First Quarter 2024 Supplemental Information April 30, 2024 Forward-Looking Statements and Other Disclosur This progentation contains from and looking stations within the meaning of Serient 72L of the Securities de of 1932 as annonded and Serieng 2F of the Seruition Ferhange (4r with respect to, anong other things, our operations and financial performance. You can itentfy these forward looking statements by the use of words such as "outlook," "beli roredict, ""intend," "will," "plon," "estimate," "anticipate ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ _______________________________________________________________________ FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to __ ...

Financial Data and Key Metrics Changes - GAAP net income attributable to common shareholders was $2.6 million for Q4 2023, compared to a loss of $64.6 million in Q3 2023 [9] - Net interest margin for the loan portfolio increased to $21.3 million from $19.5 million in the prior quarter, an increase of $1.8 million or $0.02 per common share [9] - CECL reserve decreased by $166.8 million or 70.5% to $69.8 million from $236.6 million as of September 30, 2023 [10] - Distributable earnings before realized credit losses were $24.4 million or $0.31 per common share, compared to $13.7 million or $0.18 per common share in the prior quarter [100] - Book value per share declined to $11.86, down $0.18 from $12.04 in Q3 [101] Business Line Data and Key Metrics Changes - Multifamily loans now represent 49.2% of the loan portfolio, while office loans have declined 68% over the past eight quarters to 19.9% [77] - The company resolved $466 million of identified credit challenge loans in Q4 and $951 million during the entire year [101] - The REO portfolio at year-end comprised five properties, with a total carrying value of $199.8 million and a blended current annualized yield of 6% [78] Market Data and Key Metrics Changes - The S&P 500 has rallied approximately 5% since the start of the year and 40% since October 2022, indicating a broad market recovery [3] - Credit spreads in the CMBS and Series CLO markets have tightened, with strong demand for multifamily and industrial property types [69] Company Strategy and Development Direction - The company aims to maintain elevated liquidity levels, resolve credit-challenged loans, and position itself to take advantage of investment opportunities in 2024 [70] - The strategy includes reducing exposure to the office market by approximately 70% since early 2022 [71] - The company is focused on the multifamily sector, which it believes has positive long-term tailwinds despite near-term pressures [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current environment due to the substantial progress made in reshaping the loan portfolio and maintaining strong liquidity [73] - The pace of Fed rate cuts is seen as a key driver of credit performance, particularly for floating rate lenders [69] - Management acknowledged ongoing uncertainty in the real estate market but believes the company is well-positioned for 2024 and beyond [73] Other Important Information - The company has $480 million in available liquidity, a conservative leverage ratio of 2.5 to 1, and no material financing maturities until 2026 [98] - The company has utilized $71.2 million of its CLO reinvestment capacity and intends to fully utilize the remaining $176 million before mid-April [15] Q&A Session Summary Question: What is the earnings power now that the company has resolved non-performing loans? - Management indicated that the average distributable earnings before credit losses in 2023 was approximately $0.23 per quarter, providing a solid foundation for future growth [108] Question: How does the company view share buybacks given the stock's valuation? - Management acknowledged that share repurchase is a potential tool but emphasized the importance of evaluating new investments and capital deployment strategies [138] Question: What are the liquidity needs for the REO portfolio? - Management stated that properties generating less current cash may require more capital for investment and have a longer hold period to realize returns [119] Question: How does the company plan to manage its dividend policy moving forward? - Management is considering dividend policy in light of long-term earnings power and the realized losses in 2023, indicating a focus on preserving capital [126][147]

Maryland 001-38156 36-4796967 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) TPG RE Finance Trust, Inc. (Exact Name of Registrant as Specified in its Charter) ___________________________________________________________________ Securities registered pursuant to Section 12(b) of the Act: 99.1 Earnings Release, dated February 20, 2024 (d) Exhibits. TPG RE Finance Trust, Inc. February 20, 2024 • Recognized GAAP net income attributable to common stockhol ...

Fourth Quarter and Full Year : Supplemental Information February 20, 2024 Forward-Looking Statements and Other Disclosur This progentation contains from and looking stations within the meaning of Serient 72L of the Securities de of 1932 as annonded and Serieng 2F of the Seruition Ferhange (4r with respect to, anong other things, our operations and financial performance. You can itentfy these forward looking statements by the use of words such as "outlook," "beli roredict, ""intend," "will," "plon," "estimat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-K ____________________________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Co ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET Company Participants Deborah Ginsberg - General Counsel, Vice President and Secretary Doug Bouquard - Chief Executive Officer Robert Foley - Chief Financial Officer Conference Call Participants Stephen Laws - Raymond James Sarah Barcomb - BTIG Rick Shane - JPMorgan Arren Cyganovich - Citi Operator Good morning, and welcome to the TPG Real Estate Finance Trust Third Quarter 2023 Earnings Conference Call. At th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-38156 ____________________________________ TPG RE Finan ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q2 2023 Earnings Conference Call August 2, 2023 9:00 AM ET Company Participants Deborah Ginsberg - VP, General Counsel & Corporate Secretary Doug Bouquard - CEO & Director Robert Foley - CFO Conference Call Participants Stephen Laws - Raymond James & Associates Richard Shane - JPMorgan Chase & Co. Sarah Barcomb - BTIG Steven Delaney - JMP Securities Derek Hewett - Bank of America Merrill Lynch Operator Good morning, and welcome to the TPG RE Finance Trust Second Quarte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ _______________________________________________________________________ FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ___ ...