TPG RE Finance Trust, Inc. reported its operating results for the quarter and full year ended December 31, 2025.

TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") reported its operating results for the quarter and full year ended December 31, 2025.

Regarding fourth quarter and year ended 2025 results, Doug Bouquard, Chief Executive Officer of TRTX, said: "During 2025, we originated $1.9 billion of total loan commitments, out-earned our common stock dividend, and maintained a 100% performing loan portfolio. Our fourth quarter loan originations of $927 million and loan repayments of $378 million continue to illustrate the velocity of our balance sheet and success of our investment and asset management strategy."

FOURTH QUARTER 2025 ACTIVITY

Recognized GAAP net income attributable to common stockholders of $0.2 million, or $0.00 per common share, based on a diluted weighted average share count of 78.4 million common shares. Book value per common share was $11.07 as of December 31, 2025, compared to $11.25 at September 30, 2025.

Generated Distributable Earnings of $18.5 million, or $0.24 per common share based on a diluted weighted average share count of 78.4 million common shares.

Declared on December 12, 2025 a cash dividend of $0.24 per share of common stock which was paid on January 23, 2026 to common stockholders of record as of December 26, 2025. The Company paid on December 30, 2025 to preferred stockholders of record as of December 19, 2025 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

Repurchased 45,367 shares of common stock, at a weighted average price of $8.50 per share, for total consideration (including commissions and related fees) of $0.4 million.

Originated nine first mortgage loans with aggregate total loan commitments of $927.0 million, an aggregate initial unpaid principal balance of $843.0 million, a weighted average interest rate of Term SOFR plus 2.66%, a weighted average interest rate floor of 2.74% and a weighted average as-is loan-to-value ratio of 64.2%.

Funded $11.9 million of future funding obligations associated with previously originated and acquired loans.

Received six full loan repayments of $378.3 million, involving the following property types: 56.5% multifamily; 34.5% office; and 9.0% hotel.

Weighted average risk rating of the Company's loan portfolio was 3.0 as of December 31, 2025, unchanged from September 30, 2025.

Carried at quarter-end an allowance for credit losses of $77.4 million, an increase of $11.3 million from $66.1 million as of September 30, 2025. The quarter-end allowance of 180 basis points of total loan commitments as of December 31, 2025, increased 4 basis points from 176 basis points as of September 30, 2025.

Ended the quarter with $143.0 million of near-term liquidity: $72.6 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 $21.4 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $30.0 million; and collateralized loan obligation reinvestment proceeds of $4.0 million.

Issued TRTX 2025-FL7, a $1.1 billion managed CRE CLO with $957.0 million of investment-grade bonds outstanding, a 30-month reinvestment period, an advance rate of 87.0%, and a weighted average interest rate at issuance of Term SOFR plus 1.67%, before transaction costs.

Redeemed all $411.5 million of outstanding investment-grade bonds of TRTX 2021-FL4. Five of the FL4 collateral interests with an aggregate unpaid principal balance of $205.2 million were refinanced by the issuance of TRTX 2025-FL7.

Non-mark-to-market borrowings represented 82.0% of total borrowings at December 31, 2025.

FULL YEAR 2025 ACTIVITY

Recognized GAAP net income attributable to common stockholders of $45.5 million, or $0.57 per common share, based on a basic and diluted weighted average share count of 79.4 million common shares.

Generated Distributable Earnings of $76.8 million, or $0.97 per common share per common share based on a diluted weighted average share count of 79.4 million common shares.

Declared cash dividends of $77.9 million, or $0.96 per common share, representing a 11.1% annualized dividend yield based on the December 31, 2025 closing price of $8.61, and an 8.7% annualized dividend yield based on the December 31, 2025 book value per common share of $11.07.

Repurchased an aggregate of 3,200,576 shares of common stock, at a weighted average price of $7.90 per share, for total consideration (including commissions and related fees) of $25.3 million. Total repurchases increased book value per common share by $0.13 per common share.

Approved a new share repurchase program pursuant to which the Company is authorized to repurchase up to $25.0 million of the Company's common stock.

Originated 20 first mortgage loans with total loan commitments of $1.9 billion, an aggregate initial unpaid principal balance of $1.8 billion, a weighted average interest rate of Term SOFR plus 2.82%, a weighted average interest rate floor of 2.95% and a weighted average loan-to-value ratio of 65.6%. Additionally, funded $42.6 million of future funding obligations associated with previously originated loans. Unfunded commitments at December 31, 2025 were $173.6 million, or 4.0% of total loan commitments.

Received loan repayments of $987.9 million, including full loan repayments of $931.5 million on 15 loans, involving the following property types: 64.1% multifamily; 19.7% hotel; 14.0% office; and 2.2% industrial.

Sold two office properties classified as real estate owned for net proceeds of $39.4 million, resulting in a gain on sale of real estate, net of $7.0 million.

Carried a CECL reserve of $77.4 million as of December 31, 2025, compared to $64.0 million as of December 31, 2024. The year-end allowance equals 180 basis points of total loan commitments as of December 31, 2025 compared to 187 basis points as of December 31, 2024.

Issued TRTX 2025-FL6, a $1.1 billion managed CRE CLO with $962.5 million of investment-grade bonds outstanding, a 30-month reinvestment period, an advance rate of 87.5%, and a weighted average interest rate at issuance of Term SOFR plus 1.83%, before transaction costs.

Redeemed $114.6 million of outstanding investment-grade bonds associated with TRTX 2019-FL3. Three of the FL3 collateral interests with an aggregate unpaid principal balance of $143.0 million were refinanced by the issuance of TRTX 2025-FL6.

Extended our secured revolving credit facility by three years to February 2028, increased capacity by $85.0 million to $375.0 million, and expanded the syndicate to seven lenders.

SUBSEQUENT EVENTS

Closed one first mortgage loan with a total loan commitment of $81.0 million and initial funding of $78.5 million, an interest rate of Term SOFR + 2.65%, and an as-is loan-to-value ratio of 65.1%.

Received the full repayment of one first mortgage loan with a total loan commitment and an unpaid principal balance of $52.1 million and $49.5 million, respectively. The loan carried a risk rating of 3.0 as of December 31, 2025.

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