TRTX

Interested in TPG RE Finance Trust, Inc.? Here are five stocks we like better. Distributable earnings were $17.6 million, or $0.23 per share, in Q2 2026, while first-half earnings of $0.48 per share covered the common dividend through June 30. Book value per share was $10.95. TRTX expanded its loan portfolio with $466 million of new first-mortgage commitments, while office exposure fell to 4.3% after a $227.1 million repayment. Credit performance remained stable, with 100% of loans performing and a weighted-average risk rating of 3.0. The company diversified its funding through a $400 million Term Loan B, a $100 million revolver and additional secured financing, ending the quarter with $488.2 million in near-term liquidity. TRTX also repurchased 1.3 million shares for $10.8 million and expects to monetize part of its real estate-owned portfolio during 2026. TPG RE Finance Trust (NYSE:TRTX) reported second-quarter 2026 GAAP net income of $9.4 million and distributable earnings of $17.6 million, or $0.23 per common share, as it expanded its loan portfolio and reworked its financing structure. For the first six months of 2026, distributable earnings totaled $37.1 million, or $0.48 per common share, covering the company’s $0.48 per-share common dividend through June 30, Interim Chief Financial Officer Brandon Fox said. Book value per common share was $10.95 at quarter-end. → Microsoft Just Flipped the AI Spending Narrative Overnight During the quarter, TRTX originated three first-mortgage loans with total commitments of $466 million and a weighted average credit spread of 2.79%. The company also closed an additional $72 million of loan investments after quarter-end and had approximately $380 million of executed term sheets, according to Chief Executive Officer Doug Bouquard. The company received $274.4 million of loan repayments during the quarter, including the full repayment of a $227.1 million office loan. That repayment reduced office exposure to 4.3% of total loan commitments as of June 30, down substantially from 52.9% in June 2021. → 2 Unique Space ETFs That Could Upend the Industry Net assets rose $190.4 million, or 5%, from the first quarter to $4.3 billion. On a year-over-year basis, net assets increased $551.4 million, or 15%. Portfolio credit performance remained stable, management said. The loan portfolio was 100% performing at quarter-end, with no credit migration during the quarter. Its weighted average risk rating remained 3.0, while the CECL reserve was unchanged at 179 basis points. The dollar value of the CECL reserve increased $3.5 million to $80.7 million, primarily due to portfolio growth. → MarketBeat Week in Review – 07/27- 07/31 Multifamily and industrial assets accounted for 76.4% of the loan portfolio as of June 30. Bouquard said 69% of the portfolio consisted of loans originated in 2023 or later, which he said had enhanced the portfolio’s overall credit profile. In response to analyst questions, Bouquard said the timing of repayments and originations affected distributable earnings during the second quarter. A “chunky” group of repayments occurred in the first three weeks of the quarter, while roughly 70% of new originations closed in the final three days of the period. He said refinancing activity remains the principal source of lending demand, particularly in multifamily and industrial properties. However, refinancing transactions can take longer to close because borrowers may face less urgency than in acquisition financing. Management said it expects repayments to be influenced by the company’s newer-vintage portfolio, where loans may carry call protection, as well as by restrained real estate investment conviction among borrowers. Bouquard said the company’s concentration in multifamily and industrial properties provides greater visibility into expected repayment profiles over coming quarters. TRTX completed several financing transactions during the quarter, including: A $400 million Term Loan B due in 2033, priced at 99.75% with a 2.75% credit spread; A $100 million corporate revolving credit facility due in 2031 with a 2.00% credit spread; Upsizes totaling $600 million across two existing secured financing arrangements; and A new $500 million secured financing arrangement. Fox said the transactions were leverage- and cost-of-funds-neutral while allowing the company to diversify its liability structure. The company amended and aligned financial covenants across its capital structure, including a maximum total debt-to-total-assets ratio of 83.33% and a minimum interest coverage ratio of 1.3 times. TRTX ended the quarter with $488.2 million of near-term liquidity, including cash, undrawn secured financing capacity, undrawn corporate revolver capacity and CRE CLO reinvestment proceeds. It also held $186 million of unencumbered loan investments eligible to be pledged under existing financing arrangements. The liability structure was 85.2% non-mark-to-market across 11 financing sources, with a weighted average cost of funds of 1.83%. Total leverage rose to 3.32 times at June 30 from 3.1 times at March 31, reflecting investment activity. Management said $1.8 billion of financing capacity remained available at quarter-end. Fox noted that approximately $8 million of fees were associated with the financing transactions. The fees will be amortized over the five- to seven-year lives of the Term Loan B and corporate revolver. Head of Portfolio Management and Capital Markets Ryan Roberto said the company continues to make progress on its real estate owned portfolio and still expects to monetize and recycle a portion of those assets during 2026. In the interim, he said operating fundamentals at the assets continue to improve. TRTX repurchased 1.3 million common shares for $10.8 million during the quarter, at an average price of $8.26 per share. The company had $9.3 million remaining under its share-repurchase authorization as of June 30. Looking ahead, Bouquard said the company remains focused on disciplined loan growth, risk management, balance-sheet strength and capital allocation. He said the company continues to evaluate office opportunities selectively, though it had no office loans signed up at the time of the call. TPG RE Finance Trust, Inc (NYSE: TRTX) is a growth-oriented real estate finance company that originates and invests in a diversified portfolio of commercial real estate debt. The company’s primary business activities include the origination and acquisition of senior mortgage loans, mezzanine loans and preferred equity investments. These investments predominantly finance multifamily, office, industrial, retail and hospitality properties across the United States. TPG RE Finance Trust pursues a flexible capital strategy, structuring transactions that range from first-lien floating-rate loans to subordinated debt and preferred equity. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "TPG RE Finance Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. GAAP Net Income: $9.4 million for Q2 2026. Distributable Earnings: $17.6 million, or $0.23 per common share for Q2 2026. Full Year Distributable Earnings: $37.1 million, or $0.48 per common share. Common Stock Dividend: $0.48 per common share through June 30, 2026. Share Repurchase: 1.3 million shares repurchased for $10.8 million at an average price of $8.26 per share. Book Value per Common Share: $10.95 at quarter end. New Loan Investments: $466 million in Q2 2026. Loan Repayments: $274.4 million, including a full office loan repayment of $227.1 million. Net Assets: Increased by $190.4 million, or 5%, to $4.3 billion quarter-over-quarter. Loan Portfolio Composition: 76.4% multifamily and industrial, 4.3% office as of June 30, 2026. CECL Reserve: $80.7 million, flat quarter-over-quarter at 179 basis points. Liquidity: $488.2 million, including $65.6 million cash on hand and $317.4 million undrawn capacity. Leverage: Increased to 3.32 times from 3.1 times at March 31, 2026. Weighted Average Cost of Funds: 1.83%. Warning! GuruFocus has detected 4 Warning Signs with TRTX. Is TRTX fairly valued? Test your thesis with our free DCF calculator. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. TPG RE Finance Trust Inc (NYSE:TRTX) closed $466 million of new loan investments in the second quarter, with an additional $72 million subsequent to quarter end, indicating steady growth in their earning asset base. The company has approximately $380 million of executed term sheets, providing good visibility into future deployment opportunities. TRTX's portfolio performance remains stable, with CECL reserves and risk ratings largely unchanged quarter-over-quarter. The company successfully issued a $400 million Term Loan B and added a new $100 million corporate revolving credit facility, enhancing liquidity and financial flexibility. TRTX repurchased 1.3 million shares of common stock, investing additional capital into the business at a meaningful discount to intrinsic value. Elevated interest rates and ongoing rate volatility continue to suppress transaction activity, affecting the real estate market. The gap between buyer and seller expectations remains wide, impacting lending demand. Loan origination and repayment timing issues led to a drop in distributable earnings quarter-over-quarter. The company's office loan exposure has shrunk dramatically, indicating potential challenges in the office sector. Repayments, excluding a large office loan, were relatively low, suggesting slower lending pace in previous years. Q: Can you talk about loan origination repayment timing in the quarter? It looks like the large New York office loan was repaid early in the quarter and you had a couple of loans closed very late. How does this affect the run rate from 1Q to 2Q and the outlook for the rest of the year? A: Doug Bouquard, CEO: The repayment of the New York City office loan and other repayments occurred early in the quarter, while about 70% of new originations closed in the last three days of the quarter. This timing affected the quarter-over-quarter Distributable Earnings (DE). We expect similar timing issues as we continue to scale and grow our balance sheet, focusing on high-quality credits. Q: Considering the macro environment, is the target leverage ratio of 3.5 to 3.75 times still applicable? A: Doug Bouquard, CEO: Yes, our strategy remains consistent. Our investment paradigm focuses on making great credit investments, which will drive the growth of our balance sheet and DE over time. Q: Could you provide an update on your REO portfolio and expectations for asset sales by year-end? A: Ryan Roberto, Managing Director: We continue to make progress on the REO front and expect to monetize and recycle a portion of the portfolio this year. Operating fundamentals are improving, and we hope to provide an update in the coming months. Q: With the significant reduction in office loan exposure, do you plan to reduce it further or maintain the current level? A: Doug Bouquard, CEO: The reduction was driven by legacy office deals. While we currently have no office deals signed up, we are evaluating opportunities selectively and may consider office deals if they meet our criteria. Q: How did the balance sheet optimization impact 2Q results, and what further steps are needed for optimization? A: Ryan Roberto, Managing Director: We accessed the corporate loan market at attractive terms, deploying $400 million to retire a legacy liability structure. This was done on a leverage-neutral and cost-of-funds-neutral basis, with long-term accretion expected. The impact on the P&L was minimal. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

NEW YORK, July 28, 2026--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") reported its operating results for the quarter ended June 30, 2026. Regarding second quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: "TRTX delivered strong first-half results, generating Distributable Earnings of $0.48 per share that fully covered our year-to-date common stock dividend. We had a highly active second quarter, investing $466 million into new loans across our target asset classes while receiving $274 million of repayments. Importantly, we transformed our liability structure over the last quarter by closing a $400 million Term Loan B and a $100 million Corporate Revolver, securing highly durable, non-mark-to-market liquidity with the ability to drive steady earnings and long-term shareholder value. TRTX is exceptionally well-positioned to navigate the evolving commercial mortgage REIT landscape and capture accretive growth." SECOND QUARTER 2026 ACTIVITY Recognized GAAP net income attributable to common stockholders of $9.4 million, or $0.12 per common share, based on a diluted weighted average share count of 78.0 million common shares. Book value per common share was $10.95 as of June 30, 2026, compared to $11.06 at March 31, 2026. Generated Distributable Earnings of $17.6 million, or $0.23 per common share based on a diluted weighted average share count of 78.0 million common shares. Declared on June 12, 2026 a cash dividend of $0.24 per share of common stock which was paid on July 24, 2026 to common stockholders of record as of June 26, 2026. The Company paid on June 30, 2026 to preferred stockholders of record as of June 18, 2026 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share. Repurchased 1,301,644 shares of common stock, at a weighted average price of $8.26 per share, for total consideration (including commissions and related fees) of $10.8 million, which increased book value per common share by $0.05 per common share. Originated three first mortgage loans with aggregate total loan commitments of $466.0 million, an aggregate initial unpaid principal balance of $450.0 million, a weighted average interest rate of Term SOFR plus 2.79%, a weighted average interest rate floor of 2.63% and a weighted average as-is loan-to-value ratio of 62.9%. Funded $14.8 million of future funding obligations associated with previously originated and acquired loans. Received loan repayments of $274.4 million, including one full loan repayment of $227.1 million, involving the following property types: 95.9% office and 4.1% industrial. Weighted average risk rating of the Company’s loan portfolio was 3.0 as of June 30, 2026, unchanged from March 31, 2026. Carried at quarter-end an allowance for credit losses of $80.7 million, an increase of $3.5 million from $77.1 million as of March 31, 2026. The quarter-end allowance of 179 basis points of total loan commitments as of June 30, 2026, is consistent with March 31, 2026. Ended the quarter with $488.2 million of near-term liquidity: $65.6 million of cash-on-hand, of which $26.1 million was available for investment, net of $39.5 million held to satisfy liquidity covenants under the Company’s various financing arrangements; undrawn capacity under secured financing arrangements of $297.4 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $20.0 million; undrawn capacity of $100.0 million under the Revolver; and collateralized loan obligation reinvestment proceeds held at the trustee of $5.2 million. Closed a Term Loan B with an aggregate principal amount of $400.0 million due in 2033, priced at 99.75% and bears interest at Term SOFR plus 275 basis points. Closed a $100.0 million Revolving Credit Facility (the "Revolver") due in 2031 which bears interest at Term SOFR plus 200 basis points and was undrawn at close. Extended the Wells Fargo secured credit agreement to 2028 and increased the capacity by $350.0 million to $850.0 million. Closed a $500.0 million secured credit agreement with Citi. Increased the capacity of the Goldman Sachs secured credit agreement by $250.0 million to $750.0 million. Redeemed all $597.8 million of outstanding investment-grade bonds of TRTX 2022-FL5. 17 collateral interests with an aggregate unpaid principal balance of $698.1 million financed therein were refinanced primarily by the upsize of the Wells Fargo secured credit agreement. Non-mark-to-market borrowings represented 85.2% of total borrowings at June 30, 2026. SUBSEQUENT EVENTS Closed one first mortgage loan with a total loan commitment of $72.0 million and initial funding of $72.0 million, an interest rate of Term SOFR + 2.45%, and an as-is loan-to-value ratio of 74.7%. From July 1, 2026 through July 24, 2026, repurchased 216,181 shares of common stock, at a weighted average price of $8.43 per share, for total consideration (including commissions and related fees) of $1.8 million. The Company had $7.5 million of remaining capacity under its share repurchase program as of July 24, 2026. The Company issued a supplemental presentation detailing its second quarter 2026 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 29, 2026. 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 29, 2026 through 11:59 p.m. ET on Wednesday, August 12, 2026. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13761446. 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 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, risks and uncertainties relating to the performance of the Company’s investments; global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, tariffs and international trade policies, geopolitical conditions and global conflicts, stress to the commercial banking systems of the U.S. and Western Europe, 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, 2025 and Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026, 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," "ability" 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 ability to drive steady earnings and long-term shareholder value and our belief that TRTX is exceptionally well-positioned to navigate the evolving commercial mortgage REIT landscape and capture accretive growth are forward-looking statements, and the Company cannot assure you that it 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. Non-GAAP Financial Measures Reconciliation Distributable Earnings 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 from loan write-offs, loan sales and other loan resolutions (including conversions to real estate owned ("REO")), 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 (which only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments), (iii) unrealized gains (losses) (including credit loss expense (benefit), net), and (iv) certain non-cash or income and expense items. 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 real estate investment trust 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. See Note 2 to our Consolidated Financial Statements included in our Form 10-Q for additional details regarding our accounting policies and estimation of our allowance for credit losses. 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. Reconciliation of GAAP Net Income Attributable to Common Stockholders to Distributable Earnings The table below reconciles GAAP net income attributable to common stockholders and related diluted per share amounts to Distributable Earnings and related diluted per share amounts ($ in thousands, except weighted average share and per share data): View source version on businesswire.com: https://www.businesswire.com/news/home/20260728089732/en/ Contacts INVESTOR RELATIONS CONTACT +1 (212) [email protected] MEDIA CONTACT TPG RE Finance Trust, Inc.Courtney Power+1 (415) [email protected]

TPG RE Finance Trust (TRTX) came out with quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -8.00%. A quarter ago, it was expected that this commercial real estate finance company would post earnings of $0.25 per share when it actually produced earnings of $0.25, delivering no surprise. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. TPG RE Finance Trust, which belongs to the Zacks Real Estate - Operations industry, posted revenues of $34.01 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 7.73%. This compares to year-ago revenues of $36.2 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. TPG RE Finance Trust shares have lost about 0.6% since the beginning of the year versus the S&P 500's gain of 8.3%. While TPG RE Finance Trust has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for TPG RE Finance Trust was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.26 on $36.92 million in revenues for the coming quarter and $1.03 on $148.49 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Real Estate - Operations is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, WillScot (WSC), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This maker of portable classrooms, mobile offices and storage units is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of -11.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. WillScot's revenues are expected to be $584.7 million, down 0.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TPG RE Finance Trust, Inc. (TRTX) : Free Stock Analysis Report WillScot Holdings Corporation (WSC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Management said the loan book was 100% performing with stable risk ratings (3.0) and CECL reserves essentially flat, and noted office exposure has fallen to below 5% while 67% of the balance sheet is 2023-or-newer originations. TPG reported Q1 GAAP net income of $15.2 million and Distributable Earnings of $19.5 million ($0.25/share), covering the $0.24 common dividend at a 1.04x ratio, and repurchased over 1 million shares year-to-date to modestly boost book value (book value $11.06). Liquidity and funding leave room to grow: near-term liquidity of $173 million, leverage of 3.1x, $1.5 billion of available financing capacity, and a pipeline with $324 million closed plus $535 million of executed term sheets (mostly multifamily and industrial) support management’s view that “the trend is growth.” Interested in TPG RE Finance Trust, Inc.? Here are five stocks we like better. TPG RE Finance Trust (NYSE:TRTX) executives pointed to a constructive real estate credit backdrop and a “100% performing” loan book as the commercial real estate lender reported first-quarter 2026 results and outlined ongoing portfolio repositioning during its earnings call. Chief Executive Officer Doug Bouquard said the first quarter provided an “encouraging environment for investment activity within the real estate sector,” adding that while markets have been focused on private credit and geopolitical tensions, “real estate credit has been relatively stable.” He noted that the “recent steepening of the yield curve has put modest pressure on new acquisition activity,” but said key themes remain intact, including refinance demand driven by “broken capital structures and reset values,” elevated interest rates, and “a consistent supply of back leverage from bank balance sheets.” → 5 Stocks to Buy in May Before the Next AI Surge Hits Bouquard said the company began 2026 with stable portfolio metrics, reporting “stable risk ratings and a 100% performing loan portfolio at quarter end.” He added, “We saw no negative credit migration in the quarter, with risk ratings unchanged at 3.0 and CECL reserves essentially flat quarter-over-quarter.” He also highlighted a reduction in office exposure following repayments, saying that in April the company received full payment on 575 Fifth Avenue—its largest office exposure—along with a material partial repayment on another office loan. “As a result, our office exposure is now less than 5% of our current balance sheet,” he said. Bouquard also emphasized the age of the portfolio, stating that 67% of the balance sheet is comprised of 2023 and newer originations and that he expects the company to finish 2026 with “a substantial majority” of the balance sheet in that newer-vintage category. → Bloom Energy May Be Solving AI’s Biggest Power Problem On the financial side, the company reported GAAP net income of $15.2 million for the first quarter, according to the prepared remarks. Distributable Earnings were $19.5 million, or $0.25 per common share, representing a 1.04x coverage ratio of the company’s $0.24 per share common dividend. Book value per share was $11.06 as of March 31. Interim Chief Financial Officer Brandon Fox said the company repurchased 557,000 shares during the quarter at a weighted average price of $8.06 per share for $4.5 million, which he said “increased book value by $0.02 per share.” Bouquard added that from the start of the year through April 27, TRTX repurchased over 1 million shares for $8.7 million at an average price of $8.07 per share. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Quarter-over-quarter, net assets were “flat at $4.1 billion,” Fox said, while net assets increased 26% year-over-year, or $868.0 million. In the first quarter, the company originated two loans with total commitments of $148.4 million at a weighted average credit spread of 2.73% and received loan repayments of $123.6 million, Fox said. The company also reported two full loan repayments totaling $92.7 million tied to collateral that was 40% multifamily, 35% hotel, and 25% industrial. After quarter end, Fox said TRTX originated a hotel loan with total commitment and unpaid principal balance of $175.4 million at a weighted average credit spread of 3.0%. He also said the company received two office loan repayments totaling $262.3 million, which reduced office exposure on a pro forma basis to less than 5%. Bouquard said that year-to-date the company had closed $324 million of loans and had another $535 million of executed term sheets, “the majority of which are multifamily and industrial collateral.” He said that since the start of the fourth quarter of 2025, TRTX originated 12 loans with total commitments of $1.25 billion, with “more than 90% of these from repeat borrowers.” Asked about portfolio growth expectations given the executed term sheets and recent repayments, Bouquard said Q1 activity was lighter than Q4 due in part to seasonality but emphasized the direction: “The trend is growth,” he said, adding that the $535 million figure “doesn’t reflect the pipeline that we have beyond that.” On loan sizing, Bouquard told analysts the company’s historical average loan size has been in the $85 million to $90 million range. He said future activity will “continue to frankly, you know, remain a mix,” with deals in the $30 million to $60 million range alongside select $100 million to $200 million exposures when warranted by asset and borrower quality. He also addressed competition, calling multifamily competition “pretty steady” while describing industrial as “a marginally less trafficked part of the market” where the company believes it has an edge given TPG’s integrated debt and equity platform. Beyond multifamily and industrial, Bouquard said TRTX will remain selective across sectors, noting that the post-quarter hotel loan would bring pro forma hotel exposure to about 9% and that the company has generally targeted keeping that exposure “below 10%-15%.” Fox said the loan portfolio was “100% performing” at quarter end, with no credit migration. The weighted average risk rating remained 3.0, and the CECL reserve decreased slightly to 179 basis points from 180 basis points at Dec. 31, 2025. On real estate owned (REO), Head of Portfolio Management and Capital Markets Ryan Roberto said the company’s plan “remains the same” as discussed previously: to sell some REO assets in 2026. He noted the majority of REO is in multifamily and referenced leasing seasonality, adding the company would provide updates as progress develops. In response to a question about REO earnings contribution, the operator said the incremental Distributable Earnings contribution from REO is positive and that investors could expect “between about $0.02 and $0.03 per quarter as a good run rate,” subject to seasonality. On funding, Bouquard said the company is working to expand lender relationships and “optimize the durability” of its capital structure, including two series of CLOs issued in 2025 that provide reinvestment capacity at what he characterized as an attractive cost of funds. Management reported $173 million of liquidity at quarter end, 78% non-mark-to-market financing, and a 3.1x debt-to-equity ratio. Fox provided additional detail, stating near-term liquidity totaled $172.8 million, including cash on hand available for investment net of liquidity covenant amounts, undrawn capacity under secured financings, and CRE CLO reinvestment proceeds. The company also had $106.8 million of unencumbered loan investments eligible to be pledged under existing financings. Fox said the liability structure spans 10 financing sources with a weighted average cost of funds of 1.80%, and that leverage increased slightly quarter-over-quarter to 3.1x from 3.02x. He added that TRTX had $1.5 billion of financing capacity available to support loan investment activity and said the company was in compliance with all financial covenants. In closing remarks, Bouquard said the company remains focused on growing net assets and earnings power and reiterated his view that the stock’s valuation does not reflect TRTX’s balance sheet positioning versus peers. TPG RE Finance Trust, Inc (NYSE: TRTX) is a growth-oriented real estate finance company that originates and invests in a diversified portfolio of commercial real estate debt. The company’s primary business activities include the origination and acquisition of senior mortgage loans, mezzanine loans and preferred equity investments. These investments predominantly finance multifamily, office, industrial, retail and hospitality properties across the United States. TPG RE Finance Trust pursues a flexible capital strategy, structuring transactions that range from first-lien floating-rate loans to subordinated debt and preferred equity. The article "TPG RE Finance Trust Q1 Earnings Call Highlights" was originally published by MarketBeat.

NEW YORK, April 28, 2026--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") reported its operating results for the quarter ended March 31, 2026. Regarding first quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: "During the first quarter of 2026, we out-earned our common stock dividend and maintained a 100% performing loan portfolio. Currently, our total office loan exposure has been reduced to less than 5%, and nearly 70% of our loan portfolio consists of newer vintage originations made after January 2023 secured primarily by multifamily and industrial collateral. Our loan portfolio and well-capitalized balance sheet will enable us to take advantage of our robust investment pipeline through the remainder of 2026." FIRST QUARTER 2026 ACTIVITY Recognized GAAP net income attributable to common stockholders of $15.2 million, or $0.19 per common share, based on a diluted weighted average share count of 79.1 million common shares. Book value per common share was $11.06 as of March 31, 2026, compared to $11.07 at December 31, 2025. Generated Distributable Earnings of $19.5 million, or $0.25 per common share based on a diluted weighted average share count of 79.1 million common shares. Declared on March 13, 2026 a cash dividend of $0.24 per share of common stock which was paid on April 24, 2026 to common stockholders of record as of March 27, 2026. The Company paid on March 31, 2026 to preferred stockholders of record as of March 20, 2026 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share. Repurchased 556,592 shares of common stock, at a weighted average price of $8.06 per share, for total consideration (including commissions and related fees) of $4.5 million, which increased book value per common share by $0.02 per common share. Originated two first mortgage loans with aggregate total loan commitments of $148.4 million, an aggregate initial unpaid principal balance of $135.5 million, a weighted average interest rate of Term SOFR plus 2.73%, a weighted average interest rate floor of 2.86% and a weighted average as-is loan-to-value ratio of 63.0%. Funded $14.6 million of future funding obligations associated with previously originated and acquired loans. Received loan repayments of $123.6 million, including two full loan repayments of $92.7 million, involving the following property types: 40.0% multifamily; 35.0% hotel; and 25.0% industrial. Weighted average risk rating of the Company’s loan portfolio was 3.0 as of March 31, 2026, unchanged from December 31, 2025. Carried at quarter-end an allowance for credit losses of $77.1 million, a decrease of $0.3 million from $77.4 million as of December 31, 2025. The quarter-end allowance of 179 basis points of total loan commitments as of March 31, 2026, decreased 1 basis point from 180 basis points as of December 31, 2025. Ended the quarter with $172.8 million of near-term liquidity: $77.0 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 $39.7 million; and collateralized loan obligation reinvestment proceeds held at the servicer of $41.2 million. Extended the initial and extended maturity date of the Bank of America secured credit agreement, effective June 2026. Extended the initial maturity date of the Barclays secured credit agreement. Non-mark-to-market borrowings represented 77.9% of total borrowings at March 31, 2026. SUBSEQUENT EVENTS Closed one first mortgage loan with a total loan commitment of $175.4 million and initial funding of $175.4 million, an interest rate of Term SOFR + 3.00%, and an as-is loan-to-value ratio of 65.4%. Received repayments of $262.3 million relating to two office loans, including the full repayment of one first mortgage loan with a total loan commitment and an unpaid principal balance of $227.1 million and $227.1 million, respectively. The loan carried a risk rating of 3.0 as of December 31, 2025. From April 1, 2026 through April 24, 2026, repurchased 493,000 shares of common stock, at a weighted average price of $8.07 per share, for total consideration (including commissions and related fees) of $4.0 million. The Company had $16.1 million of remaining capacity under its share repurchase program as of April 24, 2026. The Company issued a supplemental presentation detailing its first quarter 2026 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, April 29, 2026. 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, April 29, 2026 through 11:59 p.m. ET on Wednesday, May 13, 2026. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13759489. 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 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, tariffs and international trade policies, stress to the commercial banking systems of the U.S. and Western Europe, 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, 2025, 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 our belief that our loan portfolio and well-capitalized balance sheet will enable us to take advantage of our robust investment pipeline through the remainder of 2026 are forward-looking statements, and the Company cannot assure you that it 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. Non-GAAP Financial Measures Reconciliation Distributable Earnings 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 from loan write-offs, loan sales and other loan resolutions (including conversions to real estate owned ("REO")), 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 (which only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments), (iii) unrealized gains (losses) (including credit loss expense (benefit), net), and (iv) certain non-cash or income and expense items. 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 real estate investment trust 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. See Note 2 to our Consolidated Financial Statements included in our Form 10-Q for additional details regarding our accounting policies and estimation of our allowance for credit losses. 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. Reconciliation of GAAP Net Income Attributable to Common Stockholders to Distributable Earnings The table below reconciles GAAP net income attributable to common stockholders and related diluted per share amounts to Distributable Earnings and related diluted per share amounts ($ in thousands, except weighted average share and per share data): View source version on businesswire.com: https://www.businesswire.com/news/home/20260428607495/en/ Contacts INVESTOR RELATIONS CONTACT +1 (212) 405-8500 [email protected] MEDIA CONTACT TPG RE Finance Trust, Inc. Courtney Power +1 (415) 743-1550 [email protected]