Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q3 2026 Earnings Presentation
27 slides from Tpg Re Finance Trust's earnings presentation, Oct 26, 2026
Slide 1: TPG RE Finance Trust Reports Operating Results for Quarter Ended September 30, 2026
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2026 October 26, 2026 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, 2026. Regarding third quarter
Slide 2: Subsequent Events
SUBSEQUENT EVENTS • Received repayments of $72.2 million relating to one multifamily loan and one industrial loan, including the full repayment of one first mortgage loan with a total loan commitment and an unpaid principal balance of $61.5 million and $61.5 million, respectively. The fully repaid l
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 2026 Supplemental Information
Third Quarter 2026 Supplemental Information October 26, 2026
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 $5.2 billion $291.6 million $0.24 Loan Investment Portfolio of Liquidity 4 3Q26 Common Stock Dividend Declared $87.6 million 100% 78.8% 4.0x $0.08 $0.07 3Q26 Distributable Average Loan Size Performing Portfolio Non-Ma
Slide 8: 3Q26 Operating Results
3Q26 Operating Results Net Income Distributable Earnings ($ in millions) Attributable to Common Adjustments Distributable Earnings2 per Common Share, Stockholders1 Diluted Interest Income $82.3 $— $82.3 $1.08 $0.08 GAAP Income per Interest Expense (55.7) — (55.7) (0.73) Diluted Share1 Net Interest I
Slide 9: Liquidity and Leverage
Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios4 1 2 Cash Undrawn Capacity Debt-to-Equity Ratio Total Leverage Ratio CLO Reinvestment Cash Undrawn Capacity on Corporate Revolver 4.03x $488.2 3.64x 3.32x $100.0 3.10x 3.10x 3.02x 3.02x 2.94x $5.2 $291.6 $100.0 $317.4 $172.8
Slide 10: Loan Portfolio
Loan Portfolio Portfolio Metrics Loan Category4,5 Total Loan Commitments $5.2B Outstanding Principal Balance $4.9B Light Transitional MSA Concentrations (Top 25 / Top 10)1 57.6% / 34.1% 17.6% Weighted Average All-in Yield2 7.27% Moderate Bridge Weighted Average Credit Spread 3.08% Transitional 64.0%
Slide 11: Loan Portfolio Composition
Loan Portfolio Composition Loan Commitments by Vintage1 Loan Portfolio by Property Type1 Self Storage 1.3% Office 7.9% Industrial 22.6% 2022 & Prior 24.3% 2023-2026 75.7% Mixed-Use Multifamily 1.5% 52.6% Life Science 6.5% Hotel 7.6% 76% of loan commitments are 2023 vintage or newer 75% Multifamily &
Slide 12: Loan Portfolio Originations & Repayments
Loan Portfolio Originations & Repayments ▪ 3Q26 total loan originations and acquisitions of $772.7 million, with a weighted average interest rate of Term SOFR + 3.02% and as-is LTV of 70.2% ▪ 3Q26 total loan repayments of $119.6 million, including a full repayment of $106.0 million and partial repay
Slide 13: Loan Portfolio Walk
Loan Portfolio Walk TTM Loan Originations of $2.3 billion Drive Net Asset Growth of 36% Total Loan Commitments1 Unpaid Principal Balance Deferred Fundings and New Loan Originations2 Repayments/Sales/ Unfunded Loan Commitments REO Conversion $690.0 $5,168.7 ($119.6) $236.6 $450.0 ($42.8) $843.0 $4,50
Slide 14: Loan Risk Ratings & CECL Reserve
Loan Risk Ratings & CECL Reserve Dispersion of Risk Ratings1 CECL Reserve as bps of Total Loan Commitments2 by Amortized Cost ($ in millions) September 30, 2026 June 30, 2026 General Reserve Specifically Identified Loans $4,622.9 180 179 179 $3,986.6 3Q 2026 Loan Count: 59 2Q 2026 Loan Count: 52 147
Slide 15: Financing
Financing Financing Overview Diverse Financing Sources1 0.8% Total Financing Capacity $5.4B 78.8% Non-MTM 9.5% Outstanding Principal Balance $4.2B ü78.8% Non-MTM Loan Portfolio Sources of Financing 9 debt with no capital markets MTM 44.0% Corporate Sources of Financing 2 provisions 45.7% Non-Mark-to
Slide 16: Real Estate Owned
Real Estate Owned Total Assets Total Office Total Multifamily Total Portfolio Loan ($ in thousands) Investments (Net) 92% Year(s) Acquired 2023 2023 - 2026 2023-2026 Total Assets Property Count 2 5 7 $5.2B Cash & Other Assets 3% NRSF / Units 496,678 Sq. Ft 1,278 Units REO 5% Carrying Value1 $79,959
Slide 17: Impact of Changing Rates
Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quarter)1 0.05 Index Rate at September 30, 2026 Term SOFR: 3.91% $0.04 0.04 0.03 $0.02 0.02 0.01 $0.00 0.00 (0.01) (0.02) ($0.02) ($0.02) (0.03) - 1.00% - 0.50% 0.00% + 0.50% + 1.00% Change in Index Rate 1. St
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 $273.5 S + 2.6% 4.2 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) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets All amounts in thousands except share and per share amounts September 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $70,826 $87,613 Restricted cash 265 654 Collateralized loan obligation proceeds held at trustee 11,491 3,976 Accounts receivable from servicer
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, 2026 2025 2026 2025 Interest income and interest expense Interest income $82,339 $77,106 $230,571 $215,819 Interest
Slide 23: 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 24: 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 25: Definitions (cont.)
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 that is pari passu with or senior to such loan or participation interest), di
Slide 26: 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 27: 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