TPG RE Finance Trust, Inc.

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 17, 2026

TRTX$6.55-2.8%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule IV – Mortgage Loans on Real Estate S-1

Schedule IV - Mortgage Loans on Real Estate

As of December 31, 2025

(Dollars in Thousands)

Type ofLoan/Borrower(1) · Description / Location · Interest Payment Rates · ExtendedMaturityDate(2) · PeriodicPaymentTerms(3) · PriorLiens(4) · UnpaidPrincipalBalance · CarryingAmount ofLoans(5)
Senior Loans in excess of 3% of the carrying amount of total loans
Borrower A	Senior Loan / New York	S+2.6%	2028	I/O	—	$268,270		$266,879
Borrower B	Senior Loan / San Jose	S+3.6%	2027	I/O	—	253,793		253,793
Borrower C	Senior Loan / New York	S+3.0%	2026	I/O	—	227,107		227,107
Borrower D	Senior Loan / Daly City	S+3.4%	2028	I/O	—	194,479		194,479
Borrower E	Senior Loan / Various	S+3.2%	2030	I/O	—	194,454		192,962
Borrower F	Senior Loan / Los Angeles	S+2.7%	2030	I/O	—	162,104		162,104
Senior Loans less than 3% of the carrying amount of total loans
Senior loan	Multifamily / Diversified	Floating S+2.5% - 4.0%	2026 - 2031	I/O	—	1,534,660		1,528,708
Senior loan	Office / Diversified	Floating S+3.5% - 5.3%	2026 - 2027	I/O	—	214,050		214,050
Senior loan	Hotel / Diversified	Floating S+3.5% - 4.9%	2026 - 2030	I/O	—	258,708		257,540
Senior loan	Mixed-Use / CA	Floating S+1.8%	2028	I/O	—	76,548		76,548
Senior loan	Life Science / CA	Floating S+3.2% - 3.4%	2027 - 2028	I/O	—	138,998		138,998
Senior loan	Industrial / Diversified	Floating S+2.4% - 3.4%	2030 - 2031	I/O	—	527,879		522,854
Senior loan	Self Storage / Diversified	Floating S+4.2%	2027	I/O	—	67,000		67,000
Total senior loans					—	4,118,050		4,103,022
Total loans					—	$4,118,050		$4,103,022
CECL reserve(6)							(74,503)
Total loans, net							$4,028,519

(1)Includes senior mortgage loans, contiguous subordinate loans, andpari passu participations in senior mortgage loans.

(2)Extended maturity date assumes all extension options are exercised.

(3)I/O = interest only, P/I = principal and interest.

(4)Represents only third-party liens and is expressed as the total loan commitment senior to our subordinated loan interest as of December 31, 2025.

(5)The aggregate tax basis of the loans is $3.5 billion as of December 31, 2025.

(6)As of December 31, 2025, the Company has a total CECL reserve of $74.5 million on its loans held for investment. Refer to Note 3 for additional information on the Company's CECL reserve.

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles the Company’s mortgage loans on real estate activity for the years ended (dollars in thousands):

	2025	2024	2023
Balance at January 1,	$3,217,030	$3,409,684	$4,781,402
Additions during period:
Loans originated and acquired	1,764,973	527,276	194,706
Additional fundings	41,932	40,697	140,547
Accrued PIK interest	682	360	—
Amortization of origination fees and discounts	4,718	6,075	11,955
Deductions during period:
Collection of principal	(987,871)	(672,196)	(890,566)
Collection of accrued PIK interest	—	(1,172)	(542)
Collection of interest applied to reduce principal under the cost-recovery method	—	—	(15,894)
Realized loss on loan write-offs, loan sales, and REO conversions	—	(9,729)	(334,727)
Loan sales	—	—	(343,637)
Loan extinguishment on conversion to REO	—	(89,499)	(263,740)
(Increase) decrease of allowance for credit losses	(12,945)	5,534	130,180
Balance at December 31,	$4,028,519	$3,217,030	$3,409,684

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.