TRTX

trtx-20250429

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 29, 2025

TPG RE Finance Trust, Inc.

(Exact Name of Registrant as Specified in its Charter)

Maryland001-3815636-4796967

(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)

888 Seventh Avenue, 35th Floor, New York, New York 10106

(Address of Principal Executive Offices) (Zip Code)

(212) 601-4700

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.001 per shareTRTXNew York Stock Exchange

6.25% Series C Cumulative Redeemable

Preferred Stock, par value $0.001 per share TRTX PRCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Item 2.02    Results of Operations and Financial Condition.

On April 29, 2025, TPG RE Finance Trust, Inc. (the “Company”) issued an earnings release and supplemental financial information presentation announcing its financial results for the first quarter ended March 31, 2025. Copies of the earnings release and supplemental financial information presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits.

Exhibit No.Description

99.1 Earnings Release, dated April 29, 2025

99.2 Supplemental Financial Information Presentation for the Quarter Ended March 31, 2025

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TPG RE Finance Trust, Inc.

By:/s/ Robert Foley

Name:Robert Foley

Title:Chief Financial Officer

Date: April 29, 2025

EX-99.1

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Exhibit 99.1

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2024

February 18, 2025

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter and full year ended December 31, 2024.

Regarding fourth quarter and year ended 2024 results, Doug Bouquard, Chief Executive Officer of TRTX, said: “During 2024 we out earned our annual common stock dividend rate of $0.96 per share. We ended the year with $321 million of cash and near-term available liquidity, a 100% performing loan portfolio, unchanged risk ratings, and a $5 million quarter-over-quarter decline in our CECL reserve. In the fourth quarter, we originated $242 million of new loan investments, received $110 million of loan repayments, and registered our second consecutive quarter of net growth in earning assets. For the year, we originated $562 million of loan investments, and continue to focus on opportunistic capital deployment to build long-term shareholder value. We believe that the Company’s active pipeline reflects the many new investment opportunities we see in an increasingly attractive real estate credit landscape in 2025.”

FOURTH QUARTER 2024 ACTIVITY

•Recognized GAAP net income attributable to common stockholders of $6.9 million, or $0.09 per common share, based on a diluted weighted average share count of 80.9 million common shares. Book value per common share was $11.27 as of December 31, 2024.

•Generated Distributable Earnings and Distributable Earnings Before Realized Losses of $7.8 million, or $0.10 per common share, and $17.6 million, or $0.22 per common share, respectively, based on a diluted weighed average share count of 80.9 million common shares.

•Declared on December 13, 2024 a cash dividend of $0.24 per share of common stock which was paid on January 24, 2025 to common stockholders of record as of December 27, 2024. The Company paid on December 30, 2024 to stockholders of record as of December 20, 2024 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

•Originated two first mortgage loans with total loan commitments of $242.0 million, an aggregate initial unpaid principal balance of $225.2 million, a weighted average interest rate of Term SOFR plus 3.33%, a weighted average interest rate floor of 3.25% and a weighted average as-is loan-to-value ratio of 59.6%. Additionally, funded $4.7 million of future funding obligations associated with previously originated and acquired loans.

•Completed two foreclosures resulting in the acquisition of three multifamily properties with an aggregate fair value of $89.9 million at foreclosure.

•Received loan repayments of $110.2 million, including three full loan repayments of $94.7 million, involving the following property types: 70.4% multifamily; 21.9% life science; and 7.7% office.

•Weighted average risk rating of the Company’s loan portfolio was 3.0 as of December 31, 2024, unchanged from September 30, 2024.

•Carried at quarter-end an allowance for credit losses of $64.0 million, a decrease of $5.3 million from $69.3 million as of September 30, 2024. The quarter-end allowance equals 187 basis points of total loan commitments as of December 31, 2024, a decline of 18 basis points from 205 basis points as of September 30, 2024.

•Recognized credit loss expense of $4.6 million, or $0.06 per basic and diluted common share.

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•Ended the quarter with $320.8 million of near-term liquidity: $175.2 million of cash-on-hand available for investment, net of $15.0 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $128.1 million; and undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $2.5 million.

•Non-mark-to-market borrowings represented 77.0% of total borrowings at December 31, 2024.

FULL YEAR 2024 ACTIVITY

•Recognized GAAP net income attributable to common stockholders of $59.7 million, or $0.75 per common share, based on a basic and diluted weighted average share count of 79.9 million common shares.

•Generated Distributable Earnings and Distributable Earnings Before Realized Losses of $76.5 million, or $0.96 per common share, and $86.2 million, or $1.08 per common share, respectively, based on a diluted weighed average share count of 79.9 million common shares.

•Declared cash dividends of $78.7 million, or $0.96 per common share, representing a 11.3% annualized dividend yield based on the December 31, 2024 closing price of $8.50, and an 8.5% annualized dividend yield based on the December 31, 2024 book value per common share of $11.27.

•Originated eight first mortgage loans with total loan commitments of $562.3 million, an aggregate initial unpaid principal balance of $532.0 million, a weighte

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Exhibit 99.1

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2024

October 29, 2024

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended September 30, 2024.

Regarding third quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “Over the past quarter, TRTX delivered strong operating earnings, outearned our dividend by more than 115% and had no risk rating migration while maintaining a stable CECL reserve. As we seek to continue to take advantage of the attractive opportunity set within real estate credit, TPG’s integrated global real estate investing platform team enabled us to originate $204 million of new investments. We believe that this capital deployment combined with our strong balance sheet and liquidity profile positions us well to continue to drive long-term shareholder value.”

THIRD QUARTER 2024 ACTIVITY

•Recognized GAAP net income attributable to common stockholders of $18.7 million, or $0.23 per common share, based on a diluted weighted average share count of 81.4 million common shares. Book value per common share was $11.41 as of September 30, 2024.

•Generated Distributable Earnings of $23.0 million, or $0.28 per common share, based on a diluted weighed average share count of 81.4 million common shares.

•Declared on September 13, 2024 a cash dividend of $0.24 per share of common stock which was paid on October 25, 2024 to common stockholders of record as of September 27, 2024. The Company paid on September 30, 2024 to stockholders of record as of September 20, 2024 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

•Originated three first mortgage loans with total loan commitments of $204.0 million, an initial aggregate unpaid principal balance of $199.8 million, a weighted average interest rate of Term SOFR plus 3.17%, a weighted average interest rate floor of 3.33% and a weighted average as-is loan-to-value ratio of 63.3%. Additionally, funded $7.6 million of future funding obligations associated with previously originated and acquired loans.

•Received loan repayments of $149.3 million, including three full loan repayments of $141.1 million, involving the following property types: 41.5% hotel; 35.8% multifamily; and 22.7% mixed-use.

•Weighted average risk rating of the Company’s loan portfolio was 3.0 as of September 30, 2024, unchanged from June 30, 2024.

•Carried at quarter-end an allowance for credit losses of $69.3 million, a decrease of $0.3 million from $69.6 million as of June 30, 2024. The quarter-end allowance equals 205 basis points of total loan commitments as of September 30, 2024 compared to 208 basis points as of June 30, 2024.

•Ended the quarter with $357.0 million of near-term liquidity: $211.3 million of cash-on-hand available for investment, net of $15.0 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $128.1 million; and undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $2.6 million.

•Increased non-recourse, non-mark-to-market asset specific financings by $72.0 million. Non-mark-to-market borrowings represented 79.7% of total borrowings at September 30, 2024.

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SUBSEQUENT EVENTS

•Received full loan repayments of two multifamily first mortgage loans with aggregate total loan commitments and aggregate unpaid principal balances of $70.6 million and $70.6 million, respectively. The loans carried a risk rating of 3.0 as of September 30, 2024.

The Company issued a supplemental presentation detailing its third quarter 2024 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, October 30, 2024. 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, October 30, 2024 through 11:59 p.m. ET on Wednesday, November 13, 2024. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13745416. 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 originate

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Exhibit 99.1

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2024

July 30, 2024

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended June 30, 2024.

Regarding second quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “Our investment portfolio delivered strong performance in the face of an uncertain macroeconomic and real estate investing environment. During the quarter, TRTX generated Distributable Earnings of $0.28 per share representing a dividend coverage ratio of 1.2x. TRTX maintained both ample liquidity of $389 million and a conservative debt-to-equity ratio of 2:1 which enhances our ability to seek new investment opportunities across the evolving real estate credit landscape.”

SECOND QUARTER 2024 ACTIVITY

•Recognized GAAP net income attributable to common stockholders of $21.0 million, or $0.26 per common share, based on a diluted weighted average share count of 80.9 million common shares. Book value per common share was $11.40 as of June 30, 2024.

•Generated Distributable Earnings of $22.3 million, or $0.28 per common share, based on a diluted weighed average share count of 80.9 million common shares.

•Declared on June 17, 2024 a cash dividend of $0.24 per share of common stock which was paid on July 25, 2024 to common stockholders of record as of June 27, 2024. The Company paid on June 28, 2024 to stockholders of record as of June 18, 2024 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

•Received loan repayments of $186.1 million, including three full loan repayments of $162.5 million, involving the following property types: 51.5% office; 35.8% industrial; 11.1% multifamily; and 1.6% hotel. Additionally, funded $18.1 million of future funding obligations associated with previously originated and acquired loans.

•Weighted average risk rating of the Company’s loan portfolio was 3.0 as of June 30, 2024, unchanged from March 31, 2024.

•Carried at quarter-end an allowance for credit losses of $69.6 million, a decrease of $4.5 million from $74.1 million as of March 31, 2024. The quarter-end allowance equals 208 basis points of total loan commitments as of June 30, 2024 compared to 210 basis points as of March 31, 2024.

•Ended the quarter with $389.4 million of near-term liquidity: $244.2 million of cash-on-hand available for investment, net of $15.0 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $127.7 million; and undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $2.4 million.

•Non-mark-to-market borrowings represented 78.7% of total borrowings at June 30, 2024.

•Filed an S-3 registration statement, which the SEC declared effective on June 28, 2024, to register the resale of approximately 2.6 million common shares that were acquired by an affiliate of Starwood Capital Group pursuant to its exercise of warrants in May 2024.

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SUBSEQUENT EVENTS

•Closed one first mortgage loan with a total loan commitment of $96.0 million and initial funding of $95.5 million. The first mortgage loan is secured by two multifamily properties.

•Received a full loan repayment of one mixed-use first mortgage loan with a total loan commitment and unpaid principal amount of $36.4 million and $33.9 million, respectively.

The Company issued a supplemental presentation detailing its second quarter 2024 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 31, 2024. 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 31, 2024 through 11:59 p.m. ET on Wednesday, August 14, 2024. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13745185. 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 ext

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Exhibit 99.1

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2024

April 30, 2024

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31, 2024.

Regarding first quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “We ended the quarter with $371 million of available liquidity and a 100% performing loan portfolio. As part of our capital allocation strategy, on April 25 our Board of Directors approved a common stock share repurchase plan of up to $25 million. We continue to focus on asset management and opportunistically deploying capital to drive long term shareholder value.”

FIRST QUARTER 2024 ACTIVITY

•Recognized GAAP net income attributable to common stockholders of $13.1 million, or $0.17 per common share, based on a diluted weighted average share count of 77.9 million common shares. Book value per common share was $11.81 as of March 31, 2024.

•Declared on March 15, 2024 a cash dividend of $0.24 per share of common stock which was paid on April 25, 2024 to common stockholders of record as of March 28, 2024. The Company paid on March 28, 2024 to stockholders of record as of March 18, 2024 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

•Originated three first mortgage loans with total loan commitments of $116.3 million, an initial aggregate unpaid principal balance of $107.0 million, a weighted average interest rate of Term SOFR plus 3.40%, a weighted average interest rate floor of 3.28% and a weighted average as-is loan-to-value ratio of 69.9%. Additionally, funded $10.7 million of future funding obligations associated with previously originated and acquired loans.

•Received loan repayments of $227.8 million, including five full loan repayments of $211.3 million, involving the following property types: 62.7% multifamily, 17.7% hotel, 17.2% other; and 2.4% office.

•Weighted average risk rating of the Company’s loan portfolio was 3.0 as of March 31, 2024, unchanged from December 31, 2023.

•Carried at quarter-end an allowance for credit losses of $74.1 million, an increase of $4.4 million from $69.8 million as of December 31, 2023. The quarter-end allowance equals 210 basis points of total loan commitments as of March 31, 2024 compared to 190 basis points as of December 31, 2023.

•Ended the quarter with $370.7 million of near-term liquidity: $188.1 million of cash-on-hand available for investment, net of $15.0 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $111.9 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $4.8 million; and $51.0 million of reinvestment capacity in TRTX 2022-FL5.

•Non-mark-to-market borrowings represented 77.1% of total borrowings at March 31, 2024.

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SUBSEQUENT EVENTS

•Received a full loan repayment of one office first mortgage loan with a total loan commitment and unpaid principal amount of $44.5 million and $35.1 million, respectively.

•On April 25, 2024, our Board of Directors approved a share repurchase program pursuant to which we are authorized to repurchase up to $25.0 million of our common stock. The repurchase program authorizes the repurchase of common stock from time to time on the open market or in privately negotiated transactions, including under 10b5-1 plans.

The Company issued a supplemental presentation detailing its first quarter 2024 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, May 1, 2024. 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, May 1, 2024 through 11:59 p.m. ET on Wednesday, May 15, 2024. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13743895. The replay will be available on the Company’s website for one year after the call date.

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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 Compan

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Exhibit 99.1

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2023

February 20, 2024

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter and full year ended December 31, 2023.

Regarding fourth quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “We believe that our activity during the quarter ended December 31, 2023 represents important progress in positioning TRTX to take greater advantage of what we believe is an attractive investment environment.”

FOURTH QUARTER 2023 ACTIVITY

•Recognized GAAP net income attributable to common stockholders of $2.6 million, or $0.03 per common share, based on a diluted weighted average share count of 77.7 million common shares. Book value per common share was $11.86 as of December 31, 2023.

•Declared on December 18, 2023 a cash dividend of $0.24 per share of common stock which was paid on January 25, 2024 to common stockholders of record as of December 29, 2023. The Company paid on December 29, 2023 to stockholders of record as of December 19, 2023 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

•Originated one first mortgage loan on a stabilized multifamily property with a total loan commitment of $62.0 million, an initial unpaid principal balance of $48.3 million, an interest rate of Term SOFR plus 3.50%, an interest rate floor of 3.50% and an as-is loan-to-value ratio of 66.1%. Additionally, funded $34.6 million of future funding obligations associated with previously originated and acquired loans.

•Received loan repayments of $103.1 million, including one full loan repayment of $70.0 million, involving the following property types: 69.9% hotel; 22.1% mixed-use; 7.0% office; and 1.0% multifamily.

•Sold an office loan with an unpaid principal balance of $84.7 million for $29.0 million, resulting in a loss on sale of $55.8 million, including transaction costs of $0.04 million.

•Sold a multifamily loan with an unpaid principal balance of $127.3 million for $98.7 million, resulting in a loss on sale of $22.4 million, including transaction costs of $2.7 million and $8.9 million from the reversal of an unamortized purchase discount from acquisition.

•Acquired three office properties through deeds-in-lieu of foreclosure and one multifamily property through a UCC equity foreclosure with an aggregate carrying value at December 31, 2023 of $152.0 million and a fair value at foreclosure of $152.0 million.

•Sold a multifamily property in November 2023 acquired as real estate owned in August 2023 for net proceeds of $75.4 million, resulting in a gain on sale of real estate, net of $7.0 million.

•Reduced the weighted average risk rating of the Company’s loan portfolio to 3.0 as of December 31, 2023, compared to 3.2 as of September 30, 2023.

•Carried at quarter-end an allowance for credit losses of $69.8 million, a decrease of $166.9 million from $236.6 million as of September 30, 2023. The quarter-end allowance equals 190 basis points of total loan commitments as of December 31, 2023 compared to 560 basis points as of September 30, 2023.

•Held no non-accrual loans at December 31, 2023, compared to four loans at September 30, 2023 with a total amortized cost of $318.1 million.

•Closed a $90.6 million asset-specific, non-mark-to-market, matched-term financing with a global bank.

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•Ended the quarter with $480.0 million of near-term liquidity: $191.4 million of cash-on-hand available for investment, net of $15.0 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $24.8 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $1.6 million; and $247.2 million of reinvestment capacity in TRTX 2022-FL5.

•Non-mark-to-market debt represented 73.5% of total borrowings at December 31, 2023.

FULL YEAR 2023 ACTIVITY

•Recognized GAAP net (loss) attributable to common stockholders of ($130.9) million, or ($1.69) per common share, based on a basic and diluted weighted average share count of 77.6 million common shares.

•Declared cash dividends of $76.0 million, or $0.96 per common share, representing a 14.8% annualized dividend yield based on the December 29, 2023 closing price of $6.50, and an 8.1% annualized dividend yield based on the December 31, 2023 book value per common share of $11.86.

•Originated four first mortgage loans with total loan commitments of $229.4 million, an aggregate initial unpaid principal balance of $196.7 million, a weighted average interest rate of Term SOFR plus 4.30%, a weighted average interest rate floor of 3.59% and a weighted average loan-to-value ratio of 61.9%. Additionally, funded $140.5 million of future funding obligation

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Exhibit 99.1

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 30, 2023

October 31, 2023

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended September 30, 2023.

Regarding third quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “We believe that this quarter’s activity further positions TRTX to deliver long-term value to its shareholders. We believe our strong liquidity position, stable capital structure and the depth and breadth of the TPG real estate platform will enable TRTX to benefit from an attractive future investment environment.”

THIRD QUARTER 2023 ACTIVITY

•Recognized GAAP net (loss) attributable to common stockholders of ($64.6) million, or ($0.83) per common share, based on a diluted weighted average share count of 77.7 million common shares. Book value per common share was $12.04 as of September 30, 2023.

•Declared on September 11, 2023 a cash dividend of $0.24 per share of common stock which was paid on October 25, 2023 to common stockholders of record as of September 28, 2023. The Company paid on September 29, 2023 to stockholders of record as of September 19, 2023 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

•Originated one first mortgage loan with a total loan commitment of $43.6 million, an initial unpaid principal balance of $37.2 million, an interest rate of Term SOFR plus 4.55%, an interest rate floor of 3.25% and an as-is loan-to-value ratio of 63.3%. Additionally, funded $21.4 million of future funding obligations associated with previously originated and acquired loans.

•Received loan repayments of $297.0 million, including two full loan repayments totaling $261.3 million, across the following property types: 51.7% hotel; 45.8% multifamily; and 2.5% office.

•Sold an office loan for $79.0 million with an unpaid principal balance of $152.4 million, resulting in a loss on sale of $74.4 million, including transaction costs of $0.9 million.

•Sold a mixed-use loan for $95.0 million with an unpaid principal balance of $129.2 million, resulting in a loss on sale of $35.0 million, including transaction costs of $0.8 million.

•Acquired through foreclosure a multifamily property with a carrying value at September 30, 2023 of $71.3 million and a fair value at foreclosure of $71.1 million.

•Weighted average risk rating of the Company’s loan portfolio was 3.2 as of September 30, 2023, unchanged from June 30, 2023.

•Carried at quarter-end an allowance for credit losses of $236.6 million, a decrease of $41.7 million from $278.3 million as of June 30, 2023. Of the $236.6 million allowance for credit losses, $175.3 million is a specific reserve relating to five loans. The quarter-end allowance equals 560 basis points of total loan commitments as of September 30, 2023 compared to 572 basis points as of June 30, 2023.

•Held four non-accrual loans with a total amortized cost of $318.1 million compared to five loans at June 30, 2023 with a total amortized cost of $546.7 million.

•Ended the quarter with $570.6 million of total liquidity, comprised of: $286.7 million of cash-on-hand available for investment, net of $15.6 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $30.5 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $0.3 million; and $237.5 million of reinvestment capacity in one of the Company’s three CRE CLOs.

•Non-mark-to-market debt represented 68.9% of total borrowings at September 30, 2023.

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SUBSEQUENT EVENTS

•Sold an office loan with an unpaid principal balance of $86.7 million, which carried a “5” risk rating as of September 30, 2023.

The Company issued a supplemental presentation detailing its third quarter 2023 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, November 1, 2023. 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, November 1, 2023 through 11:59 p.m. ET on Wednesday, November 15, 2023. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay

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Exhibit 99.1

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2023

August 1, 2023

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended June 30, 2023.

Regarding second quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “We continue to actively manage our investment portfolio as evidenced by our recent asset resolutions, a strong liquidity position and a durable capital structure that allows us to navigate an ever-evolving market environment. Our integration with the global TPG franchise provides us with valuable market insights that enable us to make well-informed investment decisions to maximize shareholder value.”

SECOND QUARTER 2023 ACTIVITY

•Recognized GAAP net (loss) attributable to common stockholders of ($72.7) million, or ($0.94) per common share, based on a diluted weighted average share count of 77.4 million common shares. Book value per common share was $13.10 as of June 30, 2023.

•Declared on June 14, 2023 a cash dividend of $0.24 per share of common stock which was paid on July 25, 2023 to common stockholders of record as of June 28, 2023. The Company paid on June 30, 2023 to stockholders of record as of June 20, 2023 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

•Received loan repayments of $279.1 million, including four full loan repayments totaling $236.0 million, involving the following property types: 78.4% multifamily, 17.8% office, 3.1% mixed-use, and 0.7% hotel.

•Sold an office loan with an unpaid principal balance of $71.3 million for $47.8 million, resulting in a loss on sale of $24.1 million, including transaction costs of $0.6 million.

•Acquired through a negotiated deed in lieu of foreclosure an office property with a carrying value at June 30, 2023 of $45.2 million and a fair value at closing of $46.0 million.

•Weighted average risk rating of the Company’s loan portfolio was 3.2 as of June 30, 2023, unchanged from March 31, 2023.

•Carried at quarter-end an allowance for credit losses of $278.3 million, an increase of $55.9 million from $222.4 million as of March 31, 2023. Of the $278.3 million allowance for credit losses, $176.2 million is a specific reserve relating to five loans. The quarter-end allowance equals 572 basis points of total loan commitments as of June 30, 2023 compared to 420 basis points as of March 31, 2023.

•Held five non-accrual loans with a total amortized cost of $546.7 million, as compared to six loans at March 31, 2023 with a total amortized cost of $550.1 million.

•Ended the quarter with $542.9 million of total liquidity, comprised of: $289.1 million of cash-on-hand available for investment, net of $18.4 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $28.4 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $0.3 million; and $206.7 million of reinvestment capacity in one of the Company’s three CRE CLOs.

•Non-mark-to-market debt represented 71.7% of total borrowings at June 30, 2023.

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SUBSEQUENT EVENTS

•Closed one first mortgage loan with a total loan commitment of $43.6 million and initial funding of $37.2 million. The first mortgage loan is secured by two select service hotels.

•Sold a mixed-use loan with an unpaid principal balance of $128.5 million, net of lender-held operating reserves, which carried a “5” risk rating as of June 30, 2023.

The Company issued a supplemental presentation detailing its second quarter 2023 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, August 2, 2023. 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, August 2, 2023 through 11:59 p.m. ET on Wednesday, August 16, 2023. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13737305. 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 ins

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Exhibit 99.1

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2023

May 2, 2023

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31, 2023.

Regarding first quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “This quarter’s operating results reinforce our continued focus on maintaining a robust liquidity position, the benefits of our non-mark-to-market financing sources, and the importance of TRTX’s proactive asset management approach. We believe that this unrelenting focus, together with the strength of the global TPG franchise, will enable us to address the challenges an increasingly volatile market may present.”

FIRST QUARTER 2023 ACTIVITY

•Recognized GAAP net income attributable to common stockholders of $3.8 million, or $0.05 per common share, based on a diluted weighted average share count of 78.1 million common shares. Book value per common share was $14.31 as of March 31, 2023.

•Declared on March 13, 2023 a cash dividend of $0.24 per share of common stock which was paid on April 25, 2023 to common stockholders of record as of March 29, 2023. The Company paid on March 30, 2023 to stockholders of record as of March 20, 2023 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

•Originated two first mortgage loans with total loan commitments of $123.8 million, an initial unpaid principal balance of $111.2 million, a weighted average interest rate of Term SOFR plus 4.62%, a weighted average interest rate floor of 3.75% and a weighted average as-is loan-to-value ratio of 59.2%. Additionally, funded $51.5 million of future funding obligations associated with previously originated loans.

•Received loan repayments of $227.8 million, including three full loan repayments totaling $144.4 million, involving the following property types: 49.8% office, 39.9% multifamily, and 10.1% industrial.

•Weighted average risk rating of the Company’s loan portfolio was 3.2 as of March 31, 2023, unchanged from December 31, 2022.

•Carried at quarter-end an allowance for credit losses of $222.4 million, an increase of $7.8 million from $214.6 million as of December 31, 2022. Of the $222.4 million allowance for credit losses, $63.9 million is a specific reserve relating to four loans. The quarter-end allowance equals 420 basis points of total loan commitments as of March 31, 2023 compared to 395 basis points as of December 31, 2022.

•Held six non-accrual loans with a total amortized cost of $550.1 million, as compared to two loans at December 31, 2022 with a total amortized cost of $190.4 million. Adopted during the first quarter the cost recovery method of interest income recognition for two office loans, both of which paid interest during the quarter.

•Ended the quarter with $662.6 million of total liquidity, comprised of: $132.5 million of cash-on-hand available for investment, net of $29.0 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $43.7 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $0.1 million; and $457.2 million of reinvestment capacity in the Company’s CRE CLOs. Additionally, the Company held unencumbered loan investments with an aggregate unpaid principal balance of $12.6 million as of March 31, 2023.

•Non-mark-to-market debt represented 74.1% of total borrowings at March 31, 2023.

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SUBSEQUENT EVENTS

•Received a full repayment of a first mortgage loan secured by an office property with an aggregate loan commitment and unpaid principal balance of $45.9 million and $44.3 million, respectively.

•Acquired via negotiated deed in lieu of foreclosure 100% ownership in a 375,440 square foot office property in Houston, TX. The loan had a "5" risk rating as of March 31, 2023.

The Company issued a supplemental presentation detailing its first quarter 2023 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 10:00 a.m. ET on Wednesday, May 3, 2023. To participate in the conference call, callers from the United States and Canada should dial +1 (844) 826-3035, and international callers should dial +1 (412) 317-5195, 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 1:00 p.m. ET on Wednesday, May 3, 2023 through 11:59 p.m. ET on Wednesday, May 17, 2023. To access the replay, listeners may u