TPG RE Finance Trust, Inc.

Previous wording

We are externally managed by our Manager, TPG RE Finance Trust Management, L.P., an affiliate of TPG. TPG is a leading global alternative asset manager with $303 billion in assets under management as of December 31, 2025. TPG offers a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit, and real estate. Our Manager manages our investments and our day-to-day business and affairs in conformity with our investment guidelines and other policies that are approved and monitored by our board of directors. Our Manager is responsible for, among other matters, the selection, origination or purchase and sale of our portfolio investments, our financing activities and providing us with investment advisory services. Our Manager is also responsible for our day-to-day operations and performs (or causes to be performed) such services and activities relating to our investments and business and affairs as may be appropriate. Our investment decisions are approved by an investment committee of our Manager that is comprised of senior investment professionals of TPG, including senior investment professionals of TPG's Real Estate platform and TPG’s management committee.

Current wording

We are externally managed by our Manager, TPG RE Finance Trust Management, L.P., an affiliate of TPG. TPG is a leading global alternative asset manager with $306 billion in assets under management as of March 31, 2026. TPG offers a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit, and real estate. Our Manager manages our investments and our day-to-day business and affairs in conformity with our investment guidelines and other policies that are approved and monitored by our board of directors. Our Manager is responsible for, among other matters, the selection, origination or purchase and sale of our portfolio investments, our financing activities and providing us with investment advisory services. Our Manager is also responsible for our day-to-day operations and performs (or causes to be performed) such services and activities relating to our investments and business and affairs as may be appropriate. Our investment decisions are approved by an investment committee of our Manager that is comprised of senior investment professionals of TPG, including senior investment professionals of TPG's Real Estate platform and TPG’s management committee.

Previous wording

Thus far, 2026 has been marked by significant uncertainty and volatility in global markets, largely driven by geopolitical conditions and the constant effects of international conflicts on global markets and interest rates, tariffs and international trade policy and disputes, and political and regulatory uncertainty. After a series of interest rate decreases by the Federal Reserve in 2024 and 2025, the Federal Reserve has elected to hold interest rates steady thus far in 2026. Uncertainty related to oil prices and inflation have caused market expectations with respect to future interest rate policy to shift, with many now projecting a single quarter-point reduction in rates during 2026, or potentially no cuts at all.

Current wording

Thus far, 2026 has been marked by significant uncertainty and volatility in global markets, largely driven by geopolitical conditions and the effects of international conflicts and inflation on global markets and interest rates, tariffs and international trade policy and disputes, and political and regulatory uncertainty. After a series of interest rate decreases by the Federal Reserve in 2024 and 2025, the Federal Reserve has elected to hold interest rates steady thus far in 2026. Uncertainty related to international conflicts, oil prices and inflation have caused market expectations with respect to future interest rate policy to shift, with many now projecting no reductions in rates during the remainder of 2026, or potentially increases in rates before the end of the year or in 2027.

Previous wording

These market dynamics have posed challenges to commercial real estate transaction activity so far in 2026. However, the cost and availability of debt continues to remain more constructive for real estate values and transaction activity as compared to recent past periods. During the three months ended March 31, 2026, we originated two first mortgage loans, with aggregate total loan commitments of $148.4 million, an aggregate initial unpaid principal balance of $135.5 million, and aggregate unfunded commitments at closing of $12.9 million. While we currently believe that market conditions are favorable for additional origination activity over the remainder of 2026, significant uncertainty continues to exist with respect to interest rate policy, geopolitical conditions and international conflicts, oil prices, inflation, and the political and regulatory environment. Our continued monitoring of these and other conditions will continue to inform our loan origination volumes, liquidity, and capital allocation throughout the remainder of 2026.

Current wording

These market dynamics have posed challenges to commercial real estate transaction activity so far in 2026. However, the cost and availability of debt continues to remain more constructive for real estate values and transaction activity as compared to recent past periods. During the six months ended June 30, 2026, we originated five first mortgage loans, with aggregate total loan commitments of $614.4 million, an aggregate initial unpaid principal balance of $585.6 million, and aggregate unfunded commitments at closing of $28.8 million. While we currently believe that market conditions are favorable for additional origination activity over the remainder of 2026, significant uncertainty continues to exist with respect to interest rate policy, geopolitical conditions and international conflicts, oil prices, inflation, and the political and regulatory environment. Our continued monitoring of these and other conditions will continue to inform our loan origination volumes, liquidity, and capital allocation throughout the remainder of 2026.

Previous wording

•Recognized Net income attributable to common stockholders of $15.2 million, compared to $0.2 million for the three months ended December 31, 2025, an increase of $15.0 million.

Current wording

•Recognized Net income attributable to common stockholders of $9.4 million, compared to $15.2 million for the three months ended March 31, 2026, a decrease of $5.8 million.

Previous wording

•Produced Net interest income of $25.7 million, resulting from interest income of $74.2 million and interest expense of $48.5 million. Net interest income increased $0.3 million compared to the three months ended December 31, 2025.

Current wording

•Produced Net interest income of $23.7 million, resulting from interest income of $74.1 million and interest expense of $50.4 million. Net interest income decreased $2.1 million compared to the three months ended March 31, 2026.

Previous wording

•Generated Distributable Earnings of $19.5 million, compared to $18.5 million for the three months ended December 31, 2025, an increase of $1.0 million.

Current wording

•Generated Distributable Earnings of $17.6 million, compared to $19.5 million for the three months ended March 31, 2026, a decrease of $1.9 million.

Previous wording

•Recorded a decrease to our allowance for credit losses on our loan portfolio of $0.3 million, for a total allowance for credit losses of $77.1 million, or 179 basis points of total loan commitments of $4.3 billion.

Current wording

•Recorded an increase to our allowance for credit losses on our loan portfolio of $3.5 million, for a total allowance for credit losses of $80.7 million, or 179 basis points of total loan commitments of $4.5 billion.

Previous wording

•Originated two first mortgage loans with aggregate total loan commitments of $148.4 million, an aggregate initial unpaid principal balance of $135.5 million, aggregate unfunded loan commitments at closing of $12.9 million, a weighted average interest rate of Term SOFR plus 2.73%, and a weighted average interest rate floor of 2.86%.

Current wording

•Originated three first mortgage loans with aggregate total loan commitments of $466.0 million, an aggregate initial unpaid principal balance of $450.0 million, aggregate unfunded loan commitments at closing of $16.0 million, a weighted average interest rate of Term SOFR plus 2.79%, and a weighted average interest rate floor of 2.63%.

Previous wording

•Funded $14.6 million of future funding obligations associated with existing loans.

Current wording

•Funded $14.8 million of future funding obligations associated with existing loans.

Previous wording

•Received two full loan repayments of $92.7 million and partial principal payments of $30.9 million related to one loan for total loan repayments of $123.6 million.

Current wording

•Received one full loan repayment of $227.1 million and partial principal payments of $47.3 million related to two loans for total loan repayments of $274.4 million.

Previous wording

•Utilized the reinvestment feature in TRTX 2025-FL6 three times, recycling loan repayments of $4.0 million.

Current wording

•Utilized the reinvestment feature in TRTX 2025-FL6 and TRTX 2025-FL7 two times and one time, respectively, recycling loan repayments of $113.3 million and $3.9 million, respectively.

Previous wording

•Maintained substantial near-term liquidity of $172.8 million, as of March 31, 2026, comprised of:

Current wording

•Maintained substantial near-term liquidity of $488.2 million, as of June 30, 2026, comprised of:

Previous wording

•$92.0 million of cash-on-hand, of which $77.0 million was available for investment, net of $15.0 million held to satisfy liquidity covenants under our secured financing agreements.

Current wording

•$65.6 million of cash-on-hand, of which $26.1 million was available for investment, net of $39.5 million held to satisfy liquidity covenants under our various financing arrangements.

Previous wording

•Undrawn capacity (liquidity available to us without the need to pledge additional collateral to our lenders) of $39.7 million under secured credit agreements with three lenders.

Current wording

•Undrawn capacity (liquidity available to us without the need to pledge additional collateral to our lenders) of $297.4 million under secured credit agreements with three lenders and $20.0 million under other financing arrangements.

Previous wording

•Collateralized loan obligation reinvestment proceeds held at the servicer of $41.2 million.

Current wording

•Collateralized loan obligation reinvestment proceeds held at the trustee of $5.2 million.

Previous wording

We have financed our loan investments as of March 31, 2026 utilizing three CRE CLOs totaling $2.5 billion, $742.2 million under secured credit agreements with total commitments of $1.7 billion provided by four lenders and $60.2 million under asset-specific financing arrangements. Additionally, we held unencumbered loan investments with an aggregate unpaid principal balance of $106.8 million that are eligible to pledge under our existing financing arrangements. As of March 31, 2026, 76.1% of our borrowings were pursuant to our CRE CLO vehicles, 22.1% were pursuant to our secured credit agreements and secured revolving credit facility and 1.8% were pursuant to our asset-specific financing arrangements. Non-mark-to-market financing comprised 77.9% of total loan portfolio borrowings as of March 31, 2026.

Current wording

We have financed our loan investments as of June 30, 2026 utilizing two CRE CLOs totaling $1.9 billion, $992.0 million under secured credit agreements with total commitments of $2.3 billion provided by four lenders, $60.2 million under asset-specific financing arrangements and $128.9 million under our $375.0 million secured revolving credit facility. Additionally, we held unencumbered loan investments with an aggregate unpaid principal balance of $186.0 million that are eligible to pledge under our existing financing arrangements.

Previous wording

Our ability to draw on our secured credit agreements and secured revolving credit facility is dependent upon our lenders’ willingness to accept as collateral loan investments we pledge to them to secure additional borrowings. These financing arrangements have credit spreads based upon the LTV and other risk characteristics of collateral pledged, and provide financing with mark-to-market provisions limited to collateral-specific events (i.e., "credit" marks). Borrowings under our secured revolving credit agreement are permitted with respect to collateral that satisfies pre-determined eligibility standards, and have a pre-determined advance rate (generally, 75% of the unpaid principal balance pledged) and credit spread (Term SOFR plus 2.00%). As of March 31, 2026, borrowings under these secured credit agreements and secured revolving credit facility had a weighted average credit spread of 1.61% (1.61% for arrangements with mark-to-market provisions and 2.00% for one arrangement with no mark-to-market provisions), and a weighted average term to extended maturity assuming exercise of all extension options and term-out provisions of 3.3 years. These financing arrangements are generally 25% recourse to Holdco, with the exception of the secured revolving credit facility that is 100% recourse to Holdco.

Current wording

Our ability to draw on our secured credit agreements and secured revolving credit facility is dependent upon our lenders’ willingness to accept as collateral loan investments we pledge to them to secure additional borrowings. These financing arrangements have credit spreads based upon the LTV and other risk characteristics of collateral pledged, and provide financing with mark-to-market provisions limited to collateral-specific events (i.e., "credit" marks). Borrowings under our secured revolving credit agreement are permitted with respect to collateral that satisfies pre-determined eligibility standards, and have a pre-determined advance rate (generally, 75% of the unpaid principal balance pledged) and credit spread (Term SOFR plus 2.00%). As of June 30, 2026, borrowings under these secured credit agreements and secured revolving credit facility had a weighted average credit spread of 1.63% (1.65% for arrangements with mark-to-market provisions and 1.60% for two arrangements with no mark-to-market provisions), and a weighted average term to extended maturity assuming exercise of all extension options and term-out provisions of 3.2 years. These financing arrangements are generally 25% recourse to Holdco, with the exception of the secured revolving credit facility that is 100% recourse to Holdco.

Previous wording

For the three months ended March 31, 2026, we recorded net income attributable to common stockholders of $0.19 per diluted common share, an increase of $0.19 per diluted common share from the three months ended December 31, 2025, of which (i) $0.14 per diluted common share relates to a decrease quarter over quarter in our credit loss expense, which was a $0.3 million benefit during the first quarter of 2026 compared to $11.3 million expense during the fourth quarter of 2025, (ii) $0.02 per diluted common share related to an increase in other income, net, (iii) $0.02 per diluted common share related to a decrease in total other expenses and (iv) $0.01 per diluted common share related to an increase in net interest income.

Current wording

For the three months ended June 30, 2026, we recorded net income attributable to common stockholders of $0.12 per diluted common share, a decrease of $0.07 per diluted common share from the three months ended March 31, 2026, of which (i) $0.05 per diluted common share relates to an increase quarter over quarter in our credit loss expense, which was a $3.6 million expense during the second quarter of 2026 compared to $0.3 million benefit during the first quarter of 2026 and (ii) $0.03 per diluted common share related to a decrease in net interest income, partially offset by $0.01 per diluted common share related to a decrease in total other expenses.

Previous wording

Distributable Earnings per diluted common share was $0.25 for the three months ended March 31, 2026, an increase of $0.01 per diluted common share from the three months ended December 31, 2025. The increase in Distributable Earnings per diluted common share was primarily due to an increase in net interest income of $0.01 per diluted common share.

Current wording

Distributable Earnings per diluted common share was $0.23 for the three months ended June 30, 2026, a decrease of $0.02 per diluted common share from the three months ended March 31, 2026. The decrease in Distributable Earnings per diluted common share was primarily due to a decrease in net interest income of $0.03 per diluted common share.

Previous wording

Our book value per common share as of March 31, 2026 was $11.06, a decrease of $0.01 per common share from our book value per common share as of December 31, 2025 of $11.07. The decrease of $0.01 per common share was primarily due to preferred stock dividends declared of $0.04 per common share, which was partially offset by amortization of stock compensation expense of $0.02 per common share during the quarter ended March 31, 2026. Additionally, on a net basis, book value per common share increased $0.01 per common share due to share repurchases and issuances during the quarter ended March 31, 2026.

Current wording

Our book value per common share as of June 30, 2026 was $10.95, a decrease of $0.12 per common share from our book value per common share as of December 31, 2025 of $11.07. The decrease of $0.12 per common share was primarily due to (i) preferred stock dividends declared of $0.08 per common share, (ii) an increase in credit loss expense of $0.05 per share, which was partially offset by amortization of stock compensation expense of $0.04 per common share during the six months ended June 30, 2026. Additionally, on a net basis, book value per common share decreased $0.01 per common share due to share issuances and repurchases during the six months ended June 30, 2026.

Previous wording

Our interest-earning assets are comprised of a portfolio of primarily floating rate, first mortgage loans, or in two instances, contiguous mezzanine loans. As of March 31, 2026, our loans held for investment portfolio consisted of 50 first mortgage loans (or interests therein) totaling $4.3 billion of commitments with an unpaid principal balance of $4.1 billion. As of March 31, 2026, 99.6% of the loan commitments in our portfolio consisted of floating rate loans, of which 100.0% were first mortgage loans. In two instances, a first mortgage loan and contiguous mezzanine loan are both owned by us. As of March 31, 2026, we had $173.5 million of unfunded loan commitments, our funding of which is subject to borrower satisfaction of certain milestones.

Current wording

Our interest-earning assets are comprised of a portfolio of primarily floating rate, first mortgage loans, or in two instances, contiguous mezzanine loans. As of June 30, 2026, our loans held for investment portfolio consisted of 52 first mortgage loans (or interests therein) totaling $4.5 billion of commitments with an unpaid principal balance of $4.3 billion. As of June 30, 2026, 99.7% of the loan commitments in our portfolio consisted of floating rate loans, of which 100.0% were first mortgage loans. In two instances, a first mortgage loan and contiguous mezzanine loan are both owned by us. As of June 30, 2026, we had $174.8 million of unfunded loan commitments, our funding of which is subject to borrower satisfaction of certain milestones.

Previous wording

We may hold REO as a result of taking title to a loan's collateral. As of March 31, 2026, we owned two office properties and four multifamily properties with an aggregate carrying value of $236.4 million.

Current wording

We may hold REO as a result of taking title to a loan's collateral. As of June 30, 2026, we owned two office properties and four multifamily properties with an aggregate carrying value of $236.8 million.

Previous wording

During the three months ended March 31, 2026, we originated two mortgage loans with aggregate total loan commitments of $148.4 million, an aggregate initial unpaid principal balance of $135.5 million, and aggregate unfunded commitments at closing of $12.9 million. Loan fundings included $14.6 million of deferred future fundings related to previously originated loans. We received proceeds from two loan repayments in full of $92.7 million and partial principal payments of $30.9 million across one loan, for total loan repayments of $123.6 million during the period.

Current wording

During the three months ended June 30, 2026, we originated three mortgage loans with aggregate total loan commitments of $466.0 million, an aggregate initial unpaid principal balance of $450.0 million, and aggregate unfunded commitments at closing of $16.0 million. Loan fundings included $14.8 million of deferred future fundings related to previously originated loans. We received proceeds from one loan repayment in full of $227.1 million and partial principal payments of $47.3 million across two loans, for total loan repayments of $274.4 million during the period.

Previous wording

For the three months ended March 31, 2026, we generated interest income of $74.2 million and incurred interest expense of $48.5 million, which resulted in net interest income of $25.7 million.

Current wording

For the three months ended June 30, 2026, we generated interest income of $74.1 million and incurred interest expense of $50.4 million, which resulted in net interest income of $23.7 million.

Previous wording

(2)Unpaid principal balance includes PIK interest of $1.2 million related to two loans as of March 31, 2026.

Current wording

(2)Unpaid principal balance includes PIK interest of $1.4 million related to one loan as of June 30, 2026.

Previous wording

(5)Extended maturity assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date. As of March 31, 2026, based on the unpaid principal balance of our total loan exposure, 58.1% of our loans were subject to yield maintenance or other prepayment restrictions and 41.9% were open to repayment without penalty.

Current wording

(5)Extended maturity assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date. As of June 30, 2026, based on the unpaid principal balance of our total loan exposure, 55.2% of our loans were subject to yield maintenance or other prepayment restrictions and 44.8% were open to repayment without penalty.

Previous wording

(1)Excludes capitalized interest of $1.2 million related to two loans.

Current wording

(1)Excludes capitalized interest of $1.4 million related to one loan.

Previous wording

For information regarding the financing of our loans held for investment portfolio, see the section entitled “Investment Portfolio Financing.”

Current wording

For information regarding the financing of our loans held for investment portfolio, see the section entitled “Investment Portfolio Financing Arrangements.”

Previous wording

As of March 31, 2026, we owned two office properties and four multifamily properties, each of which previously served as collateral for first mortgage loans. During the three months ended March 31, 2026, we did not acquire or sell any REO properties.

Current wording

As of June 30, 2026, we owned two office properties and four multifamily properties, each of which previously served as collateral for first mortgage loans. During the three and six months ended June 30, 2026, we did not acquire or sell any REO properties.

Previous wording

Our allowance for credit losses is influenced by the size and weighted average maturity date of our loans, loan quality, risk rating, delinquency status, loan-to-value ratio, historical loss experience and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. During the three months ended March 31, 2026, we recorded a decrease of $0.3 million in our allowance for credit losses resulting in an aggregate CECL reserve of $77.1 million at quarter-end. This decrease was primarily attributable to the net impact of our loan activity during the period and a decrease related to improved asset-level performance and changes to the macroeconomic assumptions employed in determining the general reserve. The allowance for credit losses reflects the impact of an uncertain macroeconomic environment, including ongoing concerns about growing geopolitical tensions and conflicts, the potential impact of market volatility and tariffs and the general level of forecasted interest rates. Additionally, the allowance for credit losses is impacted by loan specific property-level performance trends and local market fundamentals.

Current wording

Our allowance for credit losses is influenced by the size and weighted average maturity date of our loans, loan quality, risk rating, delinquency status, loan-to-value ratio, historical loss experience and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. During the three and six months ended June 30, 2026, we recorded a an increase of $3.5 million and $3.3 million, respectively, in our allowance for credit losses resulting in an aggregate CECL reserve of $80.7 million at quarter-end. This increase was primarily attributable to the net impact of our loan activity during the period and an increase due to changes to the macroeconomic assumptions employed in determining the general reserve. The allowance for credit losses reflects the impact of an uncertain macroeconomic environment, including ongoing concerns about growing geopolitical tensions and conflicts, the potential impact of market volatility and tariffs and the general level of forecasted interest rates. Additionally, the allowance for credit losses is impacted by loan specific property-level performance trends and local market fundamentals.

Previous wording

As of March 31, 2026, non-mark-to-market financing sources accounted for 77.9% of our total loan portfolio borrowings. The remaining 22.1% of our loan portfolio borrowings, comprised primarily of our four secured credit agreements, are subject to credit marks only. As of March 31, 2026, we did not have any non-consolidated senior interests.

Current wording

As of June 30, 2026, non-mark-to-market financing sources accounted for 85.2% of our total borrowings. The remaining 14.8% of our total borrowings, comprised primarily of three secured credit agreements, are subject to credit marks only. As of June 30, 2026, we did not have any non-consolidated senior interests.

Previous wording

The following table summarizes our loan portfolio financing arrangements (dollars in thousands):

Current wording

The following table summarizes our financing arrangements (dollars in thousands):

Previous wording

As of March 31, 2026, aggregate borrowings outstanding under our secured credit agreements totaled $0.7 billion. As of March 31, 2026, the overall weighted average interest rate was the benchmark interest rate plus 1.61% per annum and the overall weighted average advance rate was 79.0%. As of March 31, 2026, outstanding borrowings under these arrangements had a weighted average term to extended maturity of 3.3 years assuming the exercise of all extension options and term-out provisions. These secured credit agreements are generally 25.0% recourse to Holdco.

Current wording

As of June 30, 2026, aggregate borrowings outstanding under our secured credit agreements totaled $1.0 billion. As of June 30, 2026, the overall weighted average interest rate was the benchmark interest rate plus 1.58% per annum and the overall weighted average advance rate was 77.9%. As of June 30, 2026, outstanding borrowings under these arrangements had a weighted average term to extended maturity of 3.4 years assuming the exercise of all extension options and term-out provisions. These secured credit agreements are generally 25.0% recourse to Holdco.

Previous wording

Each of the secured credit agreements have “margin maintenance” provisions, which are designed to allow the lender to maintain a certain margin of credit enhancement against the assets which serve as collateral. The lender’s margin amount is typically based on a percentage of the market value of the asset and/or mortgaged property collateral; however, certain secured credit agreements may also involve margin maintenance based on maintenance of a minimum debt yield with respect to the cash flow from the underlying real estate collateral. In certain cases, margin maintenance provisions can relate to minimum debt yields for pledged collateral considered as a whole, or limits on concentration of loan exposure measured by property type or loan type.

Current wording

Generally, each of the secured credit agreements have “margin maintenance” provisions, which are designed to allow the lender to maintain a certain margin of credit enhancement against the assets which serve as collateral. The lender’s margin amount is typically based on a percentage of the market value of the asset and/or mortgaged property collateral; however, certain secured credit agreements may also involve margin maintenance based on maintenance of a minimum debt yield with respect to the cash flow from the underlying real estate collateral. In certain cases, margin maintenance provisions can relate to minimum debt yields for pledged collateral considered as a whole, or limits on concentration of loan exposure measured by property type or loan type.

Previous wording

As of March 31, 2026, the weighted average haircut (which is equal to one minus the advance rate percentage against collateral for our secured credit agreements taken as a whole) was 21.0% compared to 21.2% as of December 31, 2025.

Current wording

As of June 30, 2026, the weighted average haircut (which is equal to one minus the advance rate percentage against collateral for our secured credit agreements taken as a whole) was 22.1% compared to 21.2% as of December 31, 2025.

Previous wording

On February 22, 2022, we closed a $250.0 million secured revolving credit facility with a syndicate of five banks to provide interim funding of up to 180 days for newly originated and existing loans. During the fourth quarter of 2022, an additional lender was added to the facility, increasing the borrowing capacity to $290.0 million. During the first quarter of 2025, we amended the facility to extend the maturity by three years and increased the borrowing capacity to $375.0 million with a syndicate of seven lenders. This facility has a maturity of February 13, 2028, an interest rate of Term SOFR plus 2.00% that is payable monthly in arrears, and an unused fee of 15 or 20 basis points, depending upon whether utilization exceeds 50.0%. During the three months ended March 31, 2026, the weighted average unused fee was 20 basis points. This facility is 100% recourse to Holdco. As of March 31, 2026, we did not have any outstanding borrowings under our secured revolving credit facility.

Current wording

On February 22, 2022, we closed a $250.0 million secured revolving credit facility with a syndicate of five banks to provide interim funding of up to 180 days for newly originated and existing loans. During the fourth quarter of 2022, an additional lender was added to the facility, increasing the borrowing capacity to $290.0 million. During the first quarter of 2025, we amended the facility to extend the maturity by three years and increased the borrowing capacity to $375.0 million with a syndicate of seven lenders. This facility has a maturity of February 13, 2028, an interest rate of Term SOFR plus 2.00% that is payable monthly in arrears, and an unused fee of 15 or 20 basis points, depending upon whether utilization exceeds 50.0%. During the three and six months ended June 30, 2026, the weighted average unused fee was 20 and 20 basis points, respectively. This facility is 100% recourse to Holdco. As of June 30, 2026, we pledged two loan investments with an aggregate collateral principal balance of $198.5 million and had outstanding Term SOFR-based borrowings of $128.9 million.

Previous wording

As of March 31, 2026, we had three collateralized loan obligations, TRTX 2025-FL7, TRTX 2025-FL6, and TRTX 2022-FL5, totaling $2.5 billion, financing $3.0 billion, or 71.2%, of our loans held for investment portfolio. As of March 31, 2026, our CRE CLOs provide low cost, non-mark-to-market, non-recourse financing for 76.1% of our loan portfolio borrowings. The collateralized loan obligations bear a weighted average interest rate of Term SOFR plus 1.86%, and have a weighted average advance rate of 85.2%. Each CRE CLO included and with respect to TRTX 2025-FL7 and TRTX 2025-FL6, includes, a reinvestment feature that allowed us to contribute existing or new loan investments in exchange for proceeds from loan repayments held by the CRE CLOs.

Current wording

As of June 30, 2026, we had two collateralized loan obligations, TRTX 2025-FL7 and TRTX 2025-FL6, totaling $1.9 billion, financing $2.2 billion, or 50.7%, of our loans held for investment portfolio. As of June 30, 2026, our CRE CLOs provide low cost, non-mark-to-market, non-recourse financing for 54.3% of our financing arrangements. The collateralized loan obligations bear a weighted average interest rate of Term SOFR plus 1.75%, and have a weighted average advance rate of 87.3%. Each CRE CLO includes a reinvestment feature that allows us to contribute existing or new loan investments in exchange for proceeds from loan repayments held by the CRE CLOs.

Previous wording

(1)Includes loan amounts held in the Company's CRE CLOs and excludes other REO investments of $84.9 million held within the Sub-REIT. Includes $37.2 million and $3.9 million of cash proceeds from loan repayments related to TRTX 2025-FL6 and TRTX 2025-FL7, respectively, held by the our loan servicer as of March 31, 2026, which were remitted to us subsequent to March 31, 2026.

Current wording

(1)Includes loan amounts held in the Company's CRE CLOs and excludes other REO investments of $85.4 million held within the Sub-REIT.

Previous wording

(4)Collateral loan investment assets of FL5, FL6 and FL7 represent 19.2%, 25.6% and 26.4%, respectively, of the aggregate unpaid principal balance of our loans held for investment portfolio as of March 31, 2026.

Current wording

(4)Collateral loan investment assets of FL6 and FL7 represent 25.4% and 25.3%, respectively, of the aggregate unpaid principal balance of our loans held for investment portfolio as of June 30, 2026.

Previous wording

(5)During the three months ended March 31, 2026, we recognized interest expense of $36.7 million, which includes $1.1 million of discount and deferred financing cost amortization.

Current wording

(5)During the three months ended June 30, 2026, we recognized interest expense of $31.6 million, which includes $1.2 million of discount and deferred financing cost amortization. During the six months ended June 30, 2026, we recognized interest expense of $68.4 million, which includes $2.3 million of discount and deferred financing cost amortization.