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0.009945930913090706 }, "chunk_id": "9e348601-2b8f-44b7-abf5-7749598c6be7" }, { "page": 9, "kind": "marginalia", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9971509575843811, "left": 0.017127007246017456, "right": 0.18045391142368317, "top": 0.9785909056663513 }, "chunk_id": "a88e2872-8978-4286-b757-8bd1fcf120bf" }, { "page": 9, "kind": "marginalia", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9971255660057068, "left": 0.42408889532089233, "right": 0.5765252709388733, "top": 0.9781846404075623 }, "chunk_id": "4ad610f1-92f4-4d52-abd1-81b32937e7f5" }, { "page": 9, "kind": "marginalia", "text": "\n\n5", "box": { "bottom": 0.9955534338951111, "left": 0.9674112200737, "right": 0.9808946251869202, "top": 0.9773414731025696 }, "chunk_id": "ad8100df-4114-4a7c-a25f-01463cbe51c5" } ] }, { "page": 10, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart" ], "table_refs": [], "job_id": "cmsbcd89u009dfo01z35esyiy", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p10.ade.json", "figures": [ { "page": 10, "text": "\n\n<::\nAvailable Liquidity ($ in millions)\n\nLegend:\n- Cash¹ (Dark gray)\n- CLO Reinvestment Cash (Teal)\n- Undrawn Capacity² (Medium gray)\n- Undrawn Capacity on Corporate Revolver (Dark blue)\n\nStacked Bar Chart showing Available Liquidity over time:\n\n| Date | Total Liquidity | Cash¹ | CLO Reinvestment Cash | Undrawn Capacity² | Undrawn Capacity on Corporate Revolver |\n| :------------ | :-------------- | :---- | :-------------------- | :---------------- | :------------------------------------- |\n| 9/30/2025 | $216.4 | $93.6 | $44.2 | $78.6 | - |\n| 12/31/2025 | $143.0 | $87.6 | $4.0 | $51.4 | - |\n| 3/31/2026³ | $172.8 | $92.0 | $41.2 | $39.7 | - |\n| 6/30/2026 | $488.2 | $65.6 | $5.2 | $317.4 | $100.0 |\n: chart::>", "box": { "bottom": 0.8942102193832397, "left": 0.010433629155158997, "right": 0.4971206784248352, "top": 0.0773250162601471 }, "chunk_id": "661fdb8b-6bbf-4a56-9e06-c8a6473934ca", "job_id": "cmsbcd89u009dfo01z35esyiy", "picture_ref": "#/pictures/6" }, { "page": 10, "text": "\n\n<::Bar chart titled \"Leverage Ratios\".\n\nLegend:\n- Debt-to-Equity Ratio (dark blue bars)\n- Total Leverage Ratio (gray bars)\n\nThe chart displays values for four dates:\n- 9/30/2025: Debt-to-Equity Ratio is 2.64x, Total Leverage Ratio is 2.64x.\n- 12/31/2025: Debt-to-Equity Ratio is 3.02x, Total Leverage Ratio is 3.02x.\n- 3/31/2026: Debt-to-Equity Ratio is 3.10x, Total Leverage Ratio is 3.10x.\n- 6/30/2026: Debt-to-Equity Ratio is 2.94x, Total Leverage Ratio is 3.32x.\n: chart::>", "box": { "bottom": 0.8929011821746826, "left": 0.5027959942817688, "right": 0.9873252511024475, "top": 0.07619690895080566 }, "chunk_id": "7db54a79-448b-417c-8035-cd9ec70727b7", "job_id": "cmsbcd89u009dfo01z35esyiy", "picture_ref": "#/pictures/7" } ], "tables": [], "context": [ { "page": 10, "kind": "text", "text": "\n\nLiquidity and Leverage", "box": { "bottom": 0.06784805655479431, "left": 0.012700527906417847, "right": 0.38046514987945557, "top": 0.005116354674100876 }, "chunk_id": "8085b57e-1169-4849-9534-1ba7197b320f" }, { "page": 10, "kind": "text", "text": "\n\n1. Includes cash held to satisfy liquidity covenants under secured credit agreements\n2. Available for Eligible Collateral, as defined in relevant loan portfolio financing arrangements\n3. As of March 31, 2026, includes amounts held at the Company's servicer\n4. See Appendix for definitions of Debt-to-Equity Ratio and Total Leverage Ratio\nNote: Totals may not sum due to rounding", "box": { "bottom": 0.9720597267150879, "left": 0.01749318838119507, "right": 0.34534645080566406, "top": 0.9063035249710083 }, "chunk_id": "98de6021-1611-42f1-bc42-f661aa43c4df" }, { "page": 10, "kind": "marginalia", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9968807101249695, "left": 0.01794782280921936, "right": 0.1797812581062317, "top": 0.9778504967689514 }, "chunk_id": "fa265d74-aa93-4106-9015-081f448bfd93" }, { "page": 10, "kind": "text", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9973525404930115, "left": 0.42380857467651367, "right": 0.5770599842071533, "top": 0.9775369763374329 }, "chunk_id": "7979ee9d-32e7-4747-b059-965b13d28f9d" }, { "page": 10, "kind": "marginalia", "text": "\n\n6", "box": { "bottom": 0.9961081147193909, "left": 0.9666777849197388, "right": 0.981596827507019, "top": 0.9770118594169617 }, "chunk_id": "f4dea16b-9670-4d8b-9a5a-d98054157bac" } ] }, { "page": 11, "status": "figures", "reason": "", "picture_classes": [ "geographical_map", "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "cmsbcd89l005cfm01qnm9gsuu", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p11.ade.json", "figures": [ { "page": 11, "text": "\n\nLoan Category$^{4,5}$\n<::donut chart\nBridge: 63.0%\nLight Transitional: 18.9%\nModerate Transitional: 18.1%\n: chart::>", "box": { "bottom": 0.45413845777511597, "left": 0.5000907778739929, "right": 0.9884442687034607, "top": 0.06937497854232788 }, "chunk_id": "3bdc58c7-b926-406f-bc8e-12bfa7a99cb5", "job_id": "cmsbcd89l005cfm01qnm9gsuu", "picture_ref": "#/pictures/14" }, { "page": 11, "text": "\n\nLoan Exposure by State⁴\n<::Map of the United States showing loan exposure by state. States are colored based on their loan exposure percentage. States with no loan exposure are light grey.\n\nLegend:\nStates with no loan exposure: light grey\n\nPercentages by state:\nWashington: 1%\nOregon: 2%\nCalifornia: 24%\nNevada: 1%\nArizona: 6%\nUtah: 1%\nColorado: 1%\nWyoming: 1%\nMontana: 1%\nIdaho: 1%\nNorth Dakota: 2%\nSouth Dakota: 1%\nNebraska: 1%\nKansas: 1%\nOklahoma: 1%\nTexas: 11%\nNew Mexico: 1%\nLouisiana: 1%\nArkansas: 2%\nMissouri: 2%\nIowa: 2%\nMinnesota: 2%\nWisconsin: 1%\nIllinois: 2%\nIndiana: 1%\nMichigan: 4%\nOhio: 2%\nKentucky: 2%\nTennessee: 1%\nMississippi: 1%\nAlabama: 5%\nGeorgia: 1%\nFlorida: 5%\nSouth Carolina: 2%\nNorth Carolina: 2%\nVirginia: 2%\nWest Virginia: 1%\nMaryland: 1%\nDelaware: 1%\nPennsylvania: 4%\nNew Jersey: 2%\nNew York: 8%\nConnecticut: 1%\nRhode Island: 1%\nMassachusetts: 1%\nNew Hampshire: 1%\nMaine: 1%\nVermont: 1%\n\nStates shown in light grey (no percentage indicated on map) include: Alaska, Hawaii, all other states not listed above.: map::>\n", "box": { "bottom": 0.895370602607727, "left": 0.010681986808776855, "right": 0.49526333808898926, "top": 0.45816779136657715 }, "chunk_id": "a7b78bc1-8490-4552-9414-6acb72f4f272", "job_id": "cmsbcd89l005cfm01qnm9gsuu", "picture_ref": "#/pictures/13" }, { "page": 11, "text": "\n\nLoan Exposure by Region⁴,⁵\n<::Loan Exposure by Region donut chart:\n- West: 37.5%\n- East: 25.2%\n- Southeast: 13.3%\n- Southwest: 12.5%\n- Midwest: 11.5%::>", "box": { "bottom": 0.897490918636322, "left": 0.49970149993896484, "right": 0.9875434637069702, "top": 0.4584689736366272 }, "chunk_id": "d52352f0-0adc-42f8-a0eb-4a798b5c249c", "job_id": "cmsbcd89l005cfm01qnm9gsuu", "picture_ref": "#/pictures/15" } ], "tables": [], "context": [ { "page": 11, "kind": "text", "text": "\n\nLoan Portfolio", "box": { "bottom": 0.06001222878694534, "left": 0.013646945357322693, "right": 0.24626286327838898, "top": 0.006173454225063324 }, "chunk_id": "4a7e784d-9a93-4691-b433-f7974a3f0d83" }, { "page": 11, "kind": "text", "text": "\n\n## Portfolio Metrics\n\nTotal Loan Commitments $4.5B\n\nOutstanding Principal Balance $4.3B\n\nMSA Concentrations (Top 25 / Top 10)¹ 56.1% / 34.7%\n\nWeighted Average All-in Yield² 7.05%\n\nWeighted Average Credit Spread 3.13%\n\nWeighted Average Interest Rate Floor 2.66%\n\nWeighted Average Borrower Interest Rate Cap³ 4.85%\n\n% Floating Rate Loans⁴ 99.7%", "box": { "bottom": 0.4459086060523987, "left": 0.011206448078155518, "right": 0.4943462610244751, "top": 0.07292954623699188 }, "chunk_id": "924c7fca-7be2-4b71-9368-f787a8ec113b" }, { "page": 11, "kind": "text", "text": "\n\n1. Top 25 markets determined by US Census. Portfolio loans with collateral properties that are located in different MSAs are classified in the market designation with over 50% of underlying loan collateral by unpaid principal balance\n2. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price discount, and accrual of both extension and exit fees; All-in yield for the total portfolio assumes Term SOFR as of June 30, 2026 for weighted average calculations\n3. Weighted Average Borrower Interest Rate Cap Strike Rate required by substantially all in-place loan agreements as of June 30, 2026, based on outstanding principal balances\n4. By total loan commitment at June 30, 2026\n5. See Appendix for definitions\nNote: Data as of June 30, 2026. Totals may not sum due to rounding", "box": { "bottom": 0.9733090996742249, "left": 0.01164776086807251, "right": 0.9422793388366699, "top": 0.8973131775856018 }, "chunk_id": "0c6630e1-00e9-4c04-8107-44b4605615a4" }, { "page": 11, "kind": "text", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9971417784690857, "left": 0.017720647156238556, "right": 0.17986193299293518, "top": 0.9779512286186218 }, "chunk_id": "038ed0b1-d875-4035-9eb6-65100aa4f61f" }, { "page": 11, "kind": "text", "text": "\n\nSupplemental Information | 2Q 2026", "box": { "bottom": 0.9973108172416687, "left": 0.42428115010261536, "right": 0.5764205455780029, "top": 0.9776481986045837 }, "chunk_id": "74b02e78-8a4f-48ab-abf9-e9b5299c286a" }, { "page": 11, "kind": "marginalia", "text": "\n\n7", "box": { "bottom": 0.9949942827224731, "left": 0.9666392207145691, "right": 0.9816417098045349, "top": 0.9772287607192993 }, "chunk_id": "365bdb09-31c2-425a-bfe4-6332837768c2" } ] }, { "page": 12, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "cmsbcd8au008jeq01110fopv2", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p12.ade.json", "figures": [ { "page": 12, "text": "\n\n<::\nLoan Commitments by Vintage¹ pie chart:\n- 2023-2026: 68.7%\n- 2022 & Prior: 31.3%\n\nLoan Portfolio by Property Type¹ pie chart:\n- Multifamily: 53.0%\n- Industrial: 23.4%\n- Hotel: 8.7%\n- Life Science: 7.4%\n- Office: 4.3%\n- Mixed-Use: 1.7%\n- Self Storage: 1.5%\n: chart::>\n\n69% of loan commitments are 2023 vintage or newer\n76% Multifamily & Industrial Exposure", "box": { "bottom": 0.9266103506088257, "left": 0.011959850788116455, "right": 0.986321747303009, "top": 0.08602070808410645 }, "chunk_id": "2229f3ad-dd3c-4299-bdc4-6c572fb536d8", "job_id": "cmsbcd8au008jeq01110fopv2", "picture_ref": "#/pictures/16" } ], "tables": [], "context": [ { "page": 12, "kind": "text", "text": "\n\nLoan Portfolio Composition", "box": { "bottom": 0.06518157571554184, "left": 0.012993976473808289, "right": 0.4569898843765259, "top": 0.004395650699734688 }, "chunk_id": "2d32cddc-ea6f-46c0-a7ac-ba34d75a859b" }, { "page": 12, "kind": "text", "text": "\n\n1. By total loan commitment\nNote: Data as of June 30, 2026 unless otherwise noted.", "box": { "bottom": 0.9703071713447571, "left": 0.011977016925811768, "right": 0.23818492889404297, "top": 0.934771716594696 }, "chunk_id": "c2bee58c-9d38-401b-add5-9e424cbcdf18" }, { "page": 12, "kind": "text", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9969876408576965, "left": 0.017784923315048218, "right": 0.179810032248497, "top": 0.9774236083030701 }, "chunk_id": "220fd62a-2776-4f54-acd3-e12adbc5add4" }, { "page": 12, "kind": "text", "text": "\n\nSupplemental Information | 2Q 2026", "box": { "bottom": 0.9972736835479736, "left": 0.4237165153026581, "right": 0.5766247510910034, "top": 0.9776498079299927 }, "chunk_id": "2c720d7c-a28f-4b2a-b83f-64733ba500aa" }, { "page": 12, "kind": "marginalia", "text": "\n\n8", "box": { "bottom": 0.9955651760101318, "left": 0.9673016667366028, "right": 0.9809830784797668, "top": 0.9774521589279175 }, "chunk_id": "e52de922-f7c0-46c2-8bc7-95d92d6e1490" } ] }, { "page": 13, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "cmsbcd8bg009efo0185iixtk3", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p13.ade.json", "figures": [ { "page": 13, "text": "\n\nFY2026 Loan Originations¹\n$ in millions\n<::pie chart\nIndustrial: $290.0, 47.2%\nMultifamily: $149.0, 24.3%\nHotel: $175.4, 28.5%\n: chart::>\nTotal Loan Originations of $614.4M\nFY2026 Loan Full Repayments\n$ in millions\n<::pie chart\nHotel: $43.2, 13.5%\nMultifamily: $49.5, 15.5%\nOffice: $227.1, 71.0%\n: chart::>\nTotal Loan Full Repayments of $319.8M", "box": { "bottom": 0.9257370829582214, "left": 0.01009833812713623, "right": 0.9859173893928528, "top": 0.18196183443069458 }, "chunk_id": "17fef84b-7e14-4c2e-a060-db0474ac03c0", "job_id": "cmsbcd8bg009efo0185iixtk3", "picture_ref": "#/pictures/17" } ], "tables": [], "context": [ { "page": 13, "kind": "text", "text": "\n\nLoan Portfolio Originations & Repayments\n\n* 2Q26 total loan originations of $466.0 million, with a weighted average interest rate of Term SOFR + 2.79% and as-is LTV of 62.9%\n* 2Q26 total loan repayments of $274.4 million, including full repayments of $227.1 million and partial repayments of $47.3 million", "box": { "bottom": 0.17259636521339417, "left": 0.012726694345474243, "right": 0.986875057220459, "top": 0.0039695799350738525 }, "chunk_id": "b4c7b7ee-720a-4cee-857a-08c6f50b2194" }, { "page": 13, "kind": "text", "text": "\n\n1. By total loan commitment\nNote: Data as of June 30, 2026 unless otherwise noted.", "box": { "bottom": 0.9702796339988708, "left": 0.011914663016796112, "right": 0.23850753903388977, "top": 0.9351605772972107 }, "chunk_id": "d1b8c302-53ae-46f4-a6ad-7c2e3dab870c" }, { "page": 13, "kind": "text", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9970281720161438, "left": 0.01784507930278778, "right": 0.17966245114803314, "top": 0.977459728717804 }, "chunk_id": "6afdd793-1ab5-4193-9e44-c55a86ef5826" }, { "page": 13, "kind": "marginalia", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9971081018447876, "left": 0.4239896535873413, "right": 0.5765002965927124, "top": 0.9777297973632812 }, "chunk_id": "821de6ac-d57e-4d72-b1fc-7ff052e9024f" }, { "page": 13, "kind": "marginalia", "text": "\n\n9", "box": { "bottom": 0.9955100417137146, "left": 0.9668259024620056, "right": 0.9809628129005432, "top": 0.9776591658592224 }, "chunk_id": "caa353c7-7a88-42f7-aca1-bc0bc61ec68f" } ] }, { "page": 14, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmsbcd870005bfm01fjkypply", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p14.ade.json", "figures": [ { "page": 14, "text": "\n\nTTM Loan Originations of $1.7 billion Drive Net Asset Growth of 15%\n<::bar chart\nLegend:\noption Total Loan Commitments¹: [ ]\noption Unpaid Principal Balance: [x]\noption Deferred Fundings and New Loan Originations²: [x]\noption Repayments/Sales/REO Conversion: [x]\noption Unfunded Loan Commitments: [ ]\n\nData Series:\n\n6/30/2025:\n Total Loan Commitments: $3,899.3\n Unfunded Loan Commitments: $116.4\n Unpaid Principal Balance: $3,783.6\n Deferred Fundings: $8.3\n Originations: $265.3\n Repayments: ($415.8)\n\n9/30/2025:\n Total Loan Commitments: $3,747.3\n Unfunded Loan Commitments: $106.8\n Unpaid Principal Balance: $3,641.4\n Deferred Fundings: $11.9\n Originations: $843.0\n Repayments: ($378.3)\n\n12/31/2025:\n Total Loan Commitments: $4,290.6\n Unfunded Loan Commitments: $173.6\n Unpaid Principal Balance: $4,118.1\n Deferred Fundings: $14.6\n Originations: $135.5\n Repayments: ($123.6)\n\n3/31/2026:\n Total Loan Commitments: $4,316.9\n Unfunded Loan Commitments: $173.5\n Unpaid Principal Balance: $4,144.6\n Deferred Fundings: $14.8\n Originations: $450.0\n Repayments: ($274.4)\n\n6/30/2026:\n Total Loan Commitments: $4,508.4\n Unfunded Loan Commitments: $174.8\n Unpaid Principal Balance: $4,335.0\n::>\n", "box": { "bottom": 0.941473126411438, "left": 0.010806500911712646, "right": 0.9865070581436157, "top": 0.08605453372001648 }, "chunk_id": "d2f136c6-df18-454d-8fc3-2a3b9befb590", "job_id": "cmsbcd870005bfm01fjkypply", "picture_ref": "#/pictures/18" } ], "tables": [], "context": [ { "page": 14, "kind": "text", "text": "\n\nLoan Portfolio Walk", "box": { "bottom": 0.061195410788059235, "left": 0.01426851749420166, "right": 0.33501744270324707, "top": 0.00592820905148983 }, "chunk_id": "6b2213a2-ce5c-4e86-91ee-40e77533c6f6" }, { "page": 14, "kind": "text", "text": "\n\n1. Loan commitments exclude PIK interest of $1.4 million as of June 30, 2026, $1.2 million as of March 31, 2026, $1.0 million as of December 31, 2025, $0.9 million as of September 30, 2025, and $0.7 million as of June 30, 2025\n2. New loan investments include initial funding amount funded on the closing date; all subsequent loan fundings are included in deferred fundings", "box": { "bottom": 0.9699832797050476, "left": 0.017629027366638184, "right": 0.787795901298523, "top": 0.941591203212738 }, "chunk_id": "a56b5a00-3039-4c09-afa4-71cd025d8b2c" }, { "page": 14, "kind": "marginalia", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9968284368515015, "left": 0.018069446086883545, "right": 0.1792009323835373, "top": 0.9781378507614136 }, "chunk_id": "0447458d-1acf-4c94-be64-46414b62169d" }, { "page": 14, "kind": "marginalia", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9971191883087158, "left": 0.42435353994369507, "right": 0.5762986540794373, "top": 0.9782111644744873 }, "chunk_id": "de2321a9-7c76-48b6-9363-aa11da060c34" }, { "page": 14, "kind": "marginalia", "text": "\n\n10", "box": { "bottom": 0.9953218698501587, "left": 0.9650466442108154, "right": 0.9828603267669678, "top": 0.9772191047668457 }, "chunk_id": "dab1311e-2815-4544-8fd8-a65335c544d2" } ] }, { "page": 15, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart", "bar_chart" ], "table_refs": [], "job_id": "cmsbcdgpz009ffo01is29v0y5", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p15.ade.json", "figures": [ { "page": 15, "text": "\n\n<::Dispersion of Risk Ratings¹\nby Amortized Cost ($ in millions)\n\nLegend:\n- June 30, 2026 (dark blue bars)\n- March 31, 2026 (grey bars)\n\nAdditional Loan Count Information:\n- 2Q 2026 Loan Count: 52\n- 1Q 2026 Loan Count: 50\n\nBar Chart Data:\n- Risk Rating 1:\n - June 30, 2026: $-\n - March 31, 2026: $-\n- Risk Rating 2:\n - June 30, 2026: $172.7 (count: 3)\n - March 31, 2026: $171.5 (count: 3)\n- Risk Rating 3:\n - June 30, 2026: $3,986.6 (count: 46)\n - March 31, 2026: $3,797.1 (count: 44)\n- Risk Rating 4:\n - June 30, 2026: $162.3 (count: 3)\n - March 31, 2026: $161.4 (count: 3)\n- Risk Rating 5:\n - June 30, 2026: $-\n - March 31, 2026: $-\n: chart::>", "box": { "bottom": 0.5338327884674072, "left": 0.012851610779762268, "right": 0.49418801069259644, "top": 0.07780668139457703 }, "chunk_id": "187a107b-2509-405d-b25b-6b2132b2ba9d", "job_id": "cmsbcdgpz009ffo01is29v0y5", "picture_ref": "#/pictures/19" }, { "page": 15, "text": "\n\n<::CECL Reserve as bps of Total Loan Commitments²\n\nLegend:\nGeneral Reserve (dark blue)\nSpecifically Identified Loans (gray)\n\nBar Chart:\n- 9/30/2025: 176\n- 12/31/2025: 180\n- 3/31/2026: 179\n- 6/30/2026: 179 (highlighted with a dashed border)\n: chart::>", "box": { "bottom": 0.5343786478042603, "left": 0.5055862665176392, "right": 0.9873636960983276, "top": 0.07626423239707947 }, "chunk_id": "7384e90a-6027-4012-9ad3-6a192761a7c1", "job_id": "cmsbcdgpz009ffo01is29v0y5", "picture_ref": "#/pictures/20" }, { "page": 15, "text": "\n\n<::Migration of Weighted Average Risk Ratings, by Property Type¹\nby Amortized Cost\n\nBar chart showing risk ratings for different property types across two quarters (2Q26 and 1Q26).\n\n**Office**\n2Q26: 3.2\n1Q26: 3.1\n\n**Multifamily**\n2Q26: 3.0\n1Q26: 3.0\n\n**Hotel**\n2Q26: 2.8\n1Q26: 2.7\n\n**Life Science**\n2Q26: 3.0\n1Q26: 3.0\n\n**Mixed-Use**\n2Q26: 4.0\n1Q26: 4.0\n\n**Industrial**\n2Q26: 3.0\n1Q26: 3.0\n\n**Self Storage**\n2Q26: 3.0\n1Q26: 3.0\n\n**Legend:**\n1 (dark green)\n2 (grey)\n3 (teal)\n4 (dark blue)\n5 (brown)\n: bar chart::>", "box": { "bottom": 0.9346227049827576, "left": 0.011480331420898438, "right": 0.9894028902053833, "top": 0.5412575602531433 }, "chunk_id": "6b476f67-ec49-40cd-9c1a-8ac9fc571e35", "job_id": "cmsbcdgpz009ffo01is29v0y5", "picture_ref": "#/pictures/21" } ], "tables": [], "context": [ { "page": 15, "kind": "text", "text": "\n\nLoan Risk Ratings & CECL Reserve", "box": { "bottom": 0.06452731788158417, "left": 0.014233916997909546, "right": 0.5510996580123901, "top": 0.0072576869279146194 }, "chunk_id": "e85f4ceb-3ed5-4058-9c0d-f1ef81c53c39" }, { "page": 15, "kind": "text", "text": "\n\n1. See Appendix for definitions, including Risk Ratings.\n2. Represents the total CECL reserve expressed in basis points for the Company's loan portfolio measured by commitments. The CECL reserve for non-specifically identified loans at June 30, 2026 is 179 bps, measured by the related CECL reserve (in dollars) divided by the related commitment (in dollars)", "box": { "bottom": 0.9741204977035522, "left": 0.014180868864059448, "right": 0.9629561901092529, "top": 0.9355698823928833 }, "chunk_id": "501ec651-affe-4a42-b7fb-d443e7013d13" }, { "page": 15, "kind": "marginalia", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9968685507774353, "left": 0.018130093812942505, "right": 0.1795543134212494, "top": 0.9786649346351624 }, "chunk_id": "56d7ead0-9407-48ec-9e26-b093be38af17" }, { "page": 15, "kind": "marginalia", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9969382286071777, "left": 0.424008846282959, "right": 0.576474666595459, "top": 0.9787089824676514 }, "chunk_id": "564c64c8-8da2-46b1-9e08-aa00c2809da4" }, { "page": 15, "kind": "marginalia", "text": "\n\n11", "box": { "bottom": 0.9950783252716064, "left": 0.9650534391403198, "right": 0.9827524423599243, "top": 0.9775991439819336 }, "chunk_id": "666cec0e-8d7c-4c82-bded-2601024bdde6" } ] }, { "page": 16, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "bar_chart" ], "table_refs": [], "job_id": "cmsbcdh3t008keq0125a75i28", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p16.ade.json", "figures": [ { "page": 16, "text": "\n\n<::Diverse Financing Sources¹\n\n85.2% Non-MTM\n\nPie chart showing debt distribution:\n- 54.4% (dark blue)\n- 32.6% (gold)\n- 11.3% (dark teal)\n- 1.7% (dark green)\n\nBoxed text:\n✔85.2% Non-MTM\ndebt with no capital\nmarkets MTM\nprovisions\n✓ No corporate\ndebt maturities\nuntil 2031\n\nLegend:\nSecured Debt Agreements (gold)\nCorporate Debt (dark teal)\nSecuritized Debt (dark blue)\nAsset-Specific Debt (dark green)\n: chart::>", "box": { "bottom": 0.5671129822731018, "left": 0.5021607279777527, "right": 0.9882896542549133, "top": 0.08065396547317505 }, "chunk_id": "ae5832bf-e610-472c-bacc-d7394e9b0af3", "job_id": "cmsbcdh3t008keq0125a75i28", "picture_ref": "#/pictures/25" }, { "page": 16, "text": "\n\n<::Expected Debt Maturities²,³\n\nLegend:\n- MTM Financing (credit only)\n- Non-MTM Financing\n\nY-axis: $ in millions (0, 200, 400, 600, 800, 1000, 1200, 1400)\nX-axis: 2026, 2027, 2028, 2029, 2030, Thereafter\n\nData:\n- 2026:\n - MTM Financing (credit only): $0\n - Non-MTM Financing: $0\n- 2027:\n - MTM Financing (credit only): $0\n - Non-MTM Financing: ~$50 million\n- 2028:\n - MTM Financing (credit only): $0\n - Non-MTM Financing: ~$650 million\n- 2029:\n - MTM Financing (credit only): ~$150 million\n - Non-MTM Financing: ~$300 million\n- 2030:\n - MTM Financing (credit only): $0\n - Non-MTM Financing: ~$1,180 million\n- Thereafter:\n - MTM Financing (credit only): ~$350 million\n - Non-MTM Financing: ~$800 million\n: bar chart::>", "box": { "bottom": 0.9215960502624512, "left": 0.011279433965682983, "right": 0.9868690967559814, "top": 0.5702164173126221 }, "chunk_id": "348070bb-8e5e-4b9e-96e2-abe424945b78", "job_id": "cmsbcdh3t008keq0125a75i28", "picture_ref": "#/pictures/26" } ], "tables": [ { "page": 16, "cells": [ [ "Financing Overview", "" ], [ "Total Financing Capacity", "$5.3B" ], [ "Outstanding Principal Balance", "$3.5B" ], [ "Loan Portfolio Sources of Financing", "9" ], [ "Corporate Sources of Financing", "2" ], [ "Non-Mark-to-Market", "85.2%" ], [ "Loan Financing Weighted Average Credit Spread", "1.71%" ], [ "Loan Financing Weighted Average Approved Advance Rate", "82.9%" ] ], "cell_boxes": [ [ { "bottom": 0.13573888219811703, "left": 0.015520061989015482, "right": 0.491229866231091, "top": 0.08952742123992674 }, null ], [ { "bottom": 0.20872289133146105, "left": 0.015535916486202131, "right": 0.3681183215937986, "top": 0.1357359416375764 }, { "bottom": 0.2087753561396445, "left": 0.3679941005623656, "right": 0.4912257819671444, "top": 0.13573812041981148 } ], [ { "bottom": 0.26567232963243426, "left": 0.015560907313006689, "right": 0.36821525028011093, "top": 0.20857263374820648 }, { "bottom": 0.26571274729204686, "left": 0.3681183215937986, "right": 0.49121931066385605, "top": 0.20872289133146105 } ], [ { "bottom": 0.3199290300262294, "left": 0.0155804588978493, "right": 0.368307595891406, "top": 0.265556453315006 }, { "bottom": 0.3199672893923748, "left": 0.36821525028011093, "right": 0.49121426579919164, "top": 0.26567232963243426 } ], [ { "bottom": 0.37563163359774565, "left": 0.015599076872666607, "right": 0.36840240244875655, "top": 0.3198192318175658 }, { "bottom": 0.3756476860795226, "left": 0.368307595891406, "right": 0.49120945864493354, "top": 0.3199290300262294 } ], [ { "bottom": 0.43228456321237, "left": 0.01561821071256984, "right": 0.3684988264734198, "top": 0.3755855182563797 }, { "bottom": 0.4323651345981195, "left": 0.36840240244875655, "right": 0.49120452515465485, "top": 0.37563163359774565 } ], [ { "bottom": 0.48076951407503205, "left": 0.015637585088856543, "right": 0.3685813484917793, "top": 0.43205285691092904 }, { "bottom": 0.48081699863499916, "left": 0.3684988264734198, "right": 0.491199499777726, "top": 0.43228456321237 } ], [ { "bottom": 0.5430341338312217, "left": 0.015654253251786664, "right": 0.3686873236862107, "top": 0.4806328363123851 }, { "bottom": 0.5430641960281655, "left": 0.3685813484917793, "right": 0.49119520676233047, "top": 0.48076951407503205 } ] ], "box": { "bottom": 0.5430641960281655, "left": 0.015520061989015482, "right": 0.491229866231091, "top": 0.08952742123992674 }, "chunk_id": "35b062fe-984b-48cd-924d-823e625606e6", "job_id": "cmsbcdh3t008keq0125a75i28", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 16, "kind": "text", "text": "\n\n1. Calculated on outstanding balance as of June 30, 2026. See Appendix for financing sources definitions\n2. Based on extended maturity dates where ability to extend is at Company's option\n3. Maturity of collateralized loan obligation liabilities are based on the fully extended maturity of underlying mortgage loan collateral, considering the reinvestment window of each collateralized loan obligation\nNote: Data as of June 30, 2026", "box": { "bottom": 0.974000871181488, "left": 0.014278411865234375, "right": 0.7354896664619446, "top": 0.9188116192817688 }, "chunk_id": "c7badf8a-92d3-445c-b74a-f06e28e43652" }, { "page": 16, "kind": "marginalia", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9973396062850952, "left": 0.017626799643039703, "right": 0.17991957068443298, "top": 0.9782220125198364 }, "chunk_id": "a5b1f843-7cf7-441d-9beb-9f1b64f656b5" }, { "page": 16, "kind": "text", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9971202611923218, "left": 0.4233640730381012, "right": 0.5770814418792725, "top": 0.9783430099487305 }, "chunk_id": "7045c114-1474-4672-a916-7bc9bfc2551e" }, { "page": 16, "kind": "marginalia", "text": "\n\n12", "box": { "bottom": 0.9953600168228149, "left": 0.9643657207489014, "right": 0.9832888841629028, "top": 0.9768896102905273 }, "chunk_id": "febe891d-c0ac-41e6-9c8a-777590ddc443" } ] }, { "page": 17, "status": "figures", "reason": "", "picture_classes": [ "page_thumbnail", "photograph", "photograph", "photograph", "photograph", "photograph" ], "table_refs": [], "job_id": "cmsbcdkw6008leq01de6ystqz", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p17.ade.json", "figures": [ { "page": 17, "text": "\n\n<::A photograph of a city skyline. In the center, a light-colored, multi-story building with many windows stands prominently. On either side, parts of other tall buildings with reflective glass facades are visible, creating a dense urban environment. A street with some cars is visible at the base of the central building. The sky above is partly cloudy with hints of sunset colors.: photo::>", "box": { "bottom": 0.874569296836853, "left": 0.13198232650756836, "right": 0.2974565029144287, "top": 0.6526072025299072 }, "chunk_id": "6efbbf64-d50a-42f5-8889-4a0226d254c9", "job_id": "cmsbcdkw6008leq01de6ystqz", "picture_ref": "#/pictures/28" }, { "page": 17, "text": "\n\n<::An aerial view of a city street scene. In the center is a tall, light-colored building with many windows, appearing to be made of stone or brick. To the left, train tracks run parallel to the building, with a silver train visible on the tracks. In the foreground and background, there are other urban buildings of varying heights and colors, as well as streets with cars and buses. The sky is blue with some scattered clouds. A street is visible in front of the central building with vehicles and people.: photo::>", "box": { "bottom": 0.8731454610824585, "left": 0.3032435178756714, "right": 0.4693529009819031, "top": 0.651464581489563 }, "chunk_id": "1ec2c075-dcdc-4257-9809-fafa10ddefcc", "job_id": "cmsbcdkw6008leq01de6ystqz", "picture_ref": "#/pictures/29" }, { "page": 17, "text": "\n\n<::An aerial view of a modern, multi-story apartment or mixed-use building with varying facade colors (brown, grey, white) and balconies, surrounded by green lawns, trees with autumn foliage, and paved roads. An adjacent, lighter-colored office building is visible to the left. The sky is clear blue with some white clouds.: photo::>", "box": { "bottom": 0.8756924271583557, "left": 0.47476598620414734, "right": 0.6409174203872681, "top": 0.6480516791343689 }, "chunk_id": "1a7bcf60-8d7f-46df-be6c-803fe6bcb111", "job_id": "cmsbcdkw6008leq01de6ystqz", "picture_ref": "#/pictures/30" }, { "page": 17, "text": "\n\n<::An aerial view of an apartment complex building with several cars parked in the parking lot in front of it. The building has multiple stories, with brick and siding exteriors, and individual balconies for some units. The sky is partly cloudy.: figure::>", "box": { "bottom": 0.8742833733558655, "left": 0.6475869417190552, "right": 0.8136743307113647, "top": 0.6496677994728088 }, "chunk_id": "b6148222-7538-4b92-a70c-2ed02fdf65f8", "job_id": "cmsbcdkw6008leq01de6ystqz", "picture_ref": "#/pictures/31" }, { "page": 17, "text": "\n\n<::A modern, multi-story building with a glass facade, reflecting the sky and surrounding urban environment. The building has multiple balconies and appears to be located on a city street with other buildings and some vehicles visible. The lighting suggests either dawn or dusk.: photo::>", "box": { "bottom": 0.8734807968139648, "left": 0.8176482915878296, "right": 0.9838600158691406, "top": 0.6508018970489502 }, "chunk_id": "3a6ee62e-4c06-4474-9b4f-84cf87d14935", "job_id": "cmsbcdkw6008leq01de6ystqz", "picture_ref": "#/pictures/32" } ], "tables": [ { "page": 17, "cells": [ [ "($ in thousands)", "Office", "Office", "Total Office", "Multifamily", "Multifamily¹", "Multifamily", "Total Multifamily", "Total Portfolio" ], [ "Acquisition Date", "April 2023", "December 2023", "", "December 2023", "November 2024", "December 2024", "", "" ], [ "Location", "Houston, TX", "Manhattan, NY", "", "Arlington Heights, IL", "San Antonio, TX", "Chicago, IL", "", "" ], [ "NRSF / Units", "375,440 Sq. Ft.", "121,238 Sq. Ft.", "", "263 Units", "600 Units", "149 Units", "", "" ], [ "Fair Value at Acquisition²", "$46,000", "$40,041", "$86,041", "$72,000", "$52,546", "$37,358", "$161,904", "$247,945" ], [ "Carrying Value³", "$45,669", "$35,071", "$80,740", "$65,328", "$55,183", "$35,569", "$156,080", "$236,820" ], [ "Mortgage Debt Outstanding", "$31,200", "$-", "$31,200", "$-", "$-", "$-", "$-", "$31,200" ], [ "Net Book Equity", "$14,469", "$35,071", "$49,540", "$65,328", "$55,183", "$35,569", "$156,080", "$205,620" ] ], "cell_boxes": [ [ { "bottom": 0.20595454693780166, "left": 0.01926691034483332, "right": 0.12300286455935427, "top": 0.17154066991564784 }, { "bottom": 0.20595540872952925, "left": 0.12298846848018151, "right": 0.21999346061663752, "top": 0.17155135054793239 }, { "bottom": 0.20595643631334032, "left": 0.2199562046200897, "right": 0.33557866033086386, "top": 0.17156133785726485 }, { "bottom": 0.20595739383782186, "left": 0.33556725900233303, "right": 0.4433257130865654, "top": 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"bottom": 0.1396123766899109, "left": 0.011329948902130127, "right": 0.9832961559295654, "top": 0.08215370774269104 }, "chunk_id": "d12b4a14-dfb5-4069-b9e9-8972407823e7" }, { "page": 17, "kind": "text", "text": "\n\nProperty Photos", "box": { "bottom": 0.8976864218711853, "left": 0.015606075525283813, "right": 0.12654636800289154, "top": 0.6313496232032776 }, "chunk_id": "6b8646ae-564d-4a3f-a3ac-b7625cd4e70e" }, { "page": 17, "kind": "text", "text": "\n\n1 Includes two properties\n2. Excludes assumed working capital of $2.6 million\n3. Carrying Value includes the impact of capital expenditures and depreciation and amortization recorded from acquisition to the reporting date\nNote: Carrying Value, Mortgage Debt Outstanding and Net Book Equity as of June 30, 2026", "box": { "bottom": 0.9739537239074707, "left": 0.01717182993888855, "right": 0.5107947587966919, "top": 0.9159008264541626 }, "chunk_id": "d23d977b-10b7-4f3e-a46d-9fea35592104" }, { "page": 17, "kind": "marginalia", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.996713399887085, "left": 0.01856529712677002, "right": 0.1793733686208725, "top": 0.9784970283508301 }, "chunk_id": "b90c2612-e9c2-4101-b831-104808726014" }, { "page": 17, "kind": "marginalia", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9965292811393738, "left": 0.42482301592826843, "right": 0.5760529041290283, "top": 0.9785564541816711 }, "chunk_id": "433f2c22-9c13-439d-a48e-a13fe293d885" }, { "page": 17, "kind": "marginalia", "text": "\n\n13", "box": { "bottom": 0.9942807555198669, "left": 0.9656793475151062, "right": 0.9820544123649597, "top": 0.9776763319969177 }, "chunk_id": "494816be-8007-4568-9532-c256a9c12b43" } ] }, { "page": 18, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmsbcdkol009gfo01nuuwgb01", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": false, "response_artifact": "38fd255c2ce7f10f.p18.ade.json", "figures": [ { "page": 18, "text": "\n\n<::Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quarter)¹\n\nIndex Rate at June 30, 2026\nTerm SOFR: 3.65%\n\nBar chart showing the impact per share per quarter based on the change in index rate.\n\nY-axis: Dollar Impact (from -0.02 to 0.05)\nX-axis: Change in Index Rate\n\nData points:\n- Change in Index Rate: -1.00%, Impact: $0.00\n- Change in Index Rate: -0.50%, Impact: ($0.01)\n- Change in Index Rate: 0.00%, Impact: $0.00\n- Change in Index Rate: +0.50%, Impact: $0.02\n- Change in Index Rate: +1.00%, Impact: $0.04\n: chart::>", "box": { "bottom": 0.9345168471336365, "left": 0.011117249727249146, "right": 0.9867664575576782, "top": 0.07632404565811157 }, "chunk_id": "b9117215-b9d7-41e1-b420-07822d129ea8", "job_id": "cmsbcdkol009gfo01nuuwgb01", "picture_ref": "#/pictures/33" } ], "tables": [], "context": [ { "page": 18, "kind": "text", "text": "\n\nImpact of Changing Rates", "box": { "bottom": 0.06612959504127502, "left": 0.01336507499217987, "right": 0.42649418115615845, "top": 0.006981652230024338 }, "chunk_id": "2144974e-2f28-4ed5-814e-0e5e30478f1b" }, { "page": 18, "kind": "text", "text": "\n\n1. Static analysis based on loan portfolio composition as of June 30, 2026", "box": { "bottom": 0.974221408367157, "left": 0.021451294422149658, "right": 0.3159449100494385, "top": 0.9541016221046448 }, "chunk_id": "c0381239-690a-4603-bf6b-d73c13c0f391" }, { "page": 18, "kind": "marginalia", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9964578151702881, "left": 0.018374450504779816, "right": 0.179162859916687, "top": 0.9785342216491699 }, "chunk_id": "998d3a3c-205b-4f4a-b01d-802a99f4d2ec" }, { "page": 18, "kind": "marginalia", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9972183108329773, "left": 0.42452389001846313, "right": 0.576262891292572, "top": 0.9780285954475403 }, "chunk_id": "917461ca-eefc-4015-8e24-0d5a3b0d4316" }, { "page": 18, "kind": "marginalia", "text": "\n\n14", "box": { "bottom": 0.9950781464576721, "left": 0.9648824334144592, "right": 0.9825544953346252, "top": 0.9772788882255554 }, "chunk_id": 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outstanding borrowings under secured financing arrangements, including collateralized loan obligations, secured credit agreements, asset-specific financing arrangements, a secured revolving credit facility, mortgage loans payable, Term Loan B and Revolver plus nonconsolidated senior interests sold or co-originated (if any), less cash, to (ii) total stockholders' equity, at period end.", "box": { "bottom": 0.25641557574272156, "left": 0.013383626937866211, "right": 0.9866515398025513, "top": 0.07233893126249313 }, "chunk_id": "97589a41-25ee-491e-9905-e844d70eb4c9" }, { "page": 25, "kind": "text", "text": "\n\nFinancing Sources\n\n* Secured Debt Agreements - Represents total outstanding borrowings under secured credit agreements, a secured revolving credit facility, and mortgage loans payable, at period end.\n* Securitized Debt - Represents total outstanding borrowings under collateralized loan obligations, at period end.\n* Asset-Specific Debt - Represents total outstanding borrowings under asset-specific financing arrangements, at period end.\n* Corporate Debt - Represents total outstanding borrowings under Term Loan B and Revolver, at period end.", "box": { "bottom": 0.43930575251579285, "left": 0.013047605752944946, "right": 0.9869828224182129, "top": 0.2599542438983917 }, "chunk_id": "4c2c25c2-5351-4b27-88ad-ec31dda1f2cd" }, { "page": 25, "kind": "text", "text": "\n\nDeferred Fundings\n* Fundings to borrowers that are made under existing loan commitments after a loan closing date.", "box": { "bottom": 0.5040894150733948, "left": 0.014782249927520752, "right": 0.9851569533348083, "top": 0.44327083230018616 }, "chunk_id": "8d8f393f-b8f2-4e8d-b956-380af3e22a7c" }, { "page": 25, "kind": "marginalia", "text": "\n\nTPG RE Finance Trust, Inc.| NYSE: TRTX", "box": { "bottom": 0.9981048107147217, "left": 0.016830675303936005, "right": 0.18030992150306702, "top": 0.9765005111694336 }, "chunk_id": "5ef23512-dfec-4678-af1c-184e8f43f02c" }, { "page": 25, "kind": "marginalia", "text": "\n\nSupplemental Information| 2Q 2026", "box": { "bottom": 0.9979361295700073, "left": 0.42365318536758423, "right": 0.5774076581001282, "top": 0.9770894050598145 }, "chunk_id": "351cb26e-a171-4a70-9945-564acc975a3a" }, { "page": 25, "kind": "marginalia", "text": "\n\n21", "box": { "bottom": 0.9959221482276917, "left": 0.963671088218689, "right": 0.9839751720428467, "top": 0.9767560362815857 }, "chunk_id": "369c3ff0-796a-4439-bba8-5ae475841da9" } ] } ], "errors": [ "page 9: picture #/pictures/2 (bar_chart) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 17: picture #/pictures/27 (page_thumbnail) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 25: picture #/pictures/34 (page_thumbnail) was read by nothing — the scan returned no figure over it and the document holds no 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