On November 17, 2025, TPG RE Finance Trust CLO Sub-REIT (“Sub-REIT”), a subsidiary of the Company, issued a $1.1 billion collateralized loan obligation with $957.0 million of investment-grade bonds outstanding (“TRTX 2025-FL7” or “FL7”). TRTX 2025-FL7 permits the Company, during the 30 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2025-FL7 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, 2026. In connection with TRTX 2025-FL7, the Company incurred $7.3 million of deferred financing costs, including issuance, legal, and accounting related costs.

On March 28, 2025, Sub-REIT 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, 2026. 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. In connection with TRTX 2022-FL5, the Company incurred $6.5 million of deferred financing costs, including issuance, legal, and accounting related costs.

On May 15, 2026, the Company redeemed TRTX 2022-FL5, which at its redemption had $597.8 million of investment-grade bonds outstanding. 17 loans or participation interests with an aggregate unpaid principal balance of $698.1 million held by the trust were primarily refinanced by the upsize of the Wells Fargo secured credit agreement. See Note 6 of the consolidated financial statements for details regarding the upsize of the Wells Fargo secured credit agreement during the three months ended June 30, 2026.

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, 2026 and December 31, 2025 the Company consolidated the CRE CLO Issuers.


	June 30, 2026		December 31, 2025
Assets
Cash and cash equivalents	$	15,867	$	33,544
Collateralized loan obligation proceeds held at trustee(1)	5,207		3,976
Accounts receivable from servicer/trustee	299		670
Accrued interest and fees receivable	11,653		18,087
Loans held for investment, net	2,172,025		2,992,329
Real estate owned, net	86,013		84,651
Other assets	967		1,345
Total assets	$	2,292,031	$	3,134,602
Liabilities
Accrued interest payable	$	3,503	$	5,427
Accrued expenses	2,407		3,494
Collateralized loan obligations, net(2)	1,905,790		2,579,920
Payable to affiliates	2,704		1,316
Deferred revenue	223		1,337
Total liabilities	$	1,914,627	$	2,591,494

(1)Includes $5.2 million of cash available to acquire eligible assets related to TRTX 2025-FL7 as of June 30, 2026. Includes $4.0 million of cash available to acquire eligible assets related to TRTX 2025-FL6 as of December 31, 2025.

(2)Net of $1.2 million and $1.7 million of unamortized discount related to TRTX 2025-FL6 as of June 30, 2026 and December 31, 2025, respectively and $12.5 million and $13.7 million of unamortized deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.

As of June 30, 2026 and December 31, 2025, 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, 2026
CRE CLOs	Count	Benchmark interest rate	Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. maturity(3)
TRTX 2025-FL6
Collateral loan investments	19	Term SOFR	1,100,000		1,088,272		3.07	%	3.3
Financing provided	1	Term SOFR	962,500		955,110		1.83	%	16.2
TRTX 2025-FL7
Collateral loan investments	21	Term SOFR	1,100,000		1,088,960		3.14	%	3.4
Financing provided	1	Term SOFR	957,000		950,680		1.67	%	16.9
Total
Collateral loan investments(4)	40	Term SOFR	$	2,200,000	$	2,177,232	3.10	%	3.4 years
Financing provided(5)	2	Term SOFR	$	1,919,500	$	1,905,790	1.75	%	16.6 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 FL6 and FL7 represent 25.4% and 25.3%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of June 30, 2026.

(5)During the three months ended June 30, 2026, the Company recognized interest expense of $31.6 million, which includes $1.2 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, 2026, the Company recognized interest expense of $68.4 million, which includes $2.3 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.


	December 31, 2025
CRE CLOs	Count	Benchmark interest rate	Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. maturity(3)
TRTX 2022-FL5
Collateral loan investments	19	Term SOFR	$	843,784	$	822,488	3.52	%	1.5
Financing provided	1	Term SOFR	675,816		675,816		2.14	%	13.1
TRTX 2025-FL6
Collateral loan investments	19	Term SOFR	1,100,000		1,086,326		3.15	%	3.3
Financing provided	1	Term SOFR	962,500		954,133		1.83	%	16.7
TRTX 2025-FL7
Collateral loan investments	21	Term SOFR	1,100,000		1,087,491		3.14	%	3.9
Financing provided	1	Term SOFR	957,000		949,971		1.67	%	17.4
Total
Collateral loan investments(4)	59	Term SOFR	$	3,043,784	$	2,996,305	3.25	%	3.0 years
Financing provided(5)	3	Term SOFR	$	2,595,316	$	2,579,920	1.85	%	16.0 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 related loan repayments post-reinvestment period. The term of the CRE CLO notes represents the rated final distribution date.

(4)Collateral loan investment assets of FL5, FL6, and FL7 represent 20.5%, 26.6% and 26.7%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2025.