Donald Fandetti

Steven Delaney

John Nickodemus

Richard Shane

Stephen Laws

Chris Muller

William Catherwood

- For Q3 2025, TRTX reported **GAAP net income of $18.4 million**, or **$0.23 per common share**, and **distributable earnings of $19.9 million**, or **$0.25 per common share**, covering its quarterly dividend of **$0.24 per common share**. Book value per common share increased quarter over quarter to **$11.25**.  **[0001630472_2216223_4]** 
- The company demonstrated significant investment momentum, closing **$279 million** of new investments in Q3 2025, with an additional **$197 million** subsequent to quarter end, and expects to close over **$670 million** in Q4 2025. Year-to-date, closed and in-process investments total over **$1.8 billion**.  **[0001630472_2216223_2]** 
- TRTX enhanced its liability structure by pricing its latest CRE/CLO, FL7, a **$1.1 billion** transaction with a **30-month reinvestment period**, which, along with FL6, provides approximately **$1.9 billion** of financing capacity at a blended cost of funds of SOFR plus **175 basis points**.  **[0001630472_2216223_2]** **[0001630472_2216223_4]** 
- The loan portfolio remains **100% performing** with no negative credit migration, and the company ended the quarter with near-term liquidity of **$216.4 million**.  **[0001630472_2216223_4]** 
- **Bob Foley** will retire as CFO at year-end 2025, transitioning to a Senior Advisor role, with **Brandon Fox** assuming the role of Interim CFO and **Ryan Roberto** taking on capital markets and asset management duties.  **[0001630472_2216223_1]**

TRTX Reports Strong Q3 2025 Financial Results and Investment Momentum

- For Q3 2025, TPG RE Finance Trust (TRTX) reported **GAAP net income of $18.4 million**, or **$0.23 per common share**, and **distributable earnings of $19.9 million**, or **$0.25 per common share**, covering its quarterly dividend.  **[0001630472_2211367_4]**  Book value per common share increased quarter over quarter to **$11.25**.  **[0001630472_2211367_4]** 
- The company closed **$279.2 million** in new investments during Q3 2025 and anticipates closing an additional **$670 million** in Q4, bringing total new investments for 2024 to over **$1.8 billion**.  **[0001630472_2211367_2]** **[0001630472_2211367_4]**  These investments are primarily focused on **multifamily and industrial assets**, which constitute approximately **91%** of closed and in-process investments.  **[0001630472_2211367_2]** 
- TRTX priced a new **$1.1 billion managed CRE/CLO, FL7**, which includes a **30-month reinvestment period** and an **87% advance rate**, designed to enhance financing capacity and lower the cost of capital.  **[0001630472_2211367_4]** **[0001630472_2211367_8]**  The loan portfolio remained **100% performing** with a weighted average risk rating of **3.0**.  **[0001630472_2211367_4]** 
- In Q3 2025, the company repurchased **1.1 million common shares** for **$9.3 million**, generating **$0.04 per common share of book value accretion**.  **[0001630472_2211367_4]**  Management plans to increase the debt-to-equity ratio from the current **2.6 times** to **3-3.5 times** over time to drive balance sheet growth.  **[0001630472_2211367_5]** **[0001630472_2211367_8]** 
- **Bob Foley** will retire as CFO at year-end to become a Senior Advisor, with **Brandon Fox** assuming the role of **Interim CFO** and **Ryan Roberto** taking on duties for capital markets and asset management.  **[0001630472_2211367_1]**

TPG RE Finance Trust Reports Q3 2025 Earnings, Announces CFO Transition, and Details Investment Growth

- For Q3 2025, TRTX reported **GAAP net income of $18.4 million** or **$0.23 per common share**, and **distributable earnings of $19.9 million** or **$0.25 per common share**, covering its quarterly dividend.  **[0001630472_2216220_4]**  Book value per common share increased to **$11.25**, partly due to the repurchase of **1.1 million common shares** for **$9.3 million** at **$8.29 per share**.  **[0001630472_2216220_4]** 
- The company closed **$279 million** of new investments in Q3 2025, with an additional **$197 million** subsequent to quarter end and over **$670 million** expected to close in Q4, projecting over **$1.8 billion** in new investments for 2024.  **[0001630472_2216220_2]**  The loan portfolio grew by **$1.2 billion** or **12% net** year-over-year, and remains **100% performing** with a weighted average risk rating of **3.0**.  **[0001630472_2216220_2]** **[0001630472_2216220_4]** 
- **Bob Foley** will retire as CFO at year-end to become a Senior Advisor to TPG Real Estate, with **Brandon Fox** assuming the role of Interim CFO and Ryan Roberto becoming Head of Capital Markets and Asset Management.  **[0001630472_2216220_1]** 
- TRTX priced **TRTX 2025 FL7**, a **$1.1 billion** managed CRE/CLO, which will provide non-mark-to-market, non-recourse term financing with a **30-month reinvestment period**.  **[0001630472_2216220_4]**  This is expected to generate approximately **$100 million of liquidity** for new loan investments.  **[0001630472_2216220_4]**  The company's liability structure is **87% non-mark-to-market**, and total leverage was flat at **2.6x**.  **[0001630472_2216220_5]**

TRTX reports Q3 2025 financial results, announces CFO transition, and details investment activity

- For the quarter ended September 30, 2025, TPG RE Finance Trust, Inc. reported **GAAP net income attributable to common stockholders of $18.4 million, or $0.23 per common share**, and **Distributable Earnings of $19.9 million, or $0.25 per common share**.  **[1630472_e46a8a7a30c64ae9b5a362c9b78c77c9_0]** 
- The company's **book value per common share increased to $11.25** as of September 30, 2025, up from $11.20 at June 30, 2025.  **[1630472_e46a8a7a30c64ae9b5a362c9b78c77c9_0]** 
- TRTX declared a **cash dividend of $0.24 per share of common stock** and **repurchased $9.3 million of common stock** during the quarter, fully utilizing its previous program.  **[1630472_e46a8a7a30c64ae9b5a362c9b78c77c9_0]**  A **new share repurchase program of up to $25.0 million** was subsequently approved.  **[1630472_e46a8a7a30c64ae9b5a362c9b78c77c9_0]** 
- The company **originated $279.2 million of total loan commitments** and received **loan repayments of $415.8 million** during the third quarter of 2025.  **[1630472_e46a8a7a30c64ae9b5a362c9b78c77c9_0]** 
- Subsequent to quarter-end, TRTX **closed three first mortgage loans totaling $196.5 million** and announced the pricing of **TRTX 2025-FL7, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation**.  **[1630472_e46a8a7a30c64ae9b5a362c9b78c77c9_1]**

TPG RE Finance Trust Reports Q3 2025 Operating Results

- TPG RE Finance Trust, Inc. reported **GAAP net income attributable to common stockholders of $0.23 per common share** and **Distributable Earnings of $0.25 per common share** for the quarter ended September 30, 2025.  **[1630472_0001630472-25-000031_trtx-20251028exhibit991.htm:1]** 
- The company declared a **cash dividend of $0.24 per share** of common stock and increased its **book value per common share to $11.25** as of September 30, 2025, partly due to repurchasing **$9.3 million** of common stock.  **[1630472_0001630472-25-000031_trtx-20251028exhibit991.htm:1]** 
- TRTX originated **$279.2 million** of total loan commitments and maintained a **100% performing loan portfolio** with a weighted average risk rating of **3.0** as of September 30, 2025.  **[1630472_0001630472-25-000031_trtx-20251028exhibit991.htm:0]** **[1630472_0001630472-25-000031_trtx-20251028exhibit991.htm:1]** 
- A new share repurchase program was approved, authorizing the repurchase of up to **$25.0 million** of the company's common stock.  **[1630472_0001630472-25-000031_trtx-20251028exhibit991.htm:1]**

TPG RE Finance Trust, Inc. Reports Q3 2025 Operating Results

- **Robert R. Foley**, Chief Financial Officer of TPG RE Finance Trust, Inc. (TRTX), will **retire** from TPG Inc. at the end of the year.  **[1630472_0001193125-25-203662_d45667d8k.htm:1]** **[1630472_0001193125-25-203662_d45667dex991.htm:1]** 
- Mr. Foley will transition to a role as a **senior advisor** to TPG’s real estate credit business.  **[1630472_0001193125-25-203662_d45667d8k.htm:1]** **[1630472_0001193125-25-203662_d45667dex991.htm:1]** 
- **Brandon Fox**, currently TRTX's chief accounting officer, will assume the role of **interim chief financial officer** for TRTX, effective **October 1, 2025**.  **[1630472_0001193125-25-203662_d45667d8k.htm:1]** **[1630472_0001193125-25-203662_d45667dex991.htm:1]** 
- Mr. Fox has served as TRTX's chief accounting officer since **January 2022** and also as chief financial officer of TPG Real Estate Partners since **July 2022**.  **[1630472_0001193125-25-203662_d45667d8k.htm:1]** **[1630472_0001193125-25-203662_d45667dex991.htm:1]**