On March 28, 2025, TPG RE Finance Trust CLO Sub-REIT (“Sub-REIT”), a subsidiary of the Company, issued a $1.1 billion collateralized loan obligation with $962.5 million of investment-grade bonds outstanding and a discount of $2.4 million (“TRTX 2025-FL6” or “FL6”). TRTX 2025-FL6 permits the Company, during the 30 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2025-FL6 in exchange for cash, which provides additional liquidity to the Company to originate new loan investments as underlying loans repay. The Company utilized the reinvestment feature during the three and six months ended June 30, 2025. In connection with TRTX 2025-FL6, the Company incurred $7.6 million of deferred financing costs, including issuance, legal, and accounting related costs.

On February 16, 2022, Sub-REIT issued a collateralized loan obligation (“TRTX 2022-FL5” or “FL5”). TRTX 2022-FL5 permitted the Company, during the 24 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2022-FL5 in exchange for cash, which provided additional liquidity to the Company to originate new loan investments as underlying loans repay. The reinvestment period for TRTX 2022-FL5 ended on February 9, 2024. In accordance with the TRTX 2022-FL5 indenture, prior to the end of the reinvestment period, the Company committed to contribute certain loan assets and completed the contribution process on April 12, 2024. The Company utilized the reinvestment feature during the three and six months ended June 30, 2024. In connection with TRTX 2022-FL5, the Company incurred $6.5 million of deferred financing costs, including issuance, legal, and accounting related costs.

On March 31, 2021, Sub-REIT issued a collateralized loan obligation (“TRTX 2021-FL4” or “FL4”). TRTX 2021-FL4 permitted the Company, during the 24 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2021-FL4 in exchange for cash, which provided additional liquidity to the Company to originate new loan investments as underlying loans repaid. The reinvestment period for TRTX 2021-FL4 ended on March 11, 2023. In accordance with the TRTX 2021-FL4 indenture, prior to the end of the reinvestment period, the Company committed to contribute certain loan assets and completed the contribution process by mid-May 2023. In connection with TRTX 2021-FL4, the Company incurred $8.3 million of deferred financing costs, including issuance, legal, and accounting related costs.

During May 2025, the Company sold an REO office property held in TRTX 2021-FL4. As a result of the REO sale, the Company contributed additional loan participation interests with an aggregate unpaid principal balance of $59.9 million to TRTX 2021-FL4 during the three months ended June 30, 2025.

On October 25, 2019, Sub-REIT issued a collateralized loan obligation (“TRTX 2019-FL3” or “FL3”). TRTX 2019-FL3 permitted the Company, during the 24 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2019-FL3 in exchange for cash, which provided additional liquidity to the Company to originate new loan investments as underlying loans repaid. The reinvestment period for TRTX 2019-FL3 ended on October 11, 2021. In connection with TRTX 2019-FL3, the Company incurred $7.8 million of deferred financing costs, including issuance, legal, and accounting related costs.

On March 17, 2025, the Company redeemed TRTX 2019-FL3, which at its redemption had $114.6 million of investment-grade bonds outstanding. Three loans or participation interests with an aggregate unpaid principal balance of $143.0 million held by the trust were refinanced by the issuance of TRTX 2025-FL6.

The Company evaluated the key attributes of the issuers of the CRE CLOs ("CRE CLO Issuers"), which are wholly owned subsidiaries of the Company, to determine if they were VIEs and, if so, whether the Company was the primary beneficiary of their operating activities and therefore consolidate the CRE CLOs. The Company concluded that the CRE CLO Issuers are VIEs and the Company is the primary beneficiary because it has the ability to control the most significant activities of the CRE CLO Issuers, the obligation to absorb losses to the extent of its equity investments, and the right to receive benefits that could potentially be significant to these entities. Accordingly, as of June 30, 2025 and December 31, 2024 the Company consolidated the CRE CLO Issuers.


	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	9,086	$	71,541
Collateralized loan obligation proceeds held at trustee(1)	1,778		—
Accounts receivable from servicer/trustee	449		299
Accrued interest and fees receivable	22,975		10,866
Loans held for investment, net	2,800,033		1,917,210
Real estate owned, net	82,079		117,090
Other assets	1,019		3,947
Total assets	$	2,917,419	$	2,120,953
Liabilities
Accrued interest payable	$	5,730	$	4,436
Accrued expenses	3,029		4,738
Collateralized loan obligations, net(2)	2,442,868		1,681,660
Payable to affiliates	3,909		3,052
Deferred revenue	1,563		2,583
Total liabilities	$	2,457,099	$	1,696,469

(2)Net of $2.2 million of unamortized discount related to TRTX 2025-FL6 as of June 30, 2025 and $7.3 million and $0.6 million of unamortized deferred financing costs as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, assets held by these VIEs are restricted and are only available to settle obligations of the related VIE. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from the then-current assets of the related VIE.


	June 30, 2025
CRE CLOs	Count	Benchmark interest rate	Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. maturity(3)
TRTX 2021-FL4
Collateral loan and REO investments	20	Term SOFR	$	861,275	$	811,738	3.81	%	1.8
Financing provided	1	Term SOFR	648,775		648,721		1.96	%	12.7
TRTX 2022-FL5
Collateral loan investments	25	Term SOFR	1,009,071		986,611		3.67	%	1.8
Financing provided	1	Term SOFR	841,102		841,102		2.04	%	13.6
TRTX 2025-FL6
Collateral loan investments	20	Term SOFR	1,100,000		1,085,541		3.34	%	3.3
Financing provided	1	Term SOFR	962,500		953,045		1.83	%	17.2
Total
Collateral loan and REO investments(4)	65	Term SOFR	$	2,970,346	$	2,883,890	3.58	%	2.4 years
Financing provided(5)	3	Term SOFR	$	2,452,377	$	2,442,868	1.94	%	14.8 years

(3)Loan term represents weighted average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of underlying loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date.

(4)Collateral loan investment assets of FL4, FL5 and FL6 represent 19.6%, 26.7% and 29.0%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of June 30, 2025.

(5)During the three months ended June 30, 2025, the Company recognized interest expense of $39.9 million, which includes $0.7 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income. During the six months ended June 30, 2025, the Company recognized interest expense of $67.5 million, which includes $1.3 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.


	December 31, 2024
CRE CLOs	Count	Benchmark interest rate	Outstanding principal balance		Carrying value		Wtd. avg. spread(1)		Wtd. avg. maturity(2)
TRTX 2019-FL3
Collateral loan and REO investments	5	Term SOFR	$	311,381	$	203,427	3.68	%	1.0
Financing provided	1	Term SOFR	119,526		119,526		2.46	%	9.8
TRTX 2021-FL4
Collateral loan and REO investments	19	Term SOFR	886,409		796,552		3.84	%	2.0
Financing provided	1	Term SOFR	673,909		673,909		1.93	%	13.2
TRTX 2022-FL5
Collateral loan investments	26	Term SOFR	1,056,822		1,033,775		3.70	%	2.1
Financing provided	1	Term SOFR	888,853		888,225		2.02	%	14.1
Total
Collateral loan and REO investments(3)	50	Term SOFR	$	2,254,612	$	2,033,754	3.75	%	2.0 years
Financing provided(4)	3	Term SOFR	$	1,682,288	$	1,681,660	2.02	%	13.4 years

(2)Loan term represents weighted average final maturity, assuming extension options are exercised by the borrower. Repayments of CRE CLO notes are dependent on timing of related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date.

(3)Collateral loan investment assets of FL3, FL4, and FL5 represent 9.5%, 27.0%, and 32.2%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2024.