NEW YORK--(BUSINESS WIRE)--July 28, 2026--
TPG RE Finance Trust, Inc. $(TRTX)$ ("TRTX" or the "Company") reported its operating results for the quarter ended June 30, 2026.
Regarding second quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: "TRTX delivered strong first-half results, generating Distributable Earnings of $0.48 per share that fully covered our year-to-date common stock dividend. We had a highly active second quarter, investing $466 million into new loans across our target asset classes while receiving $274 million of repayments. Importantly, we transformed our liability structure over the last quarter by closing a $400 million Term Loan B and a $100 million Corporate Revolver, securing highly durable, non-mark-to-market liquidity with the ability to drive steady earnings and long-term shareholder value. TRTX is exceptionally well-positioned to navigate the evolving commercial mortgage REIT landscape and capture accretive growth."
SECOND QUARTER 2026 ACTIVITY
-- Recognized GAAP net income attributable to common stockholders of $9.4
million, or $0.12 per common share, based on a diluted weighted average
share count of 78.0 million common shares. Book value per common share
was $10.95 as of June 30, 2026, compared to $11.06 at March 31, 2026.
-- Generated Distributable Earnings of $17.6 million, or $0.23 per common
share based on a diluted weighted average share count of 78.0 million
common shares.
-- Declared on June 12, 2026 a cash dividend of $0.24 per share of common
stock which was paid on July 24, 2026 to common stockholders of record as
of June 26, 2026. The Company paid on June 30, 2026 to preferred
stockholders of record as of June 18, 2026 a quarterly dividend on its
6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per
share.
-- Repurchased 1,301,644 shares of common stock, at a weighted average
price of $8.26 per share, for total consideration (including commissions
and related fees) of $10.8 million, which increased book value per common
share by $0.05 per common share.
-- Originated three first mortgage loans with aggregate total loan
commitments of $466.0 million, an aggregate initial unpaid principal
balance of $450.0 million, a weighted average interest rate of Term SOFR
plus 2.79%, a weighted average interest rate floor of 2.63% and a
weighted average as-is loan-to-value ratio of 62.9%.
-- Funded $14.8 million of future funding obligations associated with
previously originated and acquired loans.
-- Received loan repayments of $274.4 million, including one full loan
repayment of $227.1 million, involving the following property types:
95.9% office and 4.1% industrial.
-- Weighted average risk rating of the Company's loan portfolio was 3.0 as
of June 30, 2026, unchanged from March 31, 2026.
-- Carried at quarter-end an allowance for credit losses of $80.7 million,
an increase of $3.5 million from $77.1 million as of March 31, 2026. The
quarter-end allowance of 179 basis points of total loan commitments as of
June 30, 2026, is consistent with March 31, 2026.
-- Ended the quarter with $488.2 million of near-term liquidity: $65.6
million of cash-on-hand, of which $26.1 million was available for
investment, net of $39.5 million held to satisfy liquidity covenants
under the Company's various financing arrangements; undrawn capacity
under secured financing arrangements of $297.4 million; undrawn capacity
under asset-specific financing arrangements and secured revolving credit
facility of $20.0 million; undrawn capacity of $100.0 million under the
Revolver; and collateralized loan obligation reinvestment proceeds held
at the trustee of $5.2 million.
-- Closed a Term Loan B with an aggregate principal amount of $400.0
million due in 2033, priced at 99.75% and bears interest at Term SOFR
plus 275 basis points.
-- Closed a $100.0 million Revolving Credit Facility (the "Revolver") due
in 2031 which bears interest at Term SOFR plus 200 basis points and was
undrawn at close.
-- Extended the Wells Fargo secured credit agreement to 2028 and increased
the capacity by $350.0 million to $850.0 million.
-- Closed a $500.0 million secured credit agreement with Citi.
-- Increased the capacity of the Goldman Sachs secured credit agreement by
$250.0 million to $750.0 million.
-- Redeemed all $597.8 million of outstanding investment-grade bonds of
TRTX 2022-FL5. 17 collateral interests with an aggregate unpaid principal
balance of $698.1 million financed therein were refinanced primarily by
the upsize of the Wells Fargo secured credit agreement.
-- Non-mark-to-market borrowings represented 85.2% of total borrowings at
June 30, 2026.
SUBSEQUENT EVENTS
-- Closed one first mortgage loan with a total loan commitment of $72.0
million and initial funding of $72.0 million, an interest rate of Term
SOFR + 2.45%, and an as-is loan-to-value ratio of 74.7%.
-- From July 1, 2026 through July 24, 2026, repurchased 216,181 shares of
common stock, at a weighted average price of $8.43 per share, for total
consideration (including commissions and related fees) of $1.8 million.
The Company had $7.5 million of remaining capacity under its share
repurchase program as of July 24, 2026.
The Company issued a supplemental presentation detailing its second quarter 2026 operating results, which can be viewed at http://investors.tpgrefinance.com/.
CONFERENCE CALL AND WEBCAST INFORMATION
The Company will host a conference call and webcast to review its financial results with investors and other interested parties at 9:00 a.m. ET on Wednesday, July 29, 2026. To participate in the conference call, callers from the United States and Canada should dial +1 (877) 407-9716, and international callers should dial +1 (201) 493-6779, ten minutes prior to the scheduled call time. The webcast may also be accessed live by visiting the Company's investor relations website at http://investors.tpgrefinance.com/event.
REPLAY INFORMATION
A replay of the conference call will be available after 12:00 p.m. ET on Wednesday, July 29, 2026 through 11:59 p.m. ET on Wednesday, August 12, 2026. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13761446. The replay will be available on the Company's website for one year after the call date.
ABOUT TRTX
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 by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. $(TPG)$. For more information regarding TRTX, visit https://www.tpgrefinance.com/.
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 uncertainties, including, without limitation, risks and uncertainties relating to the performance of the Company's investments; global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, tariffs and international trade policies, geopolitical conditions and global conflicts, stress to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains; the Company's ability to originate loans that are in the pipeline and under evaluation by the Company; financing needs and arrangements; and the risks, uncertainties and factors set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, as such risk factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. Forward--looking statements are generally identifiable by use of forward--looking terminology such as "may," "will, " "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "could," "project," "predict," "continue," "ability" or other similar words or expressions. Forward--looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward--looking information. Statements, among others, relating to the ability to drive steady earnings and long-term shareholder value and our belief that TRTX is exceptionally well-positioned to navigate the evolving commercial mortgage REIT landscape and capture accretive growth are forward-looking statements, and the Company cannot assure you that it will achieve such results. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward--looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward--looking statements. You
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