KREF GPMT BRSP BXMT ARI CMTG TRTX A
Slide 5: TPG – Premier Global Asset Manager
TPG – Premier Global Asset Manager Platforms TPG Integration Drives Market Competitive Advantage Credit Capital Real Estate Growth Impact Solutions TPG is a global alternative $95B $90B $39B $32B $32B $18B AUM investment manager operating an integrated platform with $306 billion of TPG Credit TPG RE
Slide 6: Strength of TPG Real Estate Platform
Strength of TPG Real Estate Platform TPG Real Estate TREP & TAC+ TPG Real Estate Equity Investing Credit Investing AUM1 $14.1 Billion AUM1 $6.5 Billion Inception 2009 Inception 2014 Equity Committed2 $17.7 Billion Debt Investments3 $22.6 Billion Opportunistic series focused on Publicly traded mortga
Slide 7: TRTX CRE Mortgage Lending & Investing Platform
TRTX CRE Mortgage Lending & Investing Platform TRTX Overview Established National Highly Experienced Leading Capital Lending Program Dedicated Leadership Markets Platform • TRTX’s national lending • TRTX is externally managed by • TRTX 2025-FL7 is the eighth platform has originated $18.9 TPG RE Fina
Slide 8: 1Q26 Operating Results
1Q26 Operating Results Net Income Distributable Earnings ($ in millions) Attributable to Common Adjustments Distributable Earnings2 per Common Share, Stockholders1 Diluted Interest Income $74.2 $— $74.2 $0.94 $0.19 GAAP Income per Interest Expense (48.5) — (48.5) (0.61) Diluted Share1 Net Interest I
Slide 9: Liquidity and Leverage
Liquidity and Leverage Available Liquidity as a Percentage of Total Assets Leverage Ratios4,5 $ millions Covenant Cash1 Cash 2 Debt-to-Equity Ratio Total Leverage Ratio Undrawn Capacity CLO Reinvestment Cash3 $236.4 / 6% $1.8 18% 3.10x 3.10x $216.4 / 5% 3.02x 3.02x $68.8 $44.2 2.63x 2.63x 2.64x 2.64
Slide 10: 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 58.2% / 35.8% Transitional 25.1% Weighted Average All-in Yield2 7.10% Bridge Weighted Average Credit Spread 3.17% 55.2% Moderate Weighted Ave
Slide 11: Loan Portfolio Composition
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 loan repayments of $123.6 million, including full repayments of $92.7 million and partial repayments of $30.9 million 1Q 2026 Lo
Slide 12: Loan Portfolio Evolution
Loan Portfolio Evolution • New investment activity has included over $2.5 billion in loans since 2023 backed by multifamily and industrial properties, which we believe are supported by strong sector tailwinds Office Exposure Multifamily & Industrial Exposure ($ in millions) ($ in millions) Office %
Slide 13: Loan Portfolio Walk
Loan Portfolio Walk TTM Loan Originations of $1.9 billion Drive Net Asset Growth of 26% Total Loan Commitments1 Unpaid Principal Balance Deferred Fundings and New Loan Originations2 Repayments/Sales/ Unfunded Loan Commitments REO Conversion $843.0 $4,290.6 $135.5 $4,316.9 ($378.3) $14.6 $265.3 $173.
Slide 14: Loan Risk Ratings & CECL Reserve
Loan Risk Ratings & CECL Reserve Dispersion of Risk Ratings1 CECL Reserve as bps of Total Loan Commitments2 by Amortized Cost ($ in millions) March 31, 2026 December 31, 2025 General Reserve Specifically Identified Loans $3,797.1 $3,773.8 176 176 180 179 1Q 2026 Loan Count: 50 4Q 2025 Loan Count: 50
Slide 15: Loan Financing
Loan Financing Diverse Financing Sources 78% Non-MTM Financing1 Total Financing Capacity $4.9B Outstanding Principal Balance $3.4B Secured Credit 22.1% Agreements (Credit MTM) 1.8% Sources of Financing 10 Asset-Specific Financing Secured Revolving 76.1% Credit Facility Non-MTM Non-Mark-to-Market 77.
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 $205.2 million as of March 31, 2026 ($ in thousands) Office Office Total Office Multifamily Multifamily1 Multifamily Total Mult
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 March 31, 2026 Term SOFR: 3.66% $0.02 $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 based on
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 $285.0 $269.6 S + 2.6% 4.7 years New York City, NY Multifamily $602,537 / Unit 69.5% 3 Loan 25 $256.3 $254.
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) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2
Slide 21: 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 22: 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 23: 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 24: 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 25: 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