UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 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 jur ...

Citi 2021 Virtual Global Property CEO Conference March 9, 2021 Forward-Looking Statements and Other Disclosures The information contained in this earnings 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. These forward‐looking statements are subject to variousrisks and uncertainties, including, without limitation, statements relating to the performance of the inve ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q4 2020 Earnings Conference Call February 25, 2021 8:30 AM ET Company Participants Deborah Ginsberg – Vice President and General Counsel Greta Guggenheim – Chief Executive Officer Matt Coleman – President Bob Foley – Chief Financial Officer Peter Smith – Chief Investment Officer Conference Call Participants Stephen Laws – Raymond James Charlie Arestia – JP Morgan Tim Hayes – BTIG Operator Greetings and welcome to the TPG Real Estate Finance Trust, Fourth Quarter 2020 E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 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 jurisdiction of inco ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q3 2020 Results Earnings Conference Call November 5, 2020 8:30 AM ET Company Participants Deborah Ginsberg - Vice President, Secretary, General Counsel Greta Guggenheim - Chief Executive Officer Bob Foley - Chief Financial Officer Conference Call Participants Stephen Laws - Raymond James Steve Delaney - JMP Securities Charlie Arestia - JPMorgan Operator Greetings and welcome to TPG Real Estate Finance Trust third quarter 2020 earnings conference call. At this time, all ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2020 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 ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q2 2020 Earnings Conference Call July 30, 2020 8:30 AM ET Company Participants Deborah Ginsberg - Vice President, Secretary and General Counsel Greta Guggenheim - Chief Executive Officer Bob Foley - Chief Financial Officer Conference Call Participants Stephen Laws - Raymond James Steve Delaney - JMP Securities Rick Shane - JP Morgan George Bahamondes - Deutsche Bank Operator Greetings. Welcome to the TPG RE Finance Trust Second Quarter 2020 Earnings Conference Call. At ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2020. 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 jur ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $232.8 million or $3.05 per diluted share for Q1 2020, with core earnings of $168.3 million or $2.20 per diluted share [28] - Net interest income from the transitional lending business was $40.8 million, up 5.9% from the prior quarter [28] - The overall portfolio risk rating increased to 3.1 due to the impact of COVID-19, with many operating hotels downgraded [21] Business Line Data and Key Metrics Changes - In Q1, the company originated $437 million of loans, primarily in multi-family assets (90%) and office assets (10%) [16] - 68% of the portfolio is secured by bridge and light transitional assets, with one construction loan having future funding obligations of $15 million [13] - 99.5% of the loan portfolio paid interest in April, with only one loan late, which is senior to an institutionally owned mezzanine loan [14] Market Data and Key Metrics Changes - The company’s portfolio is primarily composed of office (49%) and multi-family loans (24%), with hotel and retail loans representing 13% and 0.6% respectively [12] - The weighted average loan-to-value (LTV) ratio is 65.7%, consistent with prior quarters, indicating a focus on quality properties in major markets [39] Company Strategy and Development Direction - The company is focusing on protecting the value of its portfolio and providing modifications to borrowers needing payment relief during the lockdown [17] - The company has retained Houlihan Lokey to help source new capital to navigate the current economic environment and prepare for future opportunities [26] - The management emphasized the importance of working with borrowers and lenders to manage the economic strain caused by COVID-19 [22] Management Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented challenges posed by the COVID-19 pandemic, stating that the economic strain on tenants and landlords will not disappear quickly [22] - The company expressed confidence in the long-term value of its portfolio, anticipating that cash flow disruptions will begin to ease as lockdowns are lifted [26] - Management noted that market conditions are too uncertain to originate new loans at this time [17] Other Important Information - The company recorded an impairment charge of $167.3 million against the $767.3 million face value of bonds owned at quarter-end [30] - The company has no margin calls and is in active discussions with lenders to implement re-margening holidays [22] - Liquidity at quarter-end was $168.8 million, primarily in cash and near-term availability under credit facilities [45] Q&A Session Summary Question: Can you provide more details on the five-rated loan in Houston? - The loan is a Class A multi-family property that has underperformed due to market conditions and rent concessions [51] Question: What is the timeline for the deed in lieu process? - The process is in early stages and could take several weeks to months, depending on negotiations [54][92] Question: Can you discuss the ongoing concern related to funding due in a year? - The company is comfortable with its plans and has successfully extended its facility with Morgan Stanley [60] Question: Are there any other loans on non-accrual? - Currently, there is only one loan that is late, and no other loans are on non-accrual [67] Question: How does the company view cash management going forward? - The company plans to hoard cash and prioritize paying down the most vulnerable loans, particularly those financing hotels [75] Question: What is the status of the dividend? - The company has not announced any suspension of dividends, but the first quarter dividend was deferred [116]

Financial Performance - TPG RE Finance Trust, Inc reported a GAAP net loss attributable to common stockholders of $233.1 million, or $(3.05) per diluted common share[13] - The company's book value per common share at March 31, 2020, was $16.06[13] - Net interest margin on investments increased to $43.3 million, a 16.4% increase from $37.2 million for the three months ended March 31, 2019[14] - The Current Expected Credit Losses (CECL) reserve totaled $83.0 million, or $1.08 per share, at March 31, 2020, producing a net CECL expense of $63.3 million, or $(0.83) per share, for the quarter[14,32] Investment Activity - The company closed five new loan commitments totaling $437.4 million, with an average loan size of $87.5 million, an initial unpaid principal balance of $353.5 million, a weighted average credit spread of 284 bps, and a weighted average loan-to-value of 73.5%[14] - Losses on CRE debt securities were $203.5 million, including $36.2 million realized from sales in March 2020 and an impairment charge of $167.3 million related to CRE debt securities owned as of March 31, 2020[14] - The company reduced its portfolio of CRE debt securities to zero, with losses sustained after quarter-end equaling the impairment charge of $167.3 million recorded at March 31, 2020[15] Liquidity and Capitalization - The company had cash on hand of $103.6 million, of which $45.2 million was available for investment[32] - The company issued 0.6 million common shares via its at-the-market (ATM) continuous offering program, generating proceeds of $12.9 million at a weighted average price per share of $20.53, before dealer commissions[14] - An existing secured revolving repurchase agreement with Morgan Stanley Bank was extended through May 4, 2021, with a commitment amount of $500 million[15]