TPG RE Finance Trust (TRTX) investor relations material

Financial performance highlights

• Net income attributable to common stockholders was $0.2 million for 4Q25 and $45.5 million for the year, with distributable earnings of $18.5 million for 4Q25 and $76.8 million for the year.

• Common stock dividends declared were $0.24 per share for 4Q25 and $0.96 per share for the year, with an annualized dividend yield of 11.3%.

• Book value per share at year-end was $11.07, and the 4Q25 GAAP income per diluted share was $0.00.

• Distributable earnings per diluted share for 4Q25 were $0.24.

• The company repurchased 3.2 million shares at an average price of $7.90, totaling $25.3 million.

Investment portfolio and activity

• Total loan investment portfolio reached $4.3 billion, with a weighted average all-in yield of 7.15%.

• Originated $927 million in new first mortgage loans in 4Q25 and $1.9 billion for the year.

• 99.7% of the portfolio is floating rate, with a weighted average LTV of 65.7%.

• Portfolio risk ratings remained stable at 3.0, with only one loan on non-accrual status, representing less than 1% of the portfolio.

• Sold two office properties for $39.4 million, realizing a net gain of $7.0 million.

Liquidity, leverage, and capital management

• Available liquidity at year-end was $143.0 million, including $87.6 million in cash and $51.4 million in undrawn credit capacity.

• Debt-to-equity ratio increased to 3.02x by year-end, with 82% of financing non-mark-to-market.

• Issued two CRE CLOs totaling $2.2 billion at a weighted average advance rate of 87.3%.

• Redeemed $526.1 million in investment grade securities during the year.

• CECL reserve increased to $77.4 million, or 180 basis points of total loan commitments.