Investor Presentation

TPG RE Finance Trust, Inc.

Investor Presentation

June 2026

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 with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will occur or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. Such risks, uncertainties and other important factors include, among others, the risks, uncertainties and factors set forth under the heading "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 17, 2026, as such risk factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at https://www.sec.gov. Such risks, uncertainties and other factors include, but are not limited to, the following:

• the general political, economic, regulatory, competitive and other conditions in the markets in which we invest;

• fluctuations in interest rates and credit spreads have reduced and in the future could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments and could materially impair our ability to pay distributions to our stockholders;

• adverse changes in the real estate and real estate capital markets;

• general volatility of the securities markets in which we participate;

• changes in our business, investment strategies or target assets;

• difficulty in obtaining financing or raising capital;

• an inability to borrow incremental amounts or an obligation to repay amounts under our financing arrangements;

• reductions in the yield on our investments and increases in the cost of our financing;

• events giving rise to increases in our current expected credit loss reserve;

• we have in the past and may in the future foreclose on certain of the loans we originate or acquire, which could result in losses that negatively impact our results of operations and financial condition;

• as an owner of real estate through foreclosure or otherwise, we are subject to risks inherent in the ownership, operation, and development of real estate;

• adverse legislative or regulatory developments, including with respect to tax laws, securities laws and the laws governing financing and lending institutions;

• acts of God such as hurricanes, floods, earthquakes, droughts, wildfires, mudslides, volcanic eruptions, and other natural disasters, acts of war and/or terrorism or other hostilities and other events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments;

• adverse economic trends and changes in economic conditions, including as a result of slower growth or recession, changes to fiscal and monetary policy, inflation, changing interest rates, tariffs and international trade policies and disputes, geopolitical conditions, structural shifts and regulatory changes to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains;

• the failure of any banks with which we and/or our borrowers have a commercial relationship could adversely affect, among other things, our borrower's ability to access deposits or obtain financing on favorable terms or at all;

• reduced demand for office space, including as a result of fully remote and/or hybrid work schedules which allow work from remote locations other than the employer's office premises;

• adverse developments in the availability of desirable loan and other investment opportunities, whether due to competition, regulation or otherwise;

• deterioration in the performance of properties securing our investments that may cause deterioration in the performance of our investments, adversely impact certain of our financing arrangements and our liquidity, and potentially expose us to principal losses on our investments;

• defaults by borrowers in paying debt service or principal on outstanding indebtedness;

• the adequacy of collateral securing our investments and declines in the fair value of our investments;

• difficulties or delays in redeploying the proceeds from repayments of our existing investments;

• increased competition from entities engaged in mortgage lending and/or investing in our target assets, including as a result of changes in the financial regulatory regime that could decrease the restrictions on banks and other financial institutions and allow them to compete with us for investment opportunities that were previously not available to, or otherwise pursued by, them;

• difficulty in successfully managing our growth, including integrating new assets into our existing systems;

• the cost of operating our platform, including, but not limited to, the cost of operating a real estate investment platform and the cost of operating as a publicly traded company;

• the availability of qualified personnel and our relationship with our Manager;

• conflicts with TPG and its affiliates, including our Manager, the personnel of TPG providing services to us, including our officers, and certain funds managed by TPG;

• our ability to maintain our qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes and our ability to maintain our exemption or exclusion from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act"); and

• authoritative U.S. generally accepted accounting principles (or "GAAP") or policy changes from standard-setting bodies such as the Financial Accounting Standards Board ("FASB"), the SEC, the Internal Revenue Service ("IRS"), the New York Stock Exchange ("NYSE") and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements in this presentation apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this presentation and in other filings we make with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

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 extension and exit fees. All-in yield for the total portfolio assumes Term SOFR as of March 31, 2026 for weighted average calculations

3. See Appendix for definitions, including LTV, Debt-to-Equity ratio, and a description of the Company's Loan Risk Rating scale

4. Weighted average cost of funds excludes current index rate or index rate floor, as applicable

5. See page 9 for additional detail

6. Calculated on Net Income Attributable to Common Stockholders; refer to Appendix for reconciliation from GAAP Net Income to Net Income Attributable to Common Stockholders

7. Refer to Appendix for reconciliation from GAAP Net Income to Distributable Earnings

8. Represents an annualized dividend yield based on the May 29, 2026 closing share price of $8.40

Note: Data as of March 31, 2026 unless otherwise noted. Liquidity and capitalization information excludes REO related financings with the exception of the Company's Debt-to-Equity Ratio calculation, as defined

TRTX Relative Stock Performance

0.91x 0.90x

0.82x

0.56x

0.24x 0.21x

1. TRTX Relative Stock Performance from January 1, 2024 to May 29, 2026 based on total returns including reinvestment of common stock dividends during the period

2. Current common stock dividend yield is calculated as (i) annualized 1Q26 common stock dividend divided by (ii) the May 29, 2026 closing share price

3. Represents the Price per Common Share to Book Value per Common Share based on the May 29, 2026 closing common share price and the March 31, 2026 Book Value per Common Share

TPG - Premier Global Asset Manager

Platforms

Market

TPG Integration Drives

Competitive Advantage

Credit

AUM

$95B

Capital

Real Estate

$39B

Growth

$32B

Impact

$32B

Solutions

$18B

$90B

TPG Credit Solutions

Products

TPG Direct Lending

TPG Asset Based Finance

TPG CLOs

TPG Multi-Asset Credit

TPG Capital

TPG

Healthcare Partners

TPG Asia

TPG RE

Finance Trust (TRTX)

TPG RE Credit Opportunities (TRECO)

TPG RE

Partners (TREP)

Thematic Advantage Core Plus (TAC+)

TPG AG U.S.

Real Estate

TPG AG

Europe Real Estate

TPG Asia Real Estate

TPG Net Lease

TPG Growth

TPG Tech Adjacencies

TPG Life Sciences Innovation

TPG Emerging Companies Asia

TPG Sports

The Rise Funds

TPG Rise Climate

TRC Transition Infrastructure

TRC Global South Initiative

TPG NEXT

TPG GP

Solutions

TPG

NewQuest

TPG

Peppertree

TPG Private Equity Opportunities

Real Estate Credit

Integrated Real Estate Platform

Real Estate Equity

TPG RE

Finance Trust (TRTX)

TPG RE Credit Opportunities (TRECO)

TPG RE

Partners (TREP)

Thematic Advantage Core Plus (TAC+)

TPG AG U.S.

Real Estate

TPG AG

Europe Real Estate

TPG Asia Real Estate

TPG Net Lease

Note: AUM as of March 31, 2026; Totals may not sum due to rounding. Reflects TPG's opinions and beliefs regarding general market activity and potential impacts of current market conditions. Such opinions and beliefs are subjective and do not represent a complete assessment of the market. Certain statements on this slide represent the subjective views of TPG and cannot be independently verified

Strength of TPG Real Estate Platform

TPG Real Estate TREP & TAC+ Equity Investing

AUM1 $14.1 Billion

Inception 2009

Equity Committed2 $17.7 Billion

TPG Real Estate Credit Investing

AUM1 $6.5 Billion

Inception 2014

Debt Investments3 $22.6 Billion

Publicly traded mortgage REIT focused on the origination of senior mortgages secured by institutional-quality commercial real estate

Opportunistic series focused on thematic investing in property-rich platforms and strategic portfolio aggregations

Core-plus series focused on thematic investing in high-quality properties and portfolios with potential for long-term value appreciation

Opportunistic credit strategy focused on real estate-related high yield senior and subordinate loans, and securities

1. As of March 31, 2026. Includes co-investment. Real estate equity AUM includes TREP and TAC+. Real estate credit AUM includes TRECO and TRTX.

2. Equity committed for TREP and TAC+ related funds only as of April 2026 and includes pending investments; there can be no assurance pending investments will close. Excludes unrealized bridge loans

3. As of March 31, 2026

   Note: Reflects TPG's opinions and beliefs regarding general market activity and potential impacts of current market conditions. Such opinions and beliefs are subjective and do not represent a complete assessment of the market. Certain statements on this slide represent the subjective views of TPG and cannot be independently verified

   TRTX CRE Mortgage Lending & Investing Platform

   TRTX Overview

   Established National Lending Program

1.Top 25 markets determined by US Census. Portfolio loans with collateral properties that are located in different MSAs are classified in the market designation with over 50% of underlying loan collateral by unpaid principal balance

1Q26 Operating Results

$0.02

$0.24

$0.02

$0.00

$11.06

$11.07

($0.04)

($0.24)

($0.01)

1. Refer to Appendix for reconciliation from GAAP Net Income to Net Income Attributable to Common Stockholders

2. Refer to Appendix for reconciliation from GAAP Net Income to Distributable Earnings

3. Includes the following income statement line items: Other Income, Professional Fees, General and Administrative, Servicing and Asset Management Fees, Income Tax Expense

4. Represents repurchases of the Company's common stock during the quarter

Note: Totals may not sum due to rounding

Liquidity and Leverage

$ millions

Covenant Cash1 Undrawn Capacity2

Cash

CLO Reinvestment Cash3

Debt-to-Equity Ratio

Total Leverage Ratio

$236.4 / 6%

$15.0

$77.2

$72.6

$77.0

$16.4

$15.0

$1.8

18%

3.02x 3.02x

3.10x 3.10x

2.63x 2.63x

2.64x 2.64x

$216.4 / 5%

$172.8 / 4%

$143.0 / 3%

$4.0

6/30/2025 9/30/2025 12/31/2025 3/31/2026

1. Cash held to satisfy liquidity covenants under secured credit agreements

2. Available for Eligible Collateral, as defined in relevant loan portfolio financing arrangements

3. As of March 31, 2026, includes amounts held at the Company's servicer

4. See Appendix for definitions of Debt-to-Equity Ratio and Total Leverage Ratio

5. See Appendix for a description of covenant requirements applicable to TRTX Note: Totals may not sum due to rounding

6/30/2025 9/30/2025 12/31/2025 3/31/2026

Light Transitional 25.1%

Bridge 55.2%

Moderate Transitional 19.7%

Loan Portfolio

East 27.7%

Midwest 8.4%

Southwest 11.5%

Southeast 13.9%

West 38.5%

1. Top 25 markets determined by US Census. Portfolio loans with collateral properties that are located in different MSAs are classified in the market designation with over 50% of underlying loan collateral by unpaid principal balance

2. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price discount, and accrual of both extension and exit fees; All-in yield for the total portfolio assumes Term SOFR as of March 31, 2026 for weighted average calculations

3. Weighted Average Borrower Interest Rate Cap Strike Rate required by substantially all in-place loan agreements as of March 31, 2026, based on outstanding principal balances

4. By total loan commitment at March 31, 2026

5. See Appendix for definitions

Note: Data as of March 31, 2026. Totals may not sum due to rounding

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 Loan Portfolio Activity TTM Loan Portfolio Migration1

Full Repayments

46.6%

$92.7M

53.4%

65.4%

Weighted Average LTV

66.1% 65.7% 65.5%

1.6%

1.8%

1.8%

1. By total loan commitment

Mar 31, 2025 Dec 31, 2025 Mar 31, 2026

Office

Multifamily Hotel Life Science Mixed-Use Industrial Self Storage

Note: Data as of March 31, 2026 unless otherwise noted. Full repayments include loans held for investment (loan sales and REO conversions as applicable are not included)

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

($ in millions)

55.2%

$2,755

Office

% of Total Portfolio

($ in millions)

Multifamily

Industrial % of Total Portfolio

74.7%

$3,152

17.1%

93%

Reduction

$459

$196

4.7%

10.6%

271%

Increase

$850

3/31/2021 3/31/2026 Pro Forma

3/31/20261

3/31/2021 Pro Forma

3/31/20261

Note: Amounts shown based on total loan commitments.

1. Pro Forma 3/31/2026 includes loan origination and repayment activity through April 2026

   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

   $843.0

   Repayments/Sales/ REO Conversion

   Unfunded Loan Commitments

   $3,385.9

   $109.8

   $8.8

   $670.5

   ($172.3)

   $3,899.3

   $116.4

   $8.3

   $265.3

   ($415.8) $3,747.3

   $106.8

   $11.9

   ($378.3)

   $4,290.6

   $173.6

   $14.6

   $135.5

   ($123.6)

   $4,316.9

   $173.5

   $3,276.6

   $3,783.6

   $3,641.4

   $4,118.1

   $4,144.6

   3/31/2025 Deferred

   Fundings

   Originations Repayments 6/30/2025 Deferred

   Fundings

   Originations Repayments 9/30/2025 Deferred

   Fundings

   Originations Repayments 12/31/2025 Deferred

   Fundings

   Originations Repayments 3/31/2026

   1. Loan commitments exclude PIK interest of $1.2 million as of March 31, 2026, $1.0 million as of December 31, 2025, $0.9 million as of September 30, 2025, $0.7 million as of June 30, 2025, and $0.5 million as of March 31, 2025

   2. New loan investments include initial funding amount funded on the closing date; all subsequent loan fundings are included in deferred fundings

   Loan Risk Ratings & CECL Reserve

   Dispersion of Risk Ratings1 by Amortized Cost ($ in millions)
   		March 31, 2026 December 31, 2025
   		$3,797.1 $3,773.8
   1Q 2026 Loan Count: 50
   4Q 2025 Loan Count: 50
   		44 44
   $171.5		$169.2 $161.4 $159.9
   $- $- 3		3 3 3	$-		$-
   1	2	3 4		5

   CECL Reserve as bps of Total Loan Commitments2
   	General Reserve	Specifically Identified Loans
   176	176	180 179
   176	176	180 179
   6/30/2025	9/30/2025	12/31/2025 3/31/2026

   1Q26

   4Q25

   1Q26

   4Q25

   1Q26

   4Q25

   1Q26

   4Q25

   1Q26

   4Q25

   1Q26

   4Q25

   1Q26

   4Q25

   1

   2

   3

   4

   5

   Migration of Weighted Average Risk Ratings, by Property Type1

   by Amortized Cost

   4.0

   4.0

   3.1

   3.1

   3.0

   3.0

   2.7

   2.8

   3.0

   3.0

   3.0

   3.0

   3.0

   3.0

   Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage

1. See Appendix for definitions, including Risk Ratings.

2. Represents the total CECL reserve expressed in basis points for the Company's loan portfolio measured by commitments. The CECL reserve for non-specifically identified loans at March 31, 2026 is 179 bps, measured by the related CECL reserve (in dollars) divided by the related

commitment (in dollars)

Loan Financing

Diverse Financing Sources

22.1%

1.8%

76.1%

Non-MTM 77.9%

Total Financing Capacity $4.9B

Outstanding Principal Balance $3.4B

Sources of Financing 10

Non-Mark-to-Market 77.9%

Weighted Average Credit Spread 1.80%

Weighted Average Approved Advance Rate 83.6%

Secured Credit Agreements (Credit MTM)

Asset-Specific Financing

Secured Revolving Credit Facility

Collateralized Loan Obligations

Non-MTM Financing

$ in millions

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

MTM Financing (credit only) Non-MTM Financing

2026 2027 2028 2029 2030 Thereafter

1. Calculated on outstanding balance as of March 31, 2026

2. Based on extended maturity dates where ability to extend is at Company's option

3. Maturity of collateralized loan obligation liabilities are based on the fully extended maturity of underlying mortgage loan collateral, considering the reinvestment window of each collateralized loan obligation Note: Data as of March 31, 2026

   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

1 Includes two properties

1. Excludes assumed working capital of $2.6 million

2. Carrying Value includes the impact of capital expenditures and depreciation and amortization recorded from acquisition to the reporting date

Note: Carrying Value, Mortgage Debt Outstanding and Net Book Equity as of March 31, 2026

Impact of Changing Rates

Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quarter)1

0.03

0.02

$0.02

Index Rate at March 31, 2026

Term SOFR: 3.66%

$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 loan portfolio composition as of March 31, 2026

Appendix

TPG RE Finance Trust, Inc.| 4Q 2022

TRTX Loan Portfolio

$ Millions

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. See Appendix for a description of the Company's Loan Risk Rating scale and definitions, including definition of LTV

4. Comprised of a first mortgage loan of $180.0 million and a contiguous mezzanine loan of $105.0 million, both of which we own. Each loan carries the same interest rate.

5. Comprised of a first mortgage loan of $245.0 million and a contiguous mezzanine loan of $11.3 million, of which we own both. The first mortgage loan has an interest rate of S+3.40% and the mezzanine loan has a fixed 8.0% PIK interest rate

6. Calculated as the ratio of unpaid principal balance as of March 31, 2026 to the as-is appraised value at origination, to reflect the sale by us in August 2020 of the contiguous mezzanine loan with an unpaid principal balance of $46.4 million and a commitment amount of $50.0 million as of sale date

7. Represents a 56.7% pari passu participation interest in a first mortgage loan, that was co-originated by the Company and a third-party.

   Note: As of March 31, 2026; Not all TRTX investments have or will have similar experiences or results, and there can be no assurance that the investments listed above will continue to perform in accordance with historical levels of performance

   Per Share Calculations

   	Three Months Ended (unaudited)
   	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025
   Net Income	$18,939	$3,976	$21,993	$20,631
   Preferred Stock Dividends1	(3,148)	(3,148)	(3,148)	(3,148)
   Participating Securities' Share in Earnings	(625)	(639)	(396)	(602)
   Net Income Attributable to Common Stockholders	$15,166	$189	$18,449	$16,881
   Weighted-Average Common Shares Outstanding, Basic	78,252,513	78,269,283	78,515,639	79,474,862
   Weighted-Average Common Shares Outstanding, Diluted	79,063,393	78,445,515	78,813,809	80,208,877
   Earnings Per Common Share, Basic	$0.19	$0.00	$0.23	$0.21
   Earnings Per Common Share, Diluted	$0.19	$0.00	$0.23	$0.21
   Non-Cash Stock Compensation Expense	2,056	4,402	1,389	1,997
   Depreciation and Amortization	2,577	2,595	2,712	3,423
   Credit Loss (Benefit) Expense	(286)	11,277	(2,608)	1,778
   GAAP Gain on sale of real estate owned, net2	-	-	-	(6,970)
   Adjusted Gain on sale of real estate owned, net for purposes of Distributable Earnings2	-	-	-	1,869
   Distributable earnings before realized losses from loan sales and other loan resolutions	$19,513	$18,463	$19,942	$18,978
   Realized loss on loan write-offs related to loan sales and REO conversions	-	-	-	-

   • 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):

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 Stock

2. GAAP Gain on sale of real estate owned, net includes the impact of $5.1 million of depreciation and amortization expense recognized in previous quarters. For purposes of Distributable Earnings, depreciation and amortization expense on real estate owned is an add back in the quarter recognized. Accordingly, in the reporting period sold, the GAAP Gain on sale of real estate owned, net must be reduced by the accumulated depreciation and amortization expense previously recognized.