# EDGAR Filing Document

**Accession Number:** 0001630472
**File Stem:** 0001630472-23-000006
**Filing Date:** 2023-2
**Character Count:** 66717
**Document Hash:** 0c4322dc3931a02970b63d66e674c6a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001630472-23-000006.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001630472-23-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TPG RE Finance Trust, Inc.
- **CENTRAL INDEX KEY:** 0001630472
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38156
- **FILM NUMBER:** 23648649

**BUSINESS ADDRESS:**
- **STREET 1:** C/O TPG CAPITAL, L.P.
- **STREET 2:** 345 CALIFORNIA STREET, SUITE 3300
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 415-743-1500

**MAIL ADDRESS:**
- **STREET 1:** C/O TPG CAPITAL, L.P.
- **STREET 2:** 345 CALIFORNIA STREET, SUITE 3300
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

?xml version="1.0" ? trtx-20230221

**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): February 21, 2023**

___________________________________________________________________

**TPG RE Finance Trust, Inc.**

**(Exact Name of Registrant as Specified in its Charter)**

___________________________________________________________________

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| | | |
|:---|:---|:---|
| **Maryland** | **001-38156** | **36-4796967** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**888 Seventh Avenue, 35**<sup>th</sup> **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:

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

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

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

□ Pre-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**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | TRTX | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;6.25% Series C Cumulative Redeemable<br>Preferred Stock, par value $0.001 per share | TRTX PRC | New 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 □

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.□

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 21, 2023, TPG RE Finance Trust, Inc. (the "Company") issued an earnings release and supplemental financial information presentation announcing its financial results for the fourth quarter and year ended December 31, 2022. 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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Earnings Release, dated February 21, 2023](trtx-20230221exhibit991.htm)</u> |
| 99.2 | <u>[Supplemental Financial Information Presentation for the Quarter and Year Ended December 31, 2022](trtx4q22exhibit992.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**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. | TPG RE Finance Trust, Inc. | TPG RE Finance Trust, Inc. |
| | By: | /s/ Robert Foley | /s/ Robert Foley |
| | | Name: | Robert Foley |
| | | Title: | Chief Financial Officer |
| Date: February 21, 2023 |  |  |  |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![trtxlogo.jpg](trtxlogo.jpg) | **Exhibit 99.1** |

---

**TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2022** 

February 21, 2023

**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, 2022. Regarding fourth quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: "We are pleased with our results this quarter with increased net interest margin over the prior quarter, a strong liquidity position and positive asset management resolutions. Our early recognition of the challenges facing the commercial real estate market resulted in stable CECL reserves quarter over quarter, and we have confidence that the strength of the entire TPG platform will enable us to opportunistically lend into a more attractive market in 2023."

**FOURTH QUARTER 2022 ACTIVITY** 

• Recognized GAAP net income attributable to common stockholders of $32.6 million, or $0.42 per common share (based on a basic and diluted weighted average share count of 77.4 million common shares), and book value per common share of $14.48 on December 31, 2022.

• Declared on December 9, 2022 a cash dividend of $0.24 per share of common stock which was paid on January 25, 2023 to common stockholders of record as of December 29, 2022. The Company paid on December 30, 2022 to stockholders of record as of December 20, 2022 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 $87.0 million, an initial unpaid principal balance of $59.0 million, an interest rate of Term SOFR plus 5.25%, an interest rate floor of 2.50% and a loan-to-value ratio of 60.8%. Additionally, funded $39.3 million of future funding obligations associated with previously originated loans.

• During the three months ended December 31, 2022, sold an office property at a price approximately equal to its carrying value of $78.6 million after converting the loan to REO in the same period.

• Received loan repayments of $336.5 million, including five full loan repayments totaling $294.4 million, comprised of the following property types: 64.3% hotel, 22.5% multifamily and 13.2% office.

• Weighted average risk rating of the Company's loan portfolio was 3.2 as of December 31, 2022, unchanged from September 30, 2022.

• Carried at quarter-end an allowance for credit losses of $214.6 million, a decrease of $11.1 million from $225.6 million as of September 30, 2022. Of the $214.6 million allowance for credit losses, $84.5 million relates to the Company's specific reserve. The quarter-end allowance equals 395 basis points of total loan commitments as of December 31, 2022 compared to 390 basis points as of September 30, 2022.

• Ended the quarter with $590.9 million of total liquidity, comprised of: $231.7 million of cash-on-hand available for investment, net of $22.4 million held to satisfy liquidity covenants under the Company's secured financing agreements; undrawn capacity under secured financing arrangements of $38.4 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $1.3 million; and $297.2 million of reinvestment capacity in the Company's CRE CLOs. Additionally, the Company held unencumbered loan investments with an aggregate unpaid principal balance of $5.6 million as of December 31, 2022.

• Non-mark-to-market debt represented 73.5% of total borrowings at December 31, 2022.

• Increased the capacity of the secured revolving credit facility by $40.0 million to $290.0 million.

• Weighted average interest rate floor for loan investments was 85 basis points as of December 31, 2022, unchanged from September 30, 2022. The Company's assets and liabilities are fully rate-sensitive.

• Rate caps on substantially all of the Company's loans had a weighted average strike of 2.71% at December 31, 2022 as compared to 2.87% at September 30, 2022.

------

**FULL YEAR 2022 ACTIVITY**

• Recognized GAAP net (loss) attributable to common stockholders of ($73.6) million, or ($0.95) per common share, based on a basic and diluted weighted average share count of 77.3 million common shares.

• Declared cash dividends of $75.1 million, or $0.96 per common share, representing a 14.1% annualized dividend yield based on the December 30, 2022 closing price of $6.79, and a 6.6% annualized dividend yield based on the December 31, 2022 book value per common share of $14.48.

• Originated 18 and acquired at a discount 5 performing first mortgage loans with total loan commitments of $1.7 billion, an aggregate initial unpaid principal balance of $1.5 billion, a weighted average interest rate of the applicable benchmark rate plus 3.77%, a weighted average interest rate floor of 0.72% and a weighted average loan-to-value ratio of 65.3%. Additionally, funded $145.2 million of future funding obligations associated with previously originated loans.

• Received loan repayments of $1.5 billion, including full loan repayments of $1.3 billion on 21 loans, comprised primarily of the following property types: 35.5% hotel and 34.3% office.

• Issued TRTX 2022-FL5, a $1.075 billion managed CRE CLO with $907.0 million of investment-grade bonds outstanding, a two-year reinvestment period, an advance rate of 84.4%, and a weighted average interest rate at issuance of Compounded SOFR plus 2.02%, before transaction costs.

• Redeemed $600.0 million of outstanding investment-grade bonds associated with TRTX 2018-FL2. The 17 collateral interests with an aggregate unpaid principal balance of $805.7 million financed therein were refinanced by the issuance of TRTX 2022-FL5 and the expansion of an existing secured credit agreement.

• Amortized $401.7 million of bonds associated with TRTX 2019-FL3 using proceeds from loan repayments.

• Closed a $250.0 million, secured revolving credit facility with a syndicate of 5 banks to provide interim funding of up to 180 days for newly-originated and existing loans, which was subsequently increased to $290.0 million. The credit facility has a 3-year term and an interest rate of Term SOFR plus 2.00%.

• Closed four separate non-mark-to-market asset-specific financing arrangements with total commitments of $726.3 million and an outstanding principal balance of $565.4 million, increasing non-market-to-market financing to 73.5% from 70.4% as of December 31, 2021.

• Carried a CECL reserve of $214.6 million as of December 31, 2022, compared to $46.2 million as of December 31, 2021.

• Recognized credit loss expense of $173.0 million, or $2.23 per basic and diluted common share.

**SUBSEQUENT EVENTS**

• Closed, or is in the process of closing, two first mortgage loans with a total commitment amount of $123.8 million and initial funding of $111.4 million. The first mortgage loans are secured by a hotel and a portfolio of industrial properties.

• Received a repayment in-full of a first mortgage loan secured by an office property with an aggregate loan commitment and unpaid principal balance of $35.2 million and $30.4 million, respectively.

The Company issued a supplemental presentation detailing its fourth quarter and full year 2022 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, February 22, 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 1:00 p.m. ET on Wednesday, February 22, 2023 through 11:59 p.m. ET on Wednesday, March 8, 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 13734670. 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 Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit **https://www.tpgrefinance.com/.**

**FORWARD-LOOKING STATEMENTS**

This earnings release 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 various risks and uncertainties, including, without limitation, statements relating to the performance of the investments of TPG RE Finance Trust, Inc. (the "Company" or "TRTX"); global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, labor shortages, currency fluctuations and challenges in global supply chains; the Company's ability to originate loans that are in the pipeline and under evaluation by the Company; financing needs and arrangements; and the risks, uncertainties and factors set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as such risk factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "could," "project," "predict," "continue" or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward-looking information. Statements, among others, relating to the Company's ability to generate future growth and deliver value and returns, and the Company's ability to provide effective financing solutions for borrowers are forward-looking statements, and the Company cannot assure you that TRTX will achieve such results. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's views only as of the date of this earnings release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements appearing in this earnings release. The Company does not undertake any obligation to update any forward-looking statements contained in this earnings release as a result of new information, future events or otherwise. Past performance is not indicative nor a guarantee of future returns. Yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors.

**INVESTOR RELATIONS CONTACT**

+1 (212) 405-8500

IR@tpgrefinance.com

**MEDIA CONTACT** 

TPG RE Finance Trust, Inc.

Courtney Power

+1 (415) 743-1550

media@tpg.com

## Exhibit 99.2

![](trtx4q22exhibit992001.jpg)

February 21, 2023 Fourth Quarter and Full Year 2022 Supplemental Information Exhibit 99.2

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![](trtx4q22exhibit992002.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 2 Forward-Looking Statements and Other Disclosures This 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 (the "Exchange Act"), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will occur or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. Such risks, uncertainties and other important factors include, among others, the risks, uncertainties and factors set forth under the heading "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 21, 2023, as such risk factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Such risks, uncertainties and other factors include, but are not limited to, the following: ▪ the general political, economic, regulatory, competitive and other conditions in the markets in which we invest; ▪ the level and volatility of prevailing interest rates and credit spreads, including as a result of the planned discontinuance of LIBOR and the transition to alternative reference rates such as term or compounded Secured Overnight Financing Rate ("SOFR"); ▪ adverse changes in the real estate and real estate capital markets; ▪ general volatility of the securities markets in which we participate; ▪ changes in our business, investment strategies or target assets; ▪ difficulty in obtaining financing or raising capital; ▪ an inability to borrow incremental amounts or an obligation to repay amounts under our financing arrangements; ▪ reductions in the yield on our investments and increases in the cost of our financing; ▪ events giving rise to increases in our current expected credit loss reserve; ▪ adverse legislative or regulatory developments, including with respect to tax laws, securities laws and the laws governing financing and lending institutions; ▪ acts of God such as hurricanes, floods, earthquakes, wildfires, mudslides, volcanic eruptions, and other natural disasters, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments; ▪ global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, labor shortages, currency fluctuations and challenges in global supply chains; ▪ higher interest rates imposed by the Federal Reserve may lead to a decrease in prepayment speeds an and increase in the number of borrowers who exercise extension options, which could extend beyond the term of certain secured financing arrangements we use to finance our loan investments; ▪ the ongoing impact of the COVID-19 pandemic on our business, U.S. and global economies, the real estate industry and our borrowers, and the performance of the properties securing our loans; ▪ reduced demand for office space, including as a result of the COVID-19 pandemic and/or hybrid work schedules which allow work from remote locations other than the employer's office premises; ▪ changes in the availability of attractive loan and other investment opportunities, whether they are due to competition, regulation or otherwise; ▪ deterioration in the performance of properties securing our investments that may cause deterioration in the performance of our investments, adversely impact certain of our financing arrangements and our liquidity, and potentially expose us to principal losses on our investments; ▪ defaults by borrowers in paying debt service or principal on outstanding indebtedness; ▪ the adequacy of collateral securing our investments and declines in the fair value of our investments; ▪ adverse developments in the availability of desirable investment opportunities, whether due to competition regulation or otherwise; ▪ difficulty or delays in redeploying the proceeds from repayments of our existing investments; ▪ increased competition from entities engaged in mortgage lending and/or investing in our target assets; ▪ difficulty in successfully managing our growth, including integrating new assets into our existing systems; ▪ the cost of operating our platform, including, but not limited to, the cost of operating a real estate investment platform and the cost of operating as a publicly traded company; ▪ the availability of qualified personnel and our relationship with our Manager; ▪ the potential unavailability of the London Interbank Offered Rate ("LIBOR") after June 30, 2023; ▪ conflicts with TPG and its affiliates, including our Manager, the personnel of TPG providing services to us, including our officers, and certain funds managed by TPG; ▪ our qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes and our ability to maintain our exemption or exclusion from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act"); and ▪ authoritative U.S. generally accepted accounting principles (or "GAAP") or policy changes from standard-setting bodies such as the Financial Accounting Standards Board ("FASB"), the SEC, the Internal Revenue Service ("IRS"), the New York Stock Exchange ("NYSE") and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements in this presentation apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this presentation and in other filings we make with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

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![](trtx4q22exhibit992003.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 3 TRTX By the Numbers 1. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price discount, and accrual of both extension and exit fees. All-in yield for the total portfolio assumes the applicable floating benchmark interest rate as of December 31, 2022 for weighted average calculations. 2. See Appendix for definitions, including LTV and Debt-to-Equity ratio 3. Calculated on the change in portfolio unpaid principal balance 4. Weighted average cost of funds excludes current index rate or index rate floor, as applicable 5. See page 6 for additional detail 6. Calculated on Net Income (Loss) Attributable to Common Stockholders; refer to Appendix for reconciliation from GAAP Net Income (Loss) to Net Income (Loss) Attributable to Common Stockholders 7. Refer to Appendix for reconciliation from GAAP Net Income to Distributable Earnings 8. Represents an annualized dividend yield based on the December 31, 2022 closing share price of $6.79 9. Represents ratio of Distributable Earnings per basic share to dividends declared per common share for the year ended December 31, 2022 Note: Data as of December 31, 2022 $0.24 4Q22 $0.96 Total FY 2022 Common Stock Dividends Declared $0.42 4Q22 Income per Diluted Share6 $0.30 4Q22 Distributable Earnings per Diluted Share7 14.1% Annualized Dividend Yield8 1.17x YTD Common Dividend Coverage Ratio9 $14.48 Book Value per Share at December 31, 2022 $5.4 billion Investment Portfolio $77.6 million Average Loan Size 8.05% Weighted Average All-in Yield1 100% Floating Rate Portfolio 67.2% Weighted Average LTV2 2% YoY Net Asset Growth3 $6.3 billion Financing Capacity 73.5% Non-Mark-to-Market Financing 3.0x Debt-to-Equity Ratio2 2.03% Weighted Average Cost of Funds4 79.2% Weighted Average Approved Advance Rate $590.9 million of Liquidity5 Loan Portfolio Liquidity & Capitalization Dividend & Earnings

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![](trtx4q22exhibit992004.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 4 $14.28 ($0.01) $0.33 ($0.24) ($0.04) $0.02 $0.14 $14.48 Book Value 9/30/22 Issuance of Common Stock Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Shares Equity Compensation Decrease to CECL Reserve Book Value 12/31/22 4Q22 Operating Results ($ in millions) Net Income (Loss) Attributable to Common Stockholders1 Adjustments Distributable Earnings2 Interest Income $100.3 $— $100.3 Interest Expense (65.2) — (65.2) Management and Incentive Fees (6.0) — (6.0) Stock Compensation Expense (1.5) 1.5 — Other Income & Expenses3 (2.3) — (2.3) Gain on Sale of Real Estate Owned, net — — — Credit Loss Expense 10.9 (10.9) — Preferred Stock Dividends & Participating Securities' Share in Earnings (3.6) — (3.6) Total $32.6 ($9.4) $23.3 Per Common Share, Diluted $0.42 ($0.12) $0.30 $0.42 Income per Diluted Share1 $0.30 Distributable Earnings per Diluted Share2 QoQ Change in Book Value 1. Refer to Appendix for reconciliation from GAAP Net Income (Loss) to Net Income (Loss) Attributable to Common Stockholders 2. Refer to Appendix for reconciliation from GAAP Net Income (Loss) to Distributable Earnings 3. Includes the following income statement line items: Other Income, Professional Fees, General and Administrative, Servicing and Asset Management Fees, Income Tax Expense CECL Reserve per Share $2.92 CECL Reserve per Share $2.78 Market Price at 9/30/2022 $7.00 Market Price at 12/31/2022 $6.79

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![](trtx4q22exhibit992005.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 5 $0.30 $0.20 $0.28 $0.34 $0.30 $0.19 $0.27 $0.33 $0.24 $0.24 $0.24 $0.24 Distributable Earnings per Basic Share Distributable Earnings per Diluted Share Common Dividend per Share 4Q22 3Q22 2Q22 1Q22 Common Dividend Coverage 1. Refer to Appendix for reconciliation from GAAP Net Income (Loss) to Net Income (Loss) Attributable to Common Stockholders 2. Refer to Appendix for reconciliation from GAAP Net Income (Loss) to Distributable Earnings 3. Represents ratio of Distributable Earnings per basic share to dividends declared per common share for the year ended December 31, 2022 Operating Performance ($ in millions) 4Q22 3Q22 2Q22 1Q22 GAAP Net Income (Loss) $36.2 ($114.6) ($5.4) $23.8 Net Income (Loss) Attributable to Common Stockholders1 $32.6 ($117.9) ($8.8) $20.4 Distributable Earnings2 $23.3 $15.3 $21.5 $26.6 Total Cash Dividends Declared on Common Shares $19.0 $18.7 $18.7 $18.7 Distributable Earnings & Common Dividend Coverage YTD Common Dividend Coverage Ratio of 1.17x3

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![](trtx4q22exhibit992006.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 6 Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios4 1. Cash held to satisfy liquidity covenants under secured credit agreements 2. Available for Eligible Collateral, as defined in relevant CLO indentures 3. Includes $234.1 million held at the trustee for future reinvestment 4. See Appendix for definitions of Debt-to-Equity Ratio and Total Leverage Ratio 5. See Appendix for detailed covenant requirements Note: Totals may not sum due to rounding 2.50x 2.47x 3.13x 2.97x 2.59x 2.56x 3.13x 2.97x Debt-to-Equity Ratio Total Leverage Ratio 3/31/2022 6/30/2022 9/30/2022 12/31/2022 $384.2 $771.7 $571.3 $590.9 $16.2 $17.3 $25.4 $22.4 $335.4 $338.7 $210.7 $231.7 $32.3 $50.7 $48.6 $39.7 $365.0 $286.6 $297.2 Covenant Cash Cash Undrawn Capacity CLO Reinvestment Cash 3/31/2022 6/30/2022 9/30/2022 12/31/2022 $0.3 1 3 Financial Covenants for Outstanding Borrowings as of December 31, 20225 ü Minimum Cash Liquidity : SATISFIED ü Debt-to-Equity : SATISFIED ü Tangible Net Worth : SATISFIED ü Interest Coverage : SATISFIED 2

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![](trtx4q22exhibit992007.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 7 Full Repayments2 37.9% 18.4% 29.8% 6.5% 4.8% 2.6% Investments1 5.2% 68.0%13.0% 6.7% 4.1% 3.0% 41.9% 37.2% 28.5% 29.5% 36.0% 46.0% 12.2% 9.5% 8.9% 9.1% 7.8% 7.5% 6.4% 5.5% 5.2% 2.2% 1.7% 0.9% 1.8% 0.9% 67.1% 67.6% 67.2% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Other Dec 31, 2021 Jun 30, 2022 Dec 31, 2022 Portfolio Composition ▪ Theme-driven investment approach targeting multifamily and industrial properties in high-growth regions ▪ Continued reduction in office exposure resulting from originations, repayments and portfolio management YTD 2022 Portfolio Activity $1,684.3M $1,307.4M Portfolio Migration1 1. By total loan commitment; excludes acquisition discount on a 5-loan portfolio purchase of performing loans in September 2022 2. Includes a $4.4 million write-off associated with the retirement of a non-performing retail loan 3. Full Repayments includes Retail and Condominium; Portfolio Migration includes Retail and Condominium as of December 31, 2021 and June 30, 2022. As of December 31, 2022, Other includes Land Note: Data as of December 31, 2022 65.3% Weighted Average LTV1 68.3% Weighted Average LTV1 56% Increase in Multifamily Exposure 32% Decrease in Office Exposure Weighted Average As-is LTV 1.3% 3 3

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![](trtx4q22exhibit992008.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 8 Diversified Loan Portfolio 28% 17% 14% 5% Geography4,5 Portfolio Metrics Total Loan Commitments $5.4B Outstanding Principal Balance $5.0B MSA Concentrations (Top 25 / Top 10)1 68.4% / 45.3% Weighted Average All-in Yield2 8.05% Weighted Average Credit Spread 3.44% Weighted Average Interest Rate Floor 0.85% Weighted Average Borrower Interest Rate Cap3 2.71% % Floating Rate Loans 100% Loan Category4,5 < 5% of total commitments 1. Top 25 markets determined by US Census. Portfolio loans with collateral properties that are located in different MSAs are classified in the market designation with over 50% of underlying loan collateral by unpaid principal balance 2. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price discount, and accrual of both extension and exit fees; All-in yield for the total portfolio assumes the applicable floating benchmark interest rate as of December 31, 2022 for weighted average calculations 3. Weighted Average Borrower Interest Rate Cap Strike Rate required by substantially all in-place loan agreements as of December 31, 2022, based on outstanding principal balances 4. By total loan commitment at December 31, 2022, based on classification at closing 5. See Appendix for definitions Note: Data as of December 31, 2022 Moderate Transitional 28.1% Bridge 41.4% Light Transitional 29.6% Construction 0.9% East 34.6% West 31.1% Southeast 11.8% Southwest 16.6% Midwest 5.9%

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![](trtx4q22exhibit992009.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 9 ($48.0)4 ($757.0) ($375.5… ($425.7)4 $4,919.3 $29.2 $224.6 $5,125.2 $29.3 $312.7 $4,710.2 $47.3 $950.1 $5,332.2 $39.3 $59.0 $5,004.8 $487.8 $463.0 $470.9 $462.9 $426.1 12/31/2021 Deferred Fundings Originations & Acquisitions Repayments & Sales 3/31/2022 Deferred Fundings Originations & Acquisitions Repayments & Sales 6/30/2022 Deferred Fundings Originations & Acquisitions Repayments & Sales 9/30/2022 Deferred Fundings Originations & Acquisitions Repayments & Sales 12/31/2022 $5,593.3 Total Loan Commitments1 UPB Deferred Fundings and New Loan Investments2 Unfunded Loan CommitmentsRepayments/Sales $5,411.9 $5,429.1 $5,186.5 $5,792.7 Loan Portfolio Walk 1. Loan commitments exclude (1) PIK interest resulting from previously modified loans of $1.7 million as of December 31, 2022, $2.4 million as of September 30, 2022, $2.4 million as of June 30, 2022, $2.7 million as of March 31, 2022, and $3.0 million as of December 31, 2021, and includes (2) $7.8 million commitment related to a non-performing retail loan held for investment for periods prior to September 30, 2022. The commitment cannot be drawn by the borrower. This loan was repaid in July 2022. 2. New loan investments include initial funding amount funded on the close date; all subsequent loan fundings are included in deferred fundings. 3. Includes a $4.4M write off associated with the discounted repayment in full of a non-performing retail loan. 4. Includes $89.2M related to an office property REO conversion and resolution during the three months ended December 31, 2022. Loan Funding Activity

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![](trtx4q22exhibit992010.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 10 $0.0 $511.9 $3,231.3 $990.3 $245.1 — 8 46 12 1 2 3 4 5 3.14 3.17 3.17 3.19 3/31/2022 06/30/2022 9/30/2022 12/31/2022 Risk Ratings Dispersion of Risk Ratings1 Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.17 3.6 3.0 2.7 3.0 3.7 2.7 3.0 3.0 3.7 2.9 2.8 3.0 3.7 3.0 3.0 3.0 December 31, 2022 September 30, 2022 Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Other December 31, 2022 By Amortized Cost Start of Period 3.0 3.1 3.2 3.2 Repayments / Sales 3.0 2.8 2.6 3.1 Originations 3.0 3.0 3.0 3.0 End of Period 3.1 3.2 3.2 3.2 Weighted Average Risk Rating of 3.2 Loan Count: 70 Migration of Weighted Average Risk Ratings, by Property Type1 by Amortized Cost 1. See Appendix for definitions, including Risk Ratings. As of December 31, 2022 and September 30, 2022, Other includes Land 4Q 2022 Weighted Average Risk Rating: 3.2 3Q 2022 Weighted Average Risk Rating: 3.2 4

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![](trtx4q22exhibit992011.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 11 91 180 390 395 91 159 265 240 21 125 156 General Reserve Specifically Identified Loans 3/31/2022 6/30/2022 9/30/2022 12/31/2022 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $51.1 $93.4 $225.6 $214.6 $51.1 $82.3 $153.4 $130.1 $11.1 $72.3 $84.5 General Reserve Specifically Identified Loans 3/31/2022 6/30/2022 9/30/2022 12/31/2022 1. Represents the total CECL reserve expressed in basis points for the Company's $5.4 billion loan portfolio measured by commitments. The CECL reserve for specifically-identified loans at December 31, 2022 is 3,162 bps, and for non-specifically identified loans is 252 bps, both measured by the related CECL reserve (in dollars) divided the related commitment (in dollars). ▪ Carried at year-end an allowance for credit losses of $214.6 million, a decrease of $11.1 million from $225.6 million as of September 30, 2022 due primarily to par loan repayments and the resolution of an office loan in 4Q 2022 ▪ Of the $214.6 million allowance for credit losses, $84.5 million relates to the Company's specific reserve

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![](trtx4q22exhibit992012.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 12 Non-MTM 73.5% 26.5% 13.5% 1.1%58.9% Secured Credit Agreements (MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Financing Metrics Total Financing Capacity $6.3B Outstanding Principal Balance $4.2B Sources of Financing 15 Non-Mark-to-Market 73.5% Weighted Average Credit Spread 2.03% Weighted Average Approved Advance Rate 79.2% High Share of Non-MTM Financing1 Expected Debt Maturities3,4 1. Calculated on outstanding balance as of December 31, 2022 2. Non-MTM financing of eligible loans for up to 180 days at an initial advance rate of 75.0%, which declines to 65.0%, 45.0%, and 0.0% after 90, 135, and 180 days from initial borrowing 3. Based on extended maturity dates where ability to extend is at Company's option 4. Collateralized loan obligation liabilities are based on the fully extended maturity of mortgage loan collateral, considering the reinvestment window of each collateralized loan obligation Note: Data as of December 31, 2022 MTM Financing Non-MTM Financing < 1 Year 1 - 3 Years 3 - 5 Years > 5 Years $0 $200 $400 $600 $800 $1,000 2

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![](trtx4q22exhibit992013.jpg)

13 Positioned for Rising Rates ($0.03) ($0.01) $0.00 $0.01 $0.03 -$0.03 -$0.01 $0.01 $0.03 $0.05 -1.00% -0.50% 0.0 0% 0.5 0% 1.0 0% Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quarter) Index Rate at December 31, 2022 LIBOR: 4.39% Term SOFR: 4.36% + 0.50%- 0.50%- 1.00% + 1.00%- Index Rate 1. Static analysis based on loan portfolio composition as of December 31, 2022 TPG RE Finance Trust, Inc. \| 4Q 2022

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![](trtx4q22exhibit992014.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 Appendix

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![](trtx4q22exhibit992015.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 15 TRTX Loan Portfolio 1. Represents TRTX's potential maximum loan commitment/balance 2. Represents TRTX's current loan balance and excludes third party pari passu and junior positions in the same capital structure, if any 3. "BR" refers to underlying benchmark interest rate, either Term SOFR or 1-month LIBOR 4. See Appendix for a description of the Company's Loan Risk Rating scale and definitions, including definition of LTV 5. Calculated as the ratio of unpaid principal balance as of December 31, 2022 to the as-is appraised value at origination, to reflect the sale by us in August 2020 of the contiguous mezzanine loan with an unpaid principal balance of $46.4 million and a commitment amount of $50.0 million 6. Comprised of a first mortgage loan of $98.3 million and a contiguous mezzanine loan of $86.7 million, of which we own both; each loan carries the same interest rate 7. Comprised of a first mortgage loan of $129.4 million and a contiguous mezzanine loan of $48.2 million, of which we own both; each loan carries the same interest rate Note: As of December 31, 2022; Not all TRTX investments have or will have similar experiences or results, and there can be no assurance that the investments listed above will continue to perform $ Millions Loan Name TRTX Loan Commitment1 TRTX Loan Balance2 Interest Rate3 Extended Maturity Location Property Type Commitment Per Sq. ft. / Unit LTV4 Risk Rating4 Loan 1 $245.0 $245.0 S + 3.4% 4.6 years San Jose, CA Multifamily $444,646 / Unit 75.9% 3 Loan 2 $228.8 $226.9 L + 1.5% 1.7 years New York, NY Office $452 Sq. ft. 65.2% 3 Loan 3 $215.0 $174.8 L + 3.9% 3.4 years Daly City, CA Life Science $545 Sq. ft. 63.1% 3 Loan 46 $188.0 $187.0 L + 3.4% 3.6 years Various, NJ Multifamily $151,369 / Unit 71.3% 3 Loan 5 $175.0 $175.0 L + 2.9% 0.9 years New York, NY Office $791 Sq. ft. 65.2% 3 Loan 67 $177.6 $169.6 L + 4.7% 1.2 years Philadelphia, PA Office $166 Sq. ft. 73.6% 4 Loan 7 $152.6 $110.4 L + 3.4% 1.6 years Atlanta, GA Office $215 Sq. ft. 61.4% 3 Loan 8 $148.5 $140.8 L + 3.5% 3.4 years Dallas, TX Hotel $445,946 / Unit 54.2% 2 Loan 9 $141.0 $132.5 L + 3.6% 0.7 years New York, NY Mixed-Use $1,717 Sq. ft. 61.0% 4 Loan 10 $128.0 $128.0 L + 3.5% 0.9 years San Francisco, CA Multifamily $388,528 / Unit 67.1% 4 Loans 11 - 70 $3,629.6 $3,314.8 BR + 3.5% 2.8 years 67.5% 3.2 Total Loans $5,429.1 $5,004.8 BR +3.4% 2.8 years 67.2% 3.2 5

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![](trtx4q22exhibit992016.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 16 Per Share Calculations Reconciliation of Net Income Attributable to Common Stockholders and Distributable Earnings 1. Includes preferred stock dividends declared and paid for Series A preferred stock and Series C Preferred Stock 2. For the three months ended June 30, 2022, capital loss carryforwards were utilized to offset a $13.3 million taxable gain realized from the partial sale of an REO Property 3. Credit Loss (Benefit) Expense for the three months ended September 30, 2022 and the year ended December 31, 2022, excludes a $4.4 million write-off associated with the discounted repayment in-full of a non-performing retail loan ▪ The following tables provide a reconciliation of GAAP net income to GAAP Net Income Attributable to Common Stockholders and Distributable Earnings (in thousands, except share and per share data): Book Value Per Common Share For the Period Ended Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Total Stockholders' Equity $1,321,996 $1,306,394 $1,441,928 $1,467,908 Series C Preferred Stock ($201,250 aggregate liquidation preference) (201,250) (201,250) (201,250) (201,250) Series A Preferred Stock ($125 aggregate liquidation preference) (125) (125) (125) (125) Stockholders' Equity, Net of Preferred Stock $1,120,621 $1,105,019 $1,240,553 $1,266,533 Number of Common Shares Outstanding at Period End 77,410,282 77,406,620 77,403,381 77,185,845 Book Value per Common Share $14.48 $14.28 $16.03 $16.41 Year Ended Three Months Ended (unaudited) Dec 31, 2022 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Net Income (Loss) ($60,066) $36,194 ($114,607) ($5,434) $23,781 Preferred Stock Dividends1 (12,592) (3,148) (3,148) (3,148) (3,148) Participating Securities' Share in Earnings (Loss) (986) (404) (159) (226) (197) Net (Loss) Income Attributable to Common Stockholders ($73,644) $32,642 ($117,914) ($8,808) $20,436 Weighted-Average Common Shares Outstanding, Basic 77,296,524 77,406,739 77,403,487 77,188,291 77,183,957 Weighted-Average Common Shares Outstanding, Diluted 77,296,524 77,406,739 77,403,487 77,188,291 81,788,723 (Loss) Earnings Per Common Share, Basic ($0.95) $0.42 ($1.52) ($0.11) $0.26 (Loss) Earnings Per Common Share, Diluted ($0.95) $0.42 ($1.52) ($0.11) $0.25 Utilization of Taxable Income Capital Loss Carryforwards2 (13,291) — — (13,291) — Non-Cash Stock Compensation Expense 5,052 1,526 932 1,328 1,266 Credit Loss (Benefit) Expense3 168,582 (10,858) 132,266 42,290 4,884 Distributable Earnings $86,699 $23,310 $15,284 $21,519 $26,586 Weighted-Average Common Shares Outstanding, Basic 77,296,524 77,406,739 77,403,487 77,188,291 77,183,957 Weighted-Average Common Shares Outstanding, Diluted 80,177,983 77,406,739 79,939,764 80,592,302 81,788,723 Distributable Earnings per Common Share, Basic $1.12 $0.30 $0.20 $0.28 $0.34 Distributable Earnings per Common Share, Diluted $1.08 $0.30 $0.19 $0.27 $0.33

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![](trtx4q22exhibit992017.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 17 All amounts in thousands except share and per share amounts Consolidated Balance Sheets ASSETS December 31, 2022 December 31, 2021 Cash and cash equivalents $254,050 $260,635 Restricted cash 265 404 Accounts receivable 666 12 Collateralized loan obligation proceeds held at trustee 297,168 204 Accounts receivable from servicer/trustee 163,648 176 Accrued interest and fees receivable 41,742 26,620 Loans held for investment 4,978,674 4,909,202 Allowance for credit losses (197,272) (41,999) Loans held for investment, net (includes $1,538,859 and $1,697,481, respectively, pledged as collateral under secured financing agreements) 4,781,402 4,867,203 Real estate owned — 60,622 Other assets 6,197 2,144 Total Assets $5,545,138 $5,218,020 LIABILITIES AND EQUITY Liabilities Accrued interest payable $11,080 $2,723 Accrued expenses and other liabilities 25,132 11,563 Collateralized loan obligations, net 2,452,212 2,545,691 Secured financing agreements, net 1,147,288 1,162,206 Asset-specific financings, net 561,017 — Payable to affiliates 5,984 5,609 Deferred revenue 1,459 1,366 Dividends payable 18,970 24,156 Total Liabilities $4,223,142 $3,753,314 Commitments and Contingencies Permanent Equity: Series A preferred stock ($0.001 par value per share; 100,000,000 and 100,000,000 shares authorized; 125 and 125 shares issued and outstanding, respectively) ($125 aggregate liquidation preference) — — Series C Preferred Stock ($0.001 par value per share; 8,050,000 shares authorized; 8,050,000 and 8,050,000 shares issued and outstanding, respectively) ($201,250 aggregate liquidation preference) 8 8 Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 77,410,282 and 77,183,892 shares issued and outstanding, respectively) 77 77 Additional paid-in-capital 1,716,938 1,711,886 Accumulated deficit (395,027) (247,265) Total Stockholders' Equity 1,321,996 1,464,706 Total Permanent Equity 1,321,996 1,464,706 Total Liabilities and Stockholders' Equity $5,545,138 $5,218,020

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![](trtx4q22exhibit992018.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 18 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) All amounts in thousands except share and per share amounts Three Months Ended, (unaudited) Year Ended December 31, Dec 31, 2022 Sep 30, 2022 2022 2021 Interest income and interest expense Interest income $100,325 $75,497 $302,860 $240,161 Interest expense (65,174) (45,072) (160,755) (85,090) Net interest income 35,151 30,425 142,105 155,071 Other revenue Other income, net 840 1,362 2,849 560 Total other revenue 840 1,362 2,849 560 Other expenses Professional fees 1,365 1,074 4,735 4,835 General and administrative 1,084 1,197 4,399 4,392 Stock compensation expense 1,526 932 5,052 5,763 Servicing and asset management fees 494 494 1,975 1,608 Management fee 5,984 5,906 23,455 21,519 Incentive management fee — — 5,183 — Total other expenses 10,453 9,603 44,799 38,117 Gain on sale of real estate owned, net — — 13,291 15,790 Credit loss (expense) benefit, net 10,858 (136,666) (172,982) 6,310 (Loss) income before income taxes 36,396 (114,482) (59,536) 139,614 Income tax expense, net (202) (125) (530) (1,064) Net (loss) income $36,194 ($114,607) ($60,066) $138,550 Preferred stock dividends and participating securities' share in earnings (3,552) (3,307) (13,578) (19,911) Series B Preferred Stock redemption make-whole payment — — — (22,485) Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs — — — (25,449) Net (Loss) Income Attributable to Common Stockholders $32,642 ($117,914) ($73,644) $70,705 (Loss) Earnings per Common Share, Basic $0.42 ($1.52) ($0.95) $0.92 (Loss) Earnings per Common Share, Diluted $0.42 ($1.52) ($0.95) $0.87 Weighted Average Number of Common Shares Outstanding Basic: 77,406,739 77,403,487 77,296,524 76,977,743 Diluted: 77,406,739 77,403,487 77,296,524 81,684,388 Dividends declared per common share $0.24 $0.24 $0.96 $0.95 Other comprehensive income (loss) Net (loss) income $36,194 ($114,607) ($60,066) $138,550 Comprehensive net (loss) income $36,194 ($114,607) ($60,066) $138,550

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![](trtx4q22exhibit992019.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 19 Consolidated Statements of Cash Flows All amounts in thousands Year Ended Cash flows from operating activities: December 31, 2022 December 31, 2021 Net (loss) income ($60,066) $138,550 Adjustment to reconcile net (loss) income to net cash flows from operating activities: Amortization and accretion of premiums, discounts and loan origination fees, net (11,085) (7,204) Amortization of deferred financing costs 15,007 15,891 Decrease (increase) of accrued capitalized interest 1,314 1,330 (Gain) loss on sale of real estate owned, net (13,291) (15,790) Stock compensation expense 5,052 5,763 Loss on loans held for investment, net — 2,109 Partial write-off of loan held for investment — 8,200 Increase (Decrease) of Allowance for Credit Losses 172,982 (16,619) Cash flows due to changes in operating assets and liabilities: Accounts receivable (504) 773 Accrued interest receivable (16,542) 1,012 Accrued expenses and other liabilities (143) (4,430) Accrued interest payable 8,357 93 Payable to affiliates 375 39 Deferred revenue 93 (52) Other assets (1,053) 2,502 Net cash provided by operating activities 100,496 132,167 Cash flows from investing activities: Origination and acquisition of loans held for investment (1,519,406) (1,623,585) Advances on loans held for investment (145,199) (144,645) Principal repayments of loans held for investment 1,062,381 1,225,294 Capital expenditures related to real estate owned and other lending (5,060) — Sale of real estate owned 154,723 54,368 Sales of loans held for investment — 145,670 Net cash (used in) provided by investing activities (452,561) (342,898) Cash flows from financing activities: Payments on collateralized loan obligations (1,001,850) (316,272) Proceeds from collateralized loan obligations 907,031 1,037,500 Payments on secured financing agreements - loan investments (1,346,574) (1,361,971) Proceeds from secured financing agreements - loan investments 1,333,028 1,005,326 Payments on asset-specific financing arrangements (19,465) — Proceeds from asset-specific financing arrangements 584,841 — Payments on mortgage loan payable — (50,000) Payment of deferred financing costs (18,788) (11,098) Proceeds from issuance of Series C Cumulative Redeemable Preferred Stock — 201,250 Series B Preferred Stock redemption make-whole payment — (22,485) Series B Preferred Stock redemption at par value — (225,000) Dividends paid on common stock (80,290) (79,089) Dividends paid on preferred stock (12,592) (19,194) Payment of Equity Issuance and Equity Distribution Agreement transaction costs — (6,866) Net cash provided by (used in) financing activities 345,341 152,101 Net change in cash, cash equivalents, and restricted cash (6,724) (58,630) Cash, cash equivalents and restricted cash at beginning of period 261,039 319,669 Cash, cash equivalents and restricted cash at end of period $254,315 $261,039 Supplemental disclosure of cash flow information: Interest paid 137,511 69,244 Taxes paid 784 1,221 Supplemental disclosure of non-cash investing and financing activities: Collateralized loan obligation proceeds held at trustee 296,964 — Dividends declared, not paid 18,970 24,156 Principal repayments of loans held for investment held by servicer/trustee, net 162,203 204 Accrued interest receivable held by servicer/trustee, net 1,444 — Conversion of loans held for investment to real estate owned 76,500 — Accrued deferred financing costs 608 221

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![](trtx4q22exhibit992020.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 20 Definitions ▪ Distributable Earnings is a non-GAAP measure, which we define as GAAP net income (loss) attributable to our common stockholders, including realized gains and losses, regardless of whether such items are included in other comprehensive income or loss, or in GAAP net income (loss), and excluding (i) non-cash stock compensation expense, (ii) depreciation and amortization expense, (iii) unrealized gains (losses) (including credit loss expense (benefit), net), and (iv) certain non-cash or income and expense items. The exclusion of depreciation and amortization expense from the calculation of Distributable Earnings only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments. ▪ We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We generally must distribute at least 90% of our net taxable income annually, subject to certain adjustments and excluding any net capital gains, for us to continue to qualify as a REIT for U.S. federal income tax purposes. We believe that one of the primary reasons investors purchase our common stock is to receive our dividends. Because of our investors' continued focus on our ability to pay dividends, Distributable Earnings is an important measure for us to consider when determining our distribution policy and dividends per common share. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan investment and operating activities. ▪ Distributable Earnings excludes the impact of our credit loss provision or reversals of our credit loss provision, but only to the extent that our credit loss provision exceeds any realized credit losses during the applicable reporting period. ▪ A loan will be written off as a realized loss when it is deemed non-recoverable or upon a realization event. Such a realized loss would generally be recognized at the time the loan receivable is settled, transferred or exchanged, or in the case of foreclosure, when the underlying property is foreclosed upon or sold. Non-recoverability may also be concluded by us if, in our determination, it is nearly certain that all amounts due will not be collected. A realized loss may equal the difference between the cash or consideration received or expected to be received, and the net book value of the loan, reflecting our economics as it relates to the ultimate realization of the asset. ▪ Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies. Distributable Earnings

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![](trtx4q22exhibit992021.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 21 Definitions (cont.) ▪ Fundings to borrowers that are made under existing loan commitments after a loan closing dateDeferred Fundings Geographic Diversity ▪ TRTX divides the South region into separate Southeast and Southwest regions using definitions established by The National Council of Real Estate Investment Fiduciaries (NCREIF). A reconciliation to TRTX's Form 10-K at December 31, 2022 follows (dollars in millions): Note: Totals may not sum due to rounding Region Form 10-K Reclassification Supplemental % Total Commitment East $1,844.1 $34.8 $1,878.9 34.6 % South 1,496.4 (1,496.4) — — West 1,629.7 56.8 1,686.5 31.1 % Midwest 320.0 — 320.0 5.9 % Southeast — 641.0 641.0 11.8 % Southwest — 902.8 902.8 16.6 % Various 139.0 (139.0) — — Total $5,429.1 $— $5,429.2 100.0 % ▪ Our financial covenants and guarantees for outstanding borrowings related to our secured financing agreements require TPG RE Finance Trust Holdco, LLC, a Delaware limited liability company that is wholly owned by TRTX, to maintain compliance with the following financial covenants (among others): – Cash Liquidity: Minimum cash liquidity of no less than the greater of: $15.0 million; and 5.0% of Holdco's recourse indebtedness – Tangible Net Worth: $1.0 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense), minus 75% of the redeemed or repurchased preferred or redeemable equity or stock – Debt-to-Equity: Debt-to-Equity ratio not to exceed 4.25 to 1.0 with equity, as defined – Interest Coverage: Minimum interest coverage ratio of 1.5 to 1.0 Financial Covenants

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![](trtx4q22exhibit992022.jpg)

TPG RE Finance Trust, Inc.\| 4Q 2022 22 Definitions (cont.) ▪ Except for construction loans, LTV is calculated for loan originations and existing loans as the total outstanding principal balance of the loan or participation interest in a loan (plus any financing that is pari passu with or senior to such loan or participation interest), divided by the as-is appraised value of our collateral at the time of origination or acquisition of such loan or participation interest. For construction loans only, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value of the real estate securing the loan. The as-is or as-stabilized (as applicable) value reflects our Manager's estimates, at the time of origination or acquisition of the loan or participation interest in a loan, of the real estate value underlying such loan or participation interest determined in accordance with our Manager's underwriting standards and consistent with third-party appraisals obtained by our Manager Loan-to-Value (LTV) ▪ Debt-to-Equity Ratio - Represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, secured credit agreements, asset-specific financing arrangements, a secured revolving credit facility, and mortgage loans payable (if any), less cash, to (ii) total stockholders' equity, at period end ▪ Total Leverage Ratio - Represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, secured credit agreements, asset-specific financing arrangements, a secured revolving credit facility, and mortgage loans payable (if any), plus nonconsolidated senior interests sold or co-originated (if any), less cash, to (ii) total stockholders' equity, at period end Leverage ▪ Bridge Loan - A loan with limited deferred fundings, generally less than 10% of the total loan commitment, which fundings are commonly conditioned on the borrower's satisfaction of certain collateral performance tests. The related business plan generally involves little or no capital expenditure related to base building work (e.g., building mechanical systems, lobbies, elevators, common areas, or other amenities), with most deferred fundings related to leasing activity. The primary focus is on maintaining or improving current operating cash flow, or addressing minimal lease expirations or existing tenant vacancies ▪ Light Transitional Loan - A transitional loan with deferred fundings ranging from 10% to 20% of the total loan commitment, which fundings are commonly conditioned on the borrower's completion of specified improvements to the property or satisfaction of certain collateral performance tests. The related business plan is to lease existing or forecasted tenant vacancy to achieve stabilized occupancy and cash flow. Capital expenditure is primarily to fund leasing commissions and tenant improvements for new tenant leases, and capital expenditure allocated to base building work generally does not exceed 20%. Deferred fundings may also be budgeted to fund operating deficits, or interest expense, during the period prior to stabilized occupancy ▪ Moderate Transitional Loan - A transitional loan with deferred fundings greater than 20% of the total loan commitment, which fundings are commonly conditioned on the borrower's completion of specified improvements to the property or satisfaction of certain collateral performance tests. The related business plan generally involves capital expenditure for base building work needed before substantial leasing activity can be achieved, followed by capital expenditure for tenant improvements and leasing commissions to achieve stabilized occupancy and cash flow. Deferred fundings may also be budgeted to fund operating deficits, or interest expense, during the period prior to stabilized occupancy ▪ Construction Loan - A loan made to a borrower to fund the ground-up construction of a commercial real estate property, or the horizontal development of commercial land Loan Category

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TPG RE Finance Trust, Inc.\| 4Q 2022 23 Definitions (cont.) Property Types ▪ Mixed-Use: TRTX classifies a loan as mixed-use if the property securing TRTX's loan (a) involves more than one use; and (b) no single use represents more than 60% of the collateral property's total value. In certain instances, TRTX's classification may be determined by its assessment of which use is the principal driver of the property's aggregate net operating income ▪ Life Science: TRTX classifies a loan as life science if more than 60% of the gross leasable area is leased to, or will be converted to, life science-related space. Life science-related space includes laboratory space, office space, or allied light manufacturing space used in support of biotechnology, pharmaceuticals, biomedical technologies, life systems technologies, and the design and manufacture of biomedical technology. Loan Risk Ratings ▪ Based on a 5-point scale, the Company's loans are rated "1" through "5," from least risk to greatest risk, respectively, which ratings are defined as follows: – 1 - Outperform—Exceeds performance metrics (for example, technical milestones, occupancy, rents, net operating income) included in original or current credit underwriting and business plan; – 2 - Meets or Exceeds Expectations—Collateral performance meets or exceeds substantially all performance metrics included in original or current underwriting / business plan; – 3 - Satisfactory—Collateral performance meets or is on track to meet underwriting; business plan is met or can reasonably be achieved; – 4 - Underperformance—Collateral performance falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and – 5 - Default/Possibility of Loss—Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; the loan is in default or substantially in default; timely exit from loan via sale or refinancing is questionable; significant risk of principal loss.

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TPG RE Finance Trust, Inc.\| 4Q 2022 24 Company Information Contact Information Headquarters: 888 Seventh Avenue 35th Floor New York, NY 10106 New York Stock Exchange: Symbol: TRTX TPG RE Finance Trust, Inc. Bob Foley Chief Financial Officer +1 (212) 430-4111 bfoley@tpg.com Brandon Fox Chief Accounting Officer +1 (415) 706-2751 bfox@tpg.com Investor Relations: +1 (212) 405-8500 IR@tpgrefinance.com External Affairs Contact: TPG RE Finance Trust, Inc. Courtney Power +1 (415) 743-1550 media@tpg.com Analyst Coverage BofA Securities Derek Hewett +1 (646) 855-2087 BTIG Eric Hagen +1 (212) 738-6014 Citigroup Securities Arren Cyganovich +1 (212) 816-3733 JMP Securities Steven DeLaney +1 (212) 906-3517 JP Morgan Richard Shane +1 (415) 315-6701 Raymond James Stephen Laws +1 (901) 579-4868 Wells Fargo Donald Fandetti +1 (212) 214-8069 Transfer Agent American Stock Transfer & Trust Company, LLC +1 (800) 937-5449 help@astfinancial.com 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 externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit www.tpgrefinance.com.

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