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 September 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ t ...

Financial Data and Key Metrics Changes - Book value per common share decreased by $0.38 to $16.03 from $16.41, primarily due to an increase in the CECL reserve that outpaced operating earnings and a $13.3 million gain on sale [27] - GAAP net loss to common shareholders was reported at $8.8 million, while distributable earnings were positive at $21.5 million [29] - Diluted distributable earnings per share covered the dividend per share by a ratio of 1.1 to 1, with a year-to-date payout ratio of 80% [28] Business Line Data and Key Metrics Changes - Loan repayments totaled $757 million, with 35% from office, 23% from multifamily, and 22% from hotel properties [16] - New loan commitments amounted to $380 million at an average LTV of 65% and a weighted average spread of Term SOFR plus 4.21% [19] - 87% of second quarter loan originations were multifamily loans, with multifamily now representing 41% of total loan commitments [21] Market Data and Key Metrics Changes - The real estate lending market has seen a reduction in leverage and widening of credit spreads, indicating a more lender-friendly environment [10] - The company ended the quarter with over $770 million in total liquidity, consisting of $339 million in available cash and $365 million in reinvestment capacity [15] - The CRE CLO market remains open, with new issue volume for 2022 at $25 billion, slightly above the previous year's volume [40] Company Strategy and Development Direction - The company is focused on deploying capital prudently to benefit shareholders and aims to increase quarterly dividends when appropriate [23] - There is a strong emphasis on multifamily and industrial credits in select markets, as these sectors are believed to offer the most attractive risk-adjusted returns [21] - The company has diversified its funding sources to reduce reliance on the CRE CLO market and enhance its financing capabilities [41] Management's Comments on Operating Environment and Future Outlook - Management noted that tightening liquidity has affected nearly all asset classes, including real estate, leading to a more cautious approach to lending [9] - The company has increased its CECL reserve to reflect deteriorating market trends and specific credit concerns, particularly in the office sector [12] - Management expressed optimism about the lending conditions improving in favor of the company, with a strong pipeline of origination transactions [24] Other Important Information - The company received $267.2 million in office loan repayments during the second quarter, with an additional $226.2 million received since June 30 [37] - The company paid an incentive fee of $5.2 million to its manager due to exceeding the ROA hurdle of 7% [38] - The weighted average advance rate and credit spread for CLOs were reported at 83.6% and 179 basis points, respectively [43] Q&A Session Summary Question: Concerns about overcrowding in the Sun Belt multifamily market - Management indicated that recent loans are not overly concentrated in the Sun Belt and noted a broader array of multifamily lending across the country [48] Question: Concerns about specific markets showing substantial inflation - Management stated that no markets are avoided solely due to inflation concerns, but affordability is a key factor in underwriting decisions [50] Question: Activity in credit resolutions and non-accrual loans - Management confirmed the resolution of a non-accrual loan and indicated that there are no longer any five-rated loans or non-accrual loans in the portfolio [62] Question: Minimum liquidity levels - Management stated that the minimum liquidity level varies based on several factors, typically ranging between $125 million and $160 million [68] Question: Commercial real estate valuations and transitional borrowers - Management noted that private market valuations are reflecting lower price points and that underwriting assumptions are adjusting to higher debt yields and wider cap rates [76]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________________________________________ Maryland 001-38156 36-4796967 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share TRTX New York Stock Exchange 6.25% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share TRTX ...

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, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ___ ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET Company Participants Deborah Ginsberg - VP, General Counsel & Corporate Secretary Matthew Coleman - President Doug Bouquard - CEO Robert Foley - CFO Peter Smith - Chief Investment Officer Conference Call Participants Rick Shane - JPMorgan Eric Hagen - BTIG Operator Greetings, and welcome to the TPG RE Finance Trust First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mo ...

Part I [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q1 2022 financial statements show total assets increased to $5.52 billion, net income decreased to $23.8 million, and significant cash from financing activities [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $5.52 billion as of March 31, 2022, driven by loans, with liabilities also rising to $4.05 billion Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $351,572 | $260,635 | | Loans held for investment, net | $5,069,481 | $4,867,203 | | Total assets | $5,515,056 | $5,218,020 | | **Liabilities & Equity** | | | | Secured financing agreements, net | $1,192,956 | $1,162,206 | | Collateralized loan obligations, net | $2,810,626 | $2,545,691 | | Total liabilities | $4,047,148 | $3,753,314 | | Total stockholders' equity | $1,467,908 | $1,464,706 | - The company's consolidated total assets and liabilities as of March 31, 2022, include assets and liabilities of Variable Interest Entities (VIEs) of **$3.4 billion** and **$2.8 billion**, respectively, with these assets restricted to satisfying the obligations of the VIEs[15](index=15&type=chunk) [Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Net income for Q1 2022 decreased to $23.8 million from $32.0 million in Q1 2021, primarily due to a $4.9 million credit loss expense Consolidated Income Statement Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net interest income | $38,516 | $37,858 | | Total other expenses | $9,784 | $9,106 | | Credit loss (expense) benefit, net | $(4,884) | $4,038 | | Net income | $23,781 | $31,955 | | Net income attributable to common stockholders | $20,436 | $24,233 | | Earnings per common share, diluted | $0.25 | $0.30 | [Consolidated Statements of Changes in Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total stockholders' equity increased from $1.465 billion at the start of 2022 to $1.468 billion at the end of Q1 2022, driven by net income partially offset by dividends Changes in Equity for Q1 2022 (in thousands) | Description | Amount | | :--- | :--- | | Beginning Equity (Jan 1, 2022) | $1,464,706 | | Net Income | $23,781 | | Dividends on preferred stock | $(3,148) | | Dividends on common stock ($0.24/share) | $(18,697) | | Stock compensation expense | $1,266 | | **Ending Equity (Mar 31, 2022)** | **$1,467,908** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2022 cash flows show **$32.6 million** from operations, **$205.8 million** used in investing, and **$264.6 million** provided by financing, resulting in a **$91.4 million** net increase Cash Flow Summary for Q1 2022 vs Q1 2021 (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32,617 | $26,340 | | Net cash (used in) investing activities | $(205,812) | $(62,343) | | Net cash provided by financing activities | $264,575 | $18,754 | | **Net change in cash** | **$91,380** | **$(17,249)** | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail accounting policies, loan portfolio, VIEs for CLOs, financing, fair value, related party transactions, and equity structure - The company's principal business is originating and acquiring a diversified portfolio of commercial real estate credit investments, mainly first mortgage loans, operating as a REIT[27](index=27&type=chunk) - The company accounts for its allowance for credit losses on loans held for investment using the Current Expected Credit Loss (CECL) model under ASC 326[42](index=42&type=chunk) - The company uses a 5-point internal risk rating scale for its loans, from '1' (Outperform) to '5' (Default/Possibility of Loss), with new loans generally assigned a rating of '3'[45](index=45&type=chunk) - On February 16, 2022, the company entered into a new collateralized loan obligation, TRTX 2022-FL5, issuing **$1.075 billion** in notes and shares, which is consolidated as a VIE[118](index=118&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 performance, highlighting **$20.4 million** net income, **$5.1 billion** loan portfolio growth, new CLO issuance, and increased credit loss allowance Q1 2022 Key Financial Highlights | Metric | Q1 2022 | Q4 2021 | | :--- | :--- | :--- | | Net Income to Common Stockholders | $20.4M | $41.4M | | Distributable Earnings | $26.6M | $18.5M | | Common Stock Dividend per Share | $0.24 | $0.31 | | Book Value per Common Share | $16.41 | $16.37 | - Originated five first mortgage loans with total commitments of **$233.0 million**[250](index=250&type=chunk) - Issued TRTX 2022-FL5, a **$1.075 billion** managed CRE CLO, and redeemed the **$600.0 million** TRTX 2018-FL2 CLO[250](index=250&type=chunk) - Increased allowance for credit losses by **$4.9 million**, bringing the total to **$51.1 million**, or **91 basis points** of total loan commitments[250](index=250&type=chunk) - Subsequent to quarter end, on April 4, 2022, the company sold its remaining 10-acre REO property for **$75.0 million**, expecting a gain of **$13.3 million** in Q2 2022[239](index=239&type=chunk)[271](index=271&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=72&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate, credit, and liquidity risks, minimizing interest rate exposure by match-indexing floating-rate assets and liabilities - The company's business model seeks to minimize interest rate risk by match-indexing floating-rate assets and liabilities, with **100%** of the loan portfolio earning a floating rate of interest as of March 31, 2022[376](index=376&type=chunk) Interest Rate Sensitivity Analysis (Impact on Net Interest Income over 12 months, in thousands) | Rate Change | Increase | Decrease | | :--- | :--- | :--- | | 25 Basis Point | $(5,074) | $5,578 | | 50 Basis Point | $(9,735) | $9,003 | | 75 Basis Point | $(13,610) | $9,003 | - Credit risk is managed via underwriting and active asset management, with exposure to commercial real estate market risks like changes in occupancy and capitalization rates[379](index=379&type=chunk)[380](index=380&type=chunk) - Liquidity risk primarily stems from financing longer-maturity assets with shorter-term borrowings and potential margin calls, mitigated by having **72.5%** of borrowings from non-mark-to-market sources like CRE CLOs as of March 31, 2022[293](index=293&type=chunk)[387](index=387&type=chunk) [Controls and Procedures](index=75&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2022[398](index=398&type=chunk) - No material changes were identified in the company's internal control over financial reporting during the first quarter of 2022[399](index=399&type=chunk) Part II. Other Information [Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) As of March 31, 2022, the company was not involved in any material legal proceedings - The company was not involved in any material legal proceedings as of March 31, 2022[402](index=402&type=chunk) [Risk Factors](index=76&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - No material changes to risk factors were reported from the company's 2021 Form 10-K[403](index=403&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[404](index=404&type=chunk) [Defaults Upon Senior Securities](index=76&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[405](index=405&type=chunk) [Mine Safety Disclosures](index=76&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[406](index=406&type=chunk) [Other Information](index=76&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[407](index=407&type=chunk) [Exhibits](index=77&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including amendments to credit agreements, officer certifications pursuant to the Sarbanes-Oxley Act, and XBRL data files - Filed exhibits include amendments to Master Repurchase and Securities Contracts with Wells Fargo and Goldman Sachs[409](index=409&type=chunk) - Certifications by the Principal Executive Officer and Chief Financial Officer under Sections 302 and 906 of the Sarbanes-Oxley Act were filed as exhibits[410](index=410&type=chunk)

Financial Performance - Generated GAAP net income attributable to common stockholders of $41.4 million, or $0.51 per diluted common share, for the fourth quarter of 2021[13] - Generated GAAP net income attributable to common stockholders of $70.7 million, or $0.87 per diluted common share, for the full year 2021[21] - Declared dividends on common stock of $73.8 million, or $0.95 per common share, for the full year 2021, including a special dividend of $0.07 per common share[23] - The Company's CECL reserve was $46.2 million as of December 31, 2021, compared to $62.8 million as of December 31, 2020, resulting in a credit loss benefit during the year of $16.6 million[26] Loan Portfolio Activity - Originated 10 first mortgage loans with total loan commitments of $651.6 million in the fourth quarter of 2021[15] - Received loan repayments of $428.1 million in the fourth quarter of 2021[16] - Originated 27 first mortgage loans with total loan commitment amounts of $1.9 billion in the full year 2021[24] - Received loan repayments totaling $1.2 billion in the full year 2021[25] Liquidity and Capitalization - Ended the fourth quarter of 2021 with $321.1 million of total liquidity[18] - Closed TRTX 2021-FL4, a $1.25 billion managed CRE CLO with an advance rate of 83.0%[25] - Issued 8.05 million shares of Series C Preferred Stock, generating net proceeds of $194.4 million in the full year 2021[21]

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q4 2021 Earnings Conference Call February 23, 2022 10:00 AM ET Company Participants Matthew Coleman – President Deborah Ginsberg – Vice President, General Counsel & Corporate Secretary Robert Foley – Chief Financial Officer Peter Smith – Chief Investment Officer Conference Call Participants Stephen Laws – Raymond James Tim Hayes – BTIG Steve Delaney – J&P Securities Donald Fandetti – Wells Fargo Rick Shane – JPMorgan Operator Greetings, welcome to the TPG Real Estate ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K | For the fiscal year ended December 31, 2021 | OR | | | | | | --- | --- | --- | --- | --- | --- | | ☐ | 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 Finance Trust, Inc. | (Exact name of Registrant as specified in its Charter) | | | | | | Maryland | 36-4796967 | (State or other jurisdi ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q3 2021 Earnings Conference Call November 3, 2021 ET Company Participants Deborah Ginsberg - VP, General Counsel & Corporate Secretary Matthew Coleman - President Robert Foley - CFO Peter Smith - CIO & VP Conference Call Participants Ethan Saghi - BTIG Richard Shane - JPMorgan Chase & Co. Donald Fandetti - Wells Fargo Securities Operator Greetings, and welcome to the TPG RE Finance Trust Third Quarter 2021 Earnings Call. [Operator Instructions]. As a reminder, this con ...