EPS: As of FY2026 Q2, the actual value is USD 0.12.

TPG RE Finance Trust, Inc. reported its financial results for the second quarter ended June 30, 2026, and the six months ended June 30, 2026. The company recognized GAAP net income attributable to common stockholders of $9.4 million, or $0.12 per common share, for the second quarter of 2026, based on 78.0 million diluted weighted average common shares. For the six months ended June 30, 2026, net income attributable to common stockholders was $24.520 million, compared to $26.841 million for the same period in 2025.

Distributable Earnings

Distributable Earnings were $17.6 million, or $0.23 per common share, for the second quarter of 2026, based on 78.0 million diluted weighted average common shares. For the six months ended June 30, 2026, Distributable Earnings totaled $37.132 million, compared to $39.884 million for the same period in 2025.

Book Value per Common Share

Book value per common share was $10.95 as of June 30, 2026, a decrease from $11.06 at March 31, 2026.

Dividends Declared

TPG RE Finance Trust, Inc. declared a cash dividend of $0.24 per common share on June 12, 2026, which was paid on July 24, 2026. A quarterly dividend of $0.3906 per share was paid to preferred stockholders on its 6.25% Series C Cumulative Redeemable Preferred Stock on June 30, 2026.

Share Repurchases

The company repurchased 1,301,644 common shares at a weighted average price of $8.26 per share, totaling $10.8 million, which increased book value per common share by $0.05. Subsequently, from July 1, 2026, through July 24, 2026, an additional 216,181 common shares were repurchased for $1.8 million. As of July 24, 2026, $7.5 million of capacity remained under the share repurchase program.

Interest Income and Expense

Interest income for the second quarter of 2026 was $74.053 million, with interest expense of - $50.387 million, resulting in a net interest income of $23.666 million. For the six months ended June 30, 2026, interest income was $148.232 million, interest expense was - $98.849 million, and net interest income was $49.383 million.

Operating Costs (Q2 2026)

Management and incentive fees were - $5.3 million, and stock compensation expense was - $2.1 million. Other income and expenses totaled - $1.4 million, while preferred stock dividends and participating securities’ share in earnings were - $3.8 million. Net income before credit loss benefit was $12.9 million, and credit loss expense was - $3.6 million.

Balance Sheet Highlights (June 30, 2026 vs. December 31, 2025)

Cash and cash equivalents were $65.577 million as of June 30, 2026, down from $87.613 million as of December 31, 2025. Loans held for investment, net, increased to $4,243.788 million from $4,028.519 million. The allowance for credit losses was - $77.750 million, compared to - $74.503 million. Real estate owned, net, was $224.779 million, slightly up from $224.386 million. Total assets increased to $4,596.932 million from $4,406.230 million, and total liabilities increased to $3,552.438 million from $3,338.207 million. Total stockholders’ equity decreased to $1,044.494 million from $1,068.023 million.

Loan Portfolio and Credit Metrics

TPG RE Finance Trust, Inc. originated three first mortgage loans in Q2 2026 with aggregate total loan commitments of $466.0 million and an aggregate initial unpaid principal balance of $450.0 million. These loans had a weighted average interest rate of Term SOFR plus 2.79% and a weighted average as-is loan-to-value ratio of 62.9%. The company funded $14.8 million of future funding obligations associated with previously originated and acquired loans. Loan repayments totaled $274.4 million, including one full loan repayment of $227.1 million, which involved 95.9% office and 4.1% industrial property types, and partial repayments of $47.3 million related to two loans. The weighted average risk rating of the loan portfolio remained unchanged at 3.0 as of June 30, 2026, compared to March 31, 2026. The allowance for credit losses was $80.7 million at quarter-end, an increase of $3.5 million from $77.1 million as of March 31, 2026, representing 179 basis points of total loan commitments. The total loan investment portfolio was $4.5 billion as of June 30, 2026, with an average loan size of $86.7 million, and was 100% performing with a weighted average LTV of 65.6%. Multifamily and Industrial assets constituted 76.4% of the loan portfolio, which was 99.7% floating rate with a weighted average credit spread of 3.13%. The CECL Reserve per Share was $0.99 at June 30, 2026, down from $1.05 at March 31, 2026.

Liquidity and Financing Activities

TPG RE Finance Trust, Inc. ended the quarter with $488.2 million of near-term liquidity, including $65.6 million of cash-on-hand. This liquidity also comprised $297.4 million of undrawn capacity under secured financing arrangements, $20.0 million of undrawn capacity under asset-specific financing arrangements and secured revolving credit facility, $100.0 million of undrawn capacity under the Revolver, and $5.2 million of collateralized loan obligation reinvestment proceeds. A Term Loan B of $400.0 million, due in 2033, was closed, priced at 99.75% and bearing interest at Term SOFR plus 275 basis points. A $100.0 million Revolving Credit Facility due in 2031 was closed, bearing interest at Term SOFR plus 200 basis points and was undrawn at close. The Wells Fargo secured credit agreement was extended to 2028 and its capacity increased by $350.0 million to $850.0 million. A $500.0 million secured credit agreement with Citi was closed, and the capacity of the Goldman Sachs secured credit agreement was increased by $250.0 million to $750.0 million. TPG RE Finance Trust, Inc. redeemed all $597.8 million of outstanding investment-grade bonds of TRTX 2022-FL5, with 17 collateral interests totaling $698.1 million being 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. The company maintains 85.2% non-mark-to-market financing and a total leverage ratio of 3.3x. Available financing capacity stands at $1.8 billion, with a weighted average cost of funds of 1.83% and a weighted average approved advance rate of 82.9%.

Real Estate Owned (REO)

The REO portfolio had a total acquisition date fair value of $247.9 million, a current carrying value of $236.8 million, and net book equity of $205.6 million as of June 30, 2026.

Outlook

TPG RE Finance Trust, Inc. reported strong first-half results, with Distributable Earnings fully covering the year-to-date common stock dividend. The company transformed its liability structure, securing durable, non-mark-to-market liquidity expected to drive steady earnings and long-term shareholder value. TPG RE Finance Trust, Inc. believes it is well-positioned to navigate the evolving commercial mortgage REIT landscape and capture accretive growth.