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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 001-38156

____________________________________

TPG RE Finance Trust, Inc.

(Exact name of registrant as specified in its charter)

_______________________________________________________________________


Maryland						36-4796967
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

888 Seventh Avenue, 35th Floor

New York, New York 10106

(Address of principal executive offices) (Zip Code)

(212) 601-4700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

TRTX

New York Stock Exchange

6.25% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share

TRTX PRC

New York Stock Exchange

_______________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	o	Accelerated Filer	x
Non-accelerated Filer	o	Smaller Reporting Company	o
Emerging Growth Company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of July 25, 2025, there were 78,590,582 shares of the registrant’s common stock, $0.001 par value per share, outstanding.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will occur or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-Q. Such risks, uncertainties and other important factors include, among others, the risks, uncertainties and factors set forth under the heading “Risk Factors” in our Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 18, 2025, as such risk factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Such risks, uncertainties and other factors include, but are not limited to, the following:

•the general political, economic, regulatory, competitive and other conditions in the markets in which we invest;

•fluctuations in interest rates and credit spreads have reduced and in the future could reduce our ability to generate income on our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows and the market value of our investments and could materially impair our ability to pay distributions to our stockholders;

•adverse changes in the real estate and real estate capital markets;

•general volatility of the securities markets in which we participate;

•changes in our business, investment strategies or target assets;

•difficulty in obtaining financing or raising capital;

•an inability to borrow incremental amounts or an obligation to repay amounts under our financing arrangements;

•reductions in the yield on our investments and increases in the cost of our financing;

•events giving rise to increases in our current expected credit loss reserve;

•we have in the past and may in the future foreclose on certain of the loans we originate or acquire, which could result in losses that negatively impact our results of operations and financial condition;

•as an owner of real estate through foreclosure or otherwise, we are subject to risks inherent in the ownership, operation, and development of real estate;

•adverse legislative or regulatory developments, including with respect to tax laws, securities laws and the laws governing financing and lending institutions;

•acts of God such as hurricanes, floods, earthquakes, droughts, wildfires, mudslides, volcanic eruptions, and other natural disasters, acts of war and/or terrorism, or other hostilities and other events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments;

•adverse economic trends and changes in economic conditions, including as a result of heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, tariffs and international trade policies, geopolitical conditions, structural shifts and regulatory changes to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains;

•the failure of any banks with which we and/or our borrowers have a commercial relationship could adversely affect, among other things, our borrower's ability to access deposits or obtain financing on favorable terms or at all;

•reduced demand for office space, including as a result of fully remote and/or hybrid work schedules which allow work from remote locations other than the employer's office premises;

•changes in the availability of attractive loan and other investment opportunities, whether they are due to competition, regulation or otherwise;

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•deterioration in the performance of properties securing our investments that may cause deterioration in the performance of our investments, adversely impact certain of our financing arrangements and our liquidity, and potentially expose us to principal losses on our investments;

•defaults by borrowers in paying debt service or principal on outstanding indebtedness;

•the adequacy of collateral securing our investments and declines in the fair value of our investments;

•adverse developments in the availability of desirable investment opportunities, whether due to competition, regulation or otherwise;

•difficulty or delays in redeploying the proceeds from repayments of our existing investments;

•increased competition from entities engaged in mortgage lending and/or investing in our target assets;

•difficulty in successfully managing our growth, including integrating new assets into our existing systems;

•the cost of operating our platform, including, but not limited to, the cost of operating a real estate investment platform and the cost of operating as a publicly traded company;

•the availability of qualified personnel and our relationship with our Manager;

•conflicts with TPG and its affiliates, including our Manager, the personnel of TPG providing services to us, including our officers, and certain funds managed by TPG;

•our ability to maintain our qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes;

•our ability to maintain our exemption or exclusion from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and

•authoritative U.S. generally accepted accounting principles (or “GAAP”) or policy changes from standard-setting bodies such as the Financial Accounting Standards Board (“FASB”), the Securities and Exchange Commission (“SEC”), the Internal Revenue Service (“IRS”), the New York Stock Exchange (“NYSE”) and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business.

There may be other risks, uncertainties or factors that may cause our actual results to differ materially from the forward-looking statements, including risks, uncertainties, and factors disclosed under the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q. You should evaluate all forward-looking statements made in this Form 10-Q in the context of these risks, uncertainties and other factors.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements in this Form 10-Q apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this Form 10-Q and in other filings we make with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

In this quarterly report, except where the context requires otherwise:

•“Company,” “we,” “us,” and “our” refer to TPG RE Finance Trust, Inc., a Maryland corporation and, where applicable, its subsidiaries.

•“Manager” refers to our external manager, TPG RE Finance Trust Management, L.P., a Delaware limited partnership.

•“TPG” refers to TPG Inc., a Delaware corporation, and its affiliates.

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Part I. Financial Information		1

Item 1.	Financial Statements	1

	Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024	1

	Consolidated Statements of Income and Comprehensive Income (unaudited) for the Three and Six Months ended June 30, 2025 and June 30, 2024	2

	Consolidated Statements of Changes in Equity (unaudited) for the Three and Six Months ended June 30, 2025 and June 30, 2024	3

	Consolidated Statements of Cash Flows (unaudited) for the Six Months ended June 30, 2025 and June 30, 2024	4

	Notes to the Consolidated Financial Statements (unaudited)	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	78

Item 4.	Controls and Procedures	81

Part II. Other Information		82

Item 1.	Legal Proceedings	82

Item 1A.	Risk Factors	82

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82

Item 3.	Defaults Upon Senior Securities	82

Item 4.	Mine Safety Disclosures	82

Item 5.	Other Information	82

Item 6.	Exhibits	83

Signatures		85

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Part I. Financial Information

Item 1. Financial Statements

TPG RE Finance Trust, Inc.

Consolidated Balance Sheets

(In thousands, except share data)


	June 30, 2025		December 31, 2024
	(Unaudited)
Assets(1)
Cash and cash equivalents	$	165,850	$	190,160
Restricted cash	572		323
Accounts receivable	10		10
Collateralized loan obligation proceeds held at trustee	1,778		—
Accounts receivable from servicer/trustee	523		369
Accrued interest and fees receivable	30,181		27,267
Loans held for investment	3,774,686		3,278,588
Allowance for credit losses	(66,957)		(61,558)
Loans held for investment, net (includes $756,546 and $1,014,852, respectively, pledged as collateral under secured financing agreements)	3,707,729		3,217,030
Real estate owned, net	223,235		256,404
Other assets	32,188		39,866
Total assets	$	4,162,066	$	3,731,429
Liabilities and stockholders’ equity(1)
Liabilities
Accrued interest payable	$	6,416	$	6,655
Accrued expenses and other liabilities(2)	13,795		15,077
Collateralized loan obligations, net	2,442,868		1,681,660
Secured financing agreements, net	520,987		670,727
Asset-specific financings, net	29,097		185,741
Mortgage loan payable, net	30,766		30,695
Payable to affiliates	5,194		5,111
Deferred revenue	2,622		1,744
Dividends payable	19,484		19,978
Total liabilities	3,071,229		2,617,388
Commitments and contingencies - see Note 14


Stockholders' equity
Series A preferred stock ($0.001 par value per share; 100,000,000 and 100,000,000 shares authorized; 125 and 125 shares issued and outstanding, respectively) ($125 aggregate liquidation preference)	—		—
Series C preferred stock ($0.001 par value per share; 8,050,000 shares authorized; 8,050,000 and 8,050,000 shares issued and outstanding, respectively) ($201,250 aggregate liquidation preference)	8		8
Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 79,420,606 and 81,003,693 shares issued and outstanding, respectively)	79		81
Additional paid-in-capital	1,734,961		1,731,174
Accumulated deficit	(644,211)		(617,222)
Total stockholders' equity	1,090,837		1,114,041

Total liabilities and stockholders' equity	$	4,162,066	$	3,731,429

________________________

(1)The Company’s consolidated Total Assets and Total Liabilities as of June 30, 2025 include assets and liabilities of variable interest entities (“VIEs”) of $2.9 billion and $2.5 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2024 include assets and liabilities of VIEs of $2.1 billion and $1.7 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 5 to the Consolidated Financial Statements for details.

(2)Includes $1.8 million and $2.4 million of reserve for expected losses for unfunded loan commitments as of June 30, 2025 and December 31, 2024, respectively.

See accompanying notes to the Consolidated Financial Statements

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TPG RE Finance Trust, Inc.

Consolidated Statements of Income

and Comprehensive Income (Unaudited)

(In thousands, except share and per share data)



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest income and interest expense
Interest income	$	70,668	$	78,115	$	138,713	$	160,299
Interest expense	(45,524)		(50,588)		(88,667)		(105,969)
Net interest income	25,144		27,527		50,046		54,330
Other revenue
Other income, net	2,824		3,494		4,675		8,396
Revenue from real estate owned operations	8,231		8,281		18,510		15,503
Total other revenue	11,055		11,775		23,185		23,899
Other expenses
Professional fees	1,604		1,716		2,392		2,691
General and administrative	989		1,186		2,090		2,172
Stock compensation expense	1,997		1,688		4,016		3,360
Servicing and asset management fees	592		508		1,014		979
Management fee	5,194		5,044		10,347		10,031

Expenses from real estate owned operations	10,256		8,882		20,606		17,228
Total other expenses	20,632		19,024		40,465		36,461

Gain on sale of real estate owned, net	6,970		—		6,970		—
Credit loss (expense) benefit, net	(1,778)		4,537		(5,202)		181
Income before income taxes	20,759		24,815		34,534		41,949
Income tax expense, net	(128)		(100)		(184)		(490)
Net income	$	20,631	$	24,715	$	34,350	$	41,459
Preferred stock dividends and participating securities' share in earnings	(3,750)		(3,689)		(7,509)		(7,378)


Net income attributable to common stockholders - see Note 11	$	16,881	$	21,026	$	26,841	$	34,081
Earnings per common share, basic	$	0.21	$	0.26	$	0.33	$	0.43
Earnings per common share, diluted	$	0.21	$	0.26	$	0.33	$	0.43
Weighted average number of common shares outstanding
Basic:	79,474,862		79,456,745		80,221,098		78,662,740
Diluted:	80,208,877		80,907,705		80,918,798		79,604,665
Other comprehensive income
Net income	$	20,631	$	24,715	$	34,350	$	41,459

Comprehensive net income	$	20,631	$	24,715	$	34,350	$	41,459

See accompanying notes to the Consolidated Financial Statements

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TPG RE Finance Trust, Inc.

Consolidated Statements of

Changes in Equity (Unaudited)

(in thousands, except share and per share data)



	Series A Preferred Stock			Series C Preferred Stock			Common Stock
	Shares	Par value		Shares	Par value		Shares	Par value		Additional paid-in-capital		Accumulated deficit		Total stockholders' equity
January 1, 2025	125	$	—	8,050,000	$	8	81,003,693	$	81	$	1,731,174	$	(617,222)	$	1,114,041
Issuance of common stock	—	—		—	—		3,172	*		—		—		—
Retired common stock	—	—		—	—		(379,868)	*		(8)		(3,177)		(3,185)
Amortization of stock compensation expense	—	—		—	—		—	—		2,019		—		2,019
Net income	—	—		—	—		—	—		—		13,719		13,719
Dividends on preferred stock	—	—		—	—		—	—		—		(3,148)		(3,148)
Dividends on common stock (dividends declared per share of $0.24)	—	—		—	—		—	—		—		(19,915)		(19,915)
March 31, 2025	125	$	—	8,050,000	$	8	80,626,997	$	81	$	1,733,185	$	(629,743)	$	1,103,531
Issuance of common stock, net	—	—		—	—		451,926	*		(190)		—		(190)
Retired common stock	—	—		—	—		(1,658,317)	(2)		(31)		(12,467)		(12,500)
Amortization of stock compensation expense	—	—		—	—		—	—		1,997		—		1,997
Net income	—	—		—	—		—	—		—		20,631		20,631
Dividends on preferred stock	—	—		—	—		—	—		—		(3,148)		(3,148)
Dividends on common stock (dividends declared per share of $0.24)	—	—		—	—		—	—		—		(19,484)		(19,484)
June 30, 2025	125	$	—	8,050,000	$	8	79,420,606	$	79	$	1,734,961	$	(644,211)	$	1,090,837

* Rounds to zero.

TPG RE Finance Trust, Inc.

Consolidated Statements of

Changes in Equity (Unaudited)

(in thousands, except share and per share data)



	Series A Preferred Stock			Series C Preferred Stock			Common Stock
	Shares	Par value		Shares	Par value		Shares	Par value		Additional paid-in-capital		Accumulated deficit		Total stockholders' equity
January 1, 2024	125	$	—	8,050,000	$	8	77,868,565	$	77	$	1,724,967	$	(600,267)	$	1,124,785
Issuance of common stock	—	—		—	—		3,873	1		—		—		1
Amortization of stock compensation expense	—	—		—	—		—	—		1,672		—		1,672
Net income	—	—		—	—		—	—		—		16,744		16,744
Dividends on preferred stock	—	—		—	—		—	—		—		(3,148)		(3,148)
Dividends on common stock (dividends declared per share of $0.24)	—	—		—	—		—	—		—		(19,162)		(19,162)
March 31, 2024	125	$	—	8,050,000	$	8	77,872,438	$	78	$	1,726,639	$	(605,833)	$	1,120,892
Issuance of common stock	—	—		—	—		3,056,087	3		(180)		—		(177)
Amortization of stock compensation expense	—	—		—	—		—	—		1,688		—		1,688
Net income	—	—		—	—		—	—		—		24,715		24,715
Dividends on preferred stock	—	—		—	—		—	—		—		(3,148)		(3,148)
Dividends on common stock (dividends declared per share of $0.24)	—	—		—	—		—	—		—		(19,798)		(19,798)
June 30, 2024	125	$	—	8,050,000	$	8	80,928,525	$	81	$	1,728,147	$	(604,064)	$	1,124,172

See accompanying notes to the Consolidated Financial Statements

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TPG RE Finance Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)



	Six Months Ended June 30,
	2025		2024
Cash flows from operating activities:
Net income	$	34,350	$	41,459
Adjustment to reconcile net income to net cash flows from operating activities:
Amortization and accretion of premiums, discounts and loan origination fees, net	(1,735)		(3,706)
Amortization of deferred financing costs and debt issuance discount	3,344		4,820
Depreciation and amortization	7,415		8,403
Amortization of above and below-market leases	72		(160)
Accrued PIK interest	(332)		(34)
Collection of accrued PIK interest	—		1,172
Gain on sale of real estate owned, net	(6,970)		—
Stock compensation expense	4,016		3,360
Increase (decrease) of allowance for credit losses, net (see Note 3)	5,202		(181)
Cash flows due to changes in operating assets and liabilities:
Accounts receivable	(154)		56
Accrued interest and fees receivable	(3,313)		4,380
Accrued expenses and other liabilities	(384)		(1,882)
Accrued interest payable	(239)		(3,090)
Payable to affiliates	83		131
Deferred revenue	878		52
Other assets	1,626		8,144
Net cash provided by operating activities	43,859		62,924
Cash flows from investing activities:
Origination and acquisition of loans held for investment	(665,743)		(73,523)
Advances on loans held for investment	(22,056)		(28,787)
Principal repayments of loans held for investment	191,990		567,460
Capital expenditures related to real estate owned	(1,364)		(2,964)

Sale of real estate owned	39,443		—
Sales of loans held for investment	—		92,798
Net cash (used in) provided by investing activities	(457,730)		554,984
Cash flows from financing activities:
Payments on collateralized loan obligations	(192,411)		(86,357)
Proceeds from collateralized loan obligations	960,094		—
Payments on secured financing agreements	(567,456)		(292,221)
Proceeds from secured financing agreements	420,341		—
Payments on asset-specific financing arrangements	(157,390)		(141,526)



Payment of deferred financing costs	(11,464)		(463)
Payment of costs from warrant exercise and issuance of common stock	—		(3)
Payments to retire common stock	(15,685)		—
Payments of costs from issuance of common stock	(30)		—
Dividends paid on common stock	(39,893)		(38,324)

Dividends paid on preferred stock	(6,296)		(6,296)
Net cash provided by (used in) financing activities	389,810		(565,190)
Net change in cash, cash equivalents, and restricted cash	(24,061)		52,718
Cash, cash equivalents and restricted cash at beginning of period	190,483		207,018
Cash, cash equivalents and restricted cash at end of period	$	166,422	$	259,736

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Supplemental disclosure of cash flow information:
Interest paid	$	85,562	$	104,241
Taxes paid	$	271	$	106
Supplemental disclosure of non-cash investing and financing activities:
Collateralized loan obligation proceeds held at trustee	$	1,778	$	—
Dividends declared, not paid	$	19,484	$	19,798

Principal repayments of loans held for investment held by servicer/trustee, net	$	—	$	60,221






Accrued deferred financing costs	$	162	$	84
Accrued capital expenditures related to real estate owned	$	28	$	240

Accrued costs from issuance of common stock	$	160	$	—
Accrued costs from warrant exercise and issuance of common stock	$	—	$	174

See accompanying notes to the Consolidated Financial Statements

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TPG RE Finance Trust, Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

(1) Business and Organization

TPG RE Finance Trust, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our” or the “Company”) is organized as a holding company and conducts its operations primarily through TPG RE Finance Trust Holdco, LLC (“Holdco”), a Delaware limited liability company that is wholly owned by the Company, and Holdco’s direct and indirect subsidiaries. The Company conducts its operations as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is generally not subject to U.S. federal income taxes on its REIT taxable income to the extent that it annually distributes all of its REIT taxable income to stockholders and maintains its qualification as a REIT. The Company also operates its business in a manner that permits it to maintain an exclusion from registration under the Investment Company Act of 1940, as amended.

The Company’s principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate-related credit investments, consisting primarily of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States.

(2) Summary of Significant Accounting Policies

Basis of Presentation

The interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The interim consolidated financial statements include the Company's accounts, consolidated variable interest entities for which the Company is the primary beneficiary, and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The Company believes it has made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are presented fairly and that estimates made in preparing the consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These interim consolidated financial statements should be read in conjunction with the Company’s Form 10-K filed with the SEC on February 18, 2025.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the consolidated financial statements include, but are not limited to, the adequacy of our allowance for credit losses and the valuation inputs related thereto. Actual amounts and values as of the balance sheet dates may be materially different from the amounts and values reported due to the inherent uncertainty in the estimation process and the limited availability of observable pricing inputs due to the nature of transitional mortgage loans. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date and the limited availability of observable prices.

Segments

The Company operates its business in a single operating and reportable segment, which is consistent with how the Company’s Chief Executive Officer, who is its chief operating decision maker (“CODM”), assesses financial performance and allocates resources. The CODM uses consolidated Net income (loss) as one of the primary measures to assess financial performance and allocate resources. All expense categories on the Company’s consolidated statements of income (loss) are significant, and there are no other significant expenses that would require disclosure. There is no difference between segment assets and total consolidated assets.

Principles of Consolidation

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810—Consolidation (“ASC 810”) provides guidance on the identification of a variable interest entity (“VIE”), for which control is achieved through means other than voting rights, and the determination of which business enterprise, if any, should consolidate the VIE. An entity is considered a VIE if any of the following applies: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which the Company is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.

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At each reporting date, the Company reconsiders its primary beneficiary conclusions for all its VIEs to determine if its obligation to absorb losses of, or its rights to receive benefits from, the VIE could potentially be more than insignificant, and will consolidate or not consolidate in accordance with GAAP. See Note 5 for details.

Revenue Recognition

Interest income on loans is accrued using the interest method based on the contractual terms of the loan. The objective of the interest method is to arrive at periodic interest income, including recognition of fees and costs, at a constant effective yield. Premiums, discounts, and origination fees are amortized or accreted into interest income over the lives of the loans using the interest method, or on a straight-line basis when it approximates the interest method. Extension and modification fees are accreted into interest income on a straight-line basis, when it approximates the interest method, over the related extension or modification period. Exit fees are accreted into interest income on a straight-line basis, when it approximates the interest method, over the lives of the loans to which they relate unless they can be waived by the Company or a co-lender in connection with a loan refinancing, or if timely collection of principal and interest is doubtful. Prepayment penalties from borrowers are recognized as interest income when received. Certain of the Company’s loan investments have in the past, and may in the future, provide for additional interest based on the borrower’s operating cash flow or appreciation in the value of the underlying collateral. Such amounts are considered contingent interest and are reflected as interest income only upon certainty of collection. Certain of the Company’s loan investments have in the past, and may in the future, provide for the accrual of interest (in part, or in whole) instead of its current payment in cash, with the accrued interest (“PIK interest”) added to the unpaid principal balance of the loan. Such PIK interest is recognized currently as interest income unless the Company concludes eventual collection is unlikely, in which case the PIK interest is written off.

All interest accrued but not received for loans placed on non-accrual status is subtracted from interest income at the time the loan is placed on non-accrual status. Based on the Company’s judgment as to the collectability of principal, a loan on non-accrual status is either accounted for on a cash basis, where interest income is recognized only upon receipt of cash for interest payments, or on a cost-recovery basis, where all cash receipts reduce the loan’s carrying value, and interest income is only recorded when such carrying value has been fully recovered.

Loans Held for Investment

Loans that the Company has the intent and ability to hold for the foreseeable future, or until maturity or repayment, are reported at their outstanding principal balances net of cumulative write-offs, interest applied to principal (for loans accounted for using the cost-recovery method), unamortized premiums, discounts, loan origination fees and costs. Loan origination fees and direct loan origination costs are deferred and recognized in interest income over the estimated life of the loans using the interest method, or on a straight-line basis when it approximates the interest method, adjusted for actual prepayments. Interest accrued but not yet collected is separately reported as accrued interest and fees receivable on the Company’s consolidated balance sheets.

Non-Accrual Loans

Loans are placed on non-accrual status when the full and timely collection of principal or interest is doubtful, generally when: management determines that the borrower is incapable of, or has ceased efforts toward, curing the cause of a default; the loan becomes 90 days or more past due for principal or interest; or the loan experiences a maturity default. The Company considers an account past due when an obligor fails to pay substantially all (defined as 90%) of the scheduled contractual payments by the due date. In each case, the period of delinquency is based on the number of days payments are contractually past due. A loan may be returned to accrual status if all delinquent principal and interest payments are brought current, and collectability of the remaining principal and interest payments in accordance with the loan agreement is reasonably assured. Loans that, in the judgment of the Manager, are adequately secured and in the process of collection are maintained on accrual status, even if they are 90 days or more past due.

Loans Held for Sale

The Company may change its intent, or its assessment of its ability, to hold for the foreseeable future loans held for investment based on changes in the real estate market, capital markets, or when a shift occurs in the Company's approach to loan portfolio construction. Once a determination is made to sell a loan, or the Company determines it no longer has the intent and ability to hold a loan held for investment for the foreseeable future, the loan is transferred to loans held for sale. In accordance with GAAP, loans classified as held for sale are recorded at the lower of cost or fair value, net of estimated selling costs, and the loan is excluded from the determination of the CECL reserve.

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Credit Losses

Allowance for Credit Losses for Loans Held for Investment

The Company accounts for its allowance for credit losses on loans held for investment using the Current Expected Credit Loss ("CECL") model of ASC Topic 326, Financial Instruments-Credit Losses (“ASC 326”). Periodic changes to the CECL reserve are recognized through net income on the Company’s consolidated statements of income and comprehensive income. The allowance for credit losses measured under the CECL accounting framework represents an estimate of current expected losses for the Company’s existing portfolio of loans held for investment, and is presented as a valuation reserve on the Company’s consolidated balance sheets. Expected credit losses related to non-cancelable unfunded loan commitments are accounted for as separate liabilities included in accrued expenses and other liabilities on the consolidated balance sheets. The allowance for credit losses for loans held for investment, as reported in the Company’s consolidated balance sheets, is adjusted by a credit loss (expense) benefit, which is reported in earnings in the consolidated statements of income and comprehensive income and reduced by the write-off of loan amounts, net of recoveries and additions related to purchased credit-deteriorated (“PCD”) assets, if relevant. The Company has elected to not measure an allowance for credit losses on accrued interest receivables related to its loans held for investment because it writes off uncollectible accrued interest receivable in a timely manner pursuant to its non-accrual policy, described above.

The Company considers key credit quality indicators in underwriting loans and estimating credit losses, including but not limited to: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate property type and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; debt service coverage ratio; the Company’s risk rating for the same and similar loans; and prior experience with the borrower and sponsor. This information is used to assess the financial and operating capability, experience and profitability of the sponsor/borrower. Ultimate repayment of the Company’s loans is also sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement short-term or long-term financing. The loans in the Company’s commercial mortgage loan portfolio are secured by collateral of the following property types: office; life science; multifamily; hotel; industrial; mixed-use; and self storage.

The Company’s loans are typically collateralized by real estate, or in the case of mezzanine loans, by a partnership interest or similar equity interest in the entity that owns the real estate securing the Company's first mortgage loan. The Company regularly evaluates on a loan-by-loan basis, typically no less frequently than quarterly, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, and the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial strength of loan guarantors, if any, and the borrower’s competency in managing and operating the property or properties. In addition, the Company considers the overall economic environment, real estate property type, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including, to the extent available (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current availability of, and credit spreads for, refinancing and (v) other market data.

Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, whereby no single factor on its own, whether quantitative or qualitative, is given more weight than others. The factors that the Company considers in connection with this evaluation are grouped as follows: (i) loan and credit structure, including the as-is LTV; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geography, local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; (iv) the frequency and materiality of loan modifications or waivers occasioned by unfavorable variances between the underwritten business plan and actual performance; (v) changes in the capital markets that may impact the repayment of the loan via a refinancing or sale of the loan collateral; and (vi) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively:

1 -Very Low Risk

2 -Low Risk

3 -Medium Risk

4 -High Risk/Potential for Loss—A loan that has a high risk of realizing a principal loss; and

5 -Default/Loss Likely—A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.

The Company generally assigns a risk rating of “3” to all loan investments upon origination or acquisition, except when specific circumstances warrant an exception.

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The Company’s CECL reserve also reflects estimates of the current and future economic conditions that impact the performance of the commercial real estate assets securing the Company’s loans. These estimates include unemployment rates, inflation rates, interest rates, price indices for commercial property, current and expected future availability of liquidity in the commercial property debt and equity capital markets, and other macroeconomic factors that may influence the likelihood and magnitude of potential credit losses for the Company’s loans during their anticipated term. The Company licenses certain macroeconomic financial forecasts to inform its view of the potential future impact that broader economic conditions may have on its loan portfolio’s performance. Selection of the economic forecast or forecasts used, in conjunction with loan level inputs, to determine the CECL reserve requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty. The actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented.

The key inputs to the Company's estimation of its allowance for credit losses as of June 30, 2025 were impacted by continued dislocations in the capital markets, declines in property values, sustained higher interest rates, the potential impact of tariffs, uncertain inflationary trends, a continued risk of recession, structural shifts and regulatory changes in the banking sector, and political and geopolitical conflicts. Inherent uncertainty in the estimation process and the limited availability of observable pricing inputs due to the nature of transitional mortgage loans also constrain the Company's ability to estimate key inputs utilized to calculate its allowance for credit losses. Key inputs to the estimate include, but are not limited to: LTV; debt service coverage ratio; current and future operating cash flow and performance of collateral properties; the financial strength and liquidity of borrowers and sponsors; capitalization rates and discount rates used to value commercial real estate properties; and market liquidity based on market indices or observable transactions involving the sale or financing of commercial properties. Estimates made by the Company are subject to change. Actual results could differ from management’s estimates, and such differences could be material.

Credit Loss Measurement

The amount of allowance for credit losses is influenced by the size of the Company’s loan portfolio, loan quality and duration, collateral operating performance, risk rating, delinquency status, historic loss experience and other characteristics influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The Company employs two methods to estimate credit losses in its loan portfolio: (1) a model-based approach; and (2) an individually assessed approach for loans considered to be "collateral-dependent" since the repayment of the loan is expected to be provided substantially through the operation or sale of the underlying collateral, and the borrower is experiencing financial difficulty or foreclosure is probable.

Once the expected credit loss amount is determined, an allowance for credit losses is established. A loan will be written off through the allowance for credit losses when it is deemed non-recoverable or upon a realization event. This is generally at the time the loan is settled (including conversion to real estate owned), transferred or exchanged. Non-recoverability may also be concluded by the Company if, in its determination, it is nearly certain that all amounts due will not be collected. This loss is equal to the difference between the cash received, or expected to be received, and the carrying value of the asset. Factors considered by the Company in determining whether the expected credit loss is not recoverable include whether the Company determines that the loan is uncollectible, which means repayment is deemed to be delayed beyond a reasonable time, a loss becomes evident due to a borrower’s lack of assets and liquidity, or a borrower’s sponsor is unwilling or unable to support the loan.

Allowance for Credit Losses for Loans Held for Investment – Model-Based Approach

The Company uses a model-based approach to measure the expected lifetime allowance for credit losses related to loans which are not individually assessed. The model-based approach considers the underlying loan level cash flows and relevant historical market loan loss data. The Company licenses from Trepp, LLC historical loss information, incorporating loan performance data for over 125,000 commercial real estate loans dating back to 1998, and an analytical model to compute statistical credit loss factors (i.e., probability-of-default, loss severity, and loss-given-default). These credit loss factors are utilized by the Company together with loan specific inputs such as property-level operating performance information, delinquency status, indicators of credit quality, and other credit trends and risk characteristics. Additionally, the Company considers relevant loan and borrower specific qualitative factors and incorporates its expectations about the impact of current macroeconomic and local market conditions and reasonable and supportable operating forecasts on expected future credit losses in deriving its estimate. For the period beyond which the Company is able to make reasonable and supportable forecasts, the Company reverts to unadjusted historical loan loss information.

The Company uses other acceptable alternative approaches depending on, among other factors, the type of loan, underlying collateral and availability of relevant historical market loan loss data.

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Allowance for Credit Losses for Loans Held for Investment – Individually Assessed Approach

In instances where the Company concludes a loan repayment is entirely dependent on the operation or sale of the underlying collateral and the borrower is experiencing financial difficulty or foreclosure is probable, the Company individually assesses the allowance for credit loss for the underlying loan. The amount of expected credit loss is determined using broadly accepted and standard real estate valuation techniques (most commonly, a discounted cash flow model and real estate sales comparables). In instances where the Company determines foreclosure of the underlying collateral is probable, the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the underlying collateral as of the measurement date. The fair value of the underlying collateral is adjusted for the estimated costs to sell if repayment or satisfaction of a loan is dependent on the sale (rather than the operation) of the underlying collateral in instances where foreclosure is not probable.

Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Evaluations of the loan portfolio in future periods, given the prevailing forecasts and credit loss factors, may result in significant changes to the Company's allowance for credit losses and credit loss expense.

Unfunded Loan Commitments

The Company’s first mortgage loans often contain provisions for future funding of a pre-determined portion of capital and other costs incurred by the borrower in executing its business plan. These deferred fundings are conditioned upon the borrower’s execution of its business plan with respect to the underlying collateral property securing the loan. These deferred fundings are typically for base building work, tenant improvement costs and leasing commissions, interest reserves, and occasionally to fund forecasted operating deficits during lease-up. These deferred funding commitments may be for specific periods, often require satisfaction by the borrower of conditions precedent, and may contain termination clauses at the option of the borrower or, more rarely, at the Company’s option. The total amount of unfunded commitments does not necessarily represent actual amounts that may be funded in cash in the future, since commitments may expire without being drawn, may be cancelled if certain conditions are not satisfied by the borrower, or borrowers may elect not to borrow some or all of the unused commitment. The Company does not recognize these unfunded loan commitments in its consolidated financial statements.

The Company applies its expected credit loss estimates to all future funding commitments that cannot be contractually terminated at the Company’s option. The Company maintains a separate allowance for expected credit losses from unfunded loan commitments, which is included in accrued expenses and other liabilities on the consolidated balance sheets. The Company estimates the amount of expected losses by calculating a commitment usage factor over the contractual period for exposures that are not unconditionally cancellable by the Company and applies the loss factors used in the allowance for credit loss methodology described above to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan.

Exit Fees Receivable

The Company's first mortgage loans may require the borrower to pay an exit fee upon repayment or maturity. For each loan that has an exit fee outstanding, the Company calculates an allowance for credit losses as of the reporting date. Such amounts are recorded within Accrued interest and fees receivable on the Company's consolidated balance sheet and Credit loss expense, net on the Company's consolidated statements of income and comprehensive income.

Real Estate Owned

Real estate acquired through a foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned (“REO”) and held for investment on the Company’s consolidated balance sheet until a pending sales transaction meets the criteria of ASC 360-10-45-9 after which the real estate is considered to be held for sale, or is sold. The Company's basis in REO is equal to the fair value of the collateral's net assets upon foreclosure. The estimated fair value of REO is determined using generally accepted valuation techniques, including a discounted cash flow model and inputs that include the highest and best use for each asset, estimated future values based on extensive discussions with local brokers, investors and other market participants, the estimated holding period for the asset, and capitalization and discount rates that reflect estimated investor return requirements for the risks associated with the expected use of each asset. If the estimated fair value of REO is lower than the carrying value of the related loan upon its conversion to REO, the difference, along with any previously recorded specific CECL reserve, is recorded through credit loss (expense) benefit in the consolidated statements of income and comprehensive income.

Upon the acquisition of a property, the Company assesses the fair value of the acquired tangible and intangible assets (including land, buildings, tenant improvements, above and below-market leases, acquired in-place leases, other identified intangible assets and assumed liabilities) and allocates the purchase price to the acquired assets and assumed liabilities, which are on a relative fair value basis. The Company assesses and considers fair value based on estimated cash flow projections that utilize appropriate discount and/or capitalization rates, as well as other available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions.

In determining the fair value of the tangible assets of an acquired property, the Company considers the value of the property as if it were vacant. Revenue from real estate owned is primarily comprised of rental income, including base rent and reimbursements of

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property operating expenses. For leases that have fixed and measurable base rent escalations, the Company recognizes base rent on a straight-line basis over the non-cancelable lease terms. The difference between such rental income earned and the cash rent amount is recorded as straight-line rent receivable and included within Other assets on the consolidated balance sheets.

The Company records the amortization of above and below-market leases as an adjustment to Revenue from real estate owned operations on the consolidated statements of income and comprehensive income.

As of June 30, 2025, REO depreciable assets are depreciated using the straight-line method over estimated useful lives as follows:


Description						Depreciable Life
Building						Up to 48 years
Building improvements						Up to 12 years
Lease intangibles						Over lease term

Renovations and/or replacements that improve or extend the life of the REO are capitalized and depreciated over their estimated useful lives. The cost of ordinary repairs and maintenance are expensed as incurred. The Company capitalizes costs directly related to the pre-development, development or improvement of its REO, referred to as capital projects. Costs associated with the Company's capital projects are capitalized as incurred. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes, insurance and utilities, if appropriate. The Company capitalizes indirect costs such as personnel, office, and administrative expenses that are directly related to development projects based on an estimate of the time spent on the construction and development activities. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to prepare the asset for its intended use. The Company determines when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed.

REO is initially measured at fair value and is thereafter subject to an ongoing impairment analysis. Subsequent to an REO acquisition, events or circumstances may occur that result in a material and sustained change in the cash flows generated, or expected to be generated, from the property. REO is evaluated for recoverability when impairment indicators are identified. REO is considered for impairment when the sum of estimated future undiscounted cash flows to be generated by the REO over the estimated remaining holding period is less than the carrying value of the REO. An impairment loss is recorded when the carrying value of the REO exceeds its fair value. Any impairment loss and gains on sale are included in the consolidated statements of income and comprehensive income. Revenue and expenses from REO operations are included in the consolidated statements of income and comprehensive income within Revenue from real estate owned operations and Expenses from real estate owned operations, as applicable.

Investment Portfolio Financing Arrangements

The Company finances its portfolio of loans, or participation interests therein, and REO using secured financing agreements, including secured credit agreements, secured revolving credit facilities, asset-specific financing arrangements, mortgage loans payable, and collateralized loan obligations. The related borrowings are recorded as separate liabilities on the Company’s consolidated balance sheets. Interest income earned on the investments and interest expense incurred on the related borrowings are reported separately on the Company’s consolidated statements of income and comprehensive income.

In certain instances, the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third-party. For all such syndications the Company has completed through June 30, 2025, the Company transferred to a third-party lender, on a non-recourse basis, 100% of the senior mortgage loan that the Company originated, and retained as a loan investment a separate mezzanine loan investment secured by a pledge of the equity in the mortgage borrower. With respect to the senior mortgage loans transferred, the Company retains: no control over the mortgage loan; no economic interest in the mortgage loan; and no recourse to the purchaser or the borrower. Consequently, based on these circumstances and because the Company does not have any continuing involvement with the transferred senior mortgage loan, these syndications are accounted for as sales under GAAP and are removed from the Company’s consolidated financial statements at the time of transfer. The Company’s consolidated balance sheets only include the separate mezzanine loan remaining after the transfer.

For more information regarding the Company’s investment portfolio financing arrangements, see Note 6.

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Fair Value Measurements

The Company follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), for its holdings of financial instruments. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for a financial instrument in a current sale, which assumes an orderly transaction between market participants on the measurement date. The Company determines the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes the inputs used in measuring fair value. GAAP establishes market-based or observable inputs as the preferred source of values followed by valuation models using management assumptions in the absence of market inputs. The financial instruments recorded at fair value on a recurring basis in the Company’s consolidated financial statements are cash, cash equivalents, and restricted cash. The three levels of inputs that may be used to measure fair value are as follows:

Level I—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

Level II—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level III—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

For certain financial instruments, the inputs used by management to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for such financial instrument is based on the lowest level of input that is significant to the fair value measurement.

The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The Company may use valuation techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The market approach uses third-party valuations and information obtained from market transactions involving identical or similar assets or liabilities. The income approach uses projections of the future economic benefits of an instrument to determine its fair value, such as in the discounted cash flow methodology. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in these financial instruments. Transfers between levels of the fair value hierarchy are assumed to occur at the end of the reporting period.

The following methods and assumptions are used by the Manager to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

•Cash and cash equivalents: the carrying amount of cash and cash equivalents approximates fair value.

•Loans held for investment, net: using a discounted cash flow methodology employing a discount rate for loans of comparable credit quality, structure, and LTV based upon appraisal information and current estimates of the value of collateral property performed by the Manager, and credit spreads for loans of comparable risk (as determined by the Manager based on the factors previously described) as corroborated by inquiry of other market participants.

•Loans held for sale: estimated fair market value based on sale comparables as corroborated by inquiry of other market participants or independent market data providers.

•Secured revolving credit facilities, asset-specific financings, and mortgage loan payable: based on the rate at which a similar secured revolving credit facility, asset-specific financing, or mortgage loan payable would currently be priced, as corroborated by inquiry of other market participants.

•Commercial Real Estate Collateralized Loan Obligations, net: indications of value from dealers active in trading similar or substantially similar securities, observable quotes from market data services, reported prices and spreads for recent new issues, and Manager estimates of the credit spread at which similar bonds would be issued, or traded, in the new issue and secondary markets.

•Other assets and liabilities subject to fair value measurement, including receivables, payables and accrued liabilities have carrying values that approximate fair value due to their short-term nature.

As discussed above, market-based or observable inputs are generally the preferred source of values for purposes of measuring the fair value of the Company’s assets under GAAP. The commercial property investment sales and commercial mortgage loan markets have experienced uneven liquidity due to global macroeconomic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, sustained higher interest rates, the potential impact of tariffs, currency fluctuations, labor shortages, structural shifts and regulatory changes in the banking sector, and political and geopolitical conflicts, which has made it more difficult to rely on market-based inputs in connection with the valuation of the Company’s assets under GAAP. Key valuation inputs include, but are not limited to, future operating cash flow and performance of collateral properties, the financial strength and liquidity of borrowers and sponsors, credit spreads for secured real estate borrowings, capitalization rates and discount rates used to value commercial real estate properties, and observable transactions involving the sale or financing of commercial properties.

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Income Taxes

The Company qualifies and has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), commencing with its initial taxable year ended December 31, 2014. To the extent that it annually distributes at least 90% of its REIT taxable income to stockholders and complies with various other requirements as a REIT, the Company generally will not be subject to U.S. federal income taxes on its distributed REIT taxable income. In 2017, the Internal Revenue Service issued a revenue procedure permitting “publicly offered” REITs to make elective stock dividends (i.e., dividends paid in a mixture of stock and cash), with at least 20% of the total distribution being paid in cash, to satisfy their REIT distribution requirements. Pursuant to this revenue procedure, the Company may elect to make future distributions of its taxable income in a mixture of stock and cash. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Even though the Company currently qualifies for taxation as a REIT, the Company may be subject to certain U.S. federal, state, local and foreign taxes on the Company’s income and property and to U.S. federal income and excise taxes on the Company’s undistributed REIT taxable income.

In certain instances, the Company may generate excess inclusion income (“EII”) within the Sub-REIT structure it established for the purpose of issuing collateralized loan obligations (“CRE CLOs”). EII has previously occurred in certain instances where the Company’s CRE CLOs generate excess income as a result of declines in the underlying benchmark interest rates from the issuance date of a CRE CLO’s liabilities and the loans contributed to the CRE CLOs with interest rate floors that are materially higher than the current benchmark rates. EII, which is treated as unrelated business taxable income (“UBTI”), is an obligation of the Company and is allocated only to a taxable REIT subsidiary (“TRS”) and not to the Company's common stockholders.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period in which the enactment date occurs. Under ASC Topic 740, Income Taxes (“ASC 740”), a valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. Currently, the Company has no taxable temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis.

The Company intends to continue to operate in a manner consistent with, and to continue to meet the requirements to be treated as, a REIT for tax purposes and to distribute all of its REIT taxable income.

Earnings per Common Share

The Company calculates basic earnings per share using the two-class method. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. Basic earnings per common share is calculated by dividing earnings allocated to common shareholders by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is computed under the more dilutive of the treasury stock method or the two-class method. The computation of diluted earnings per share is based on the weighted average number of participating securities outstanding plus the incremental shares that would be outstanding assuming exercise of then-outstanding warrants to purchase common stock (the “Warrants”, see Note 12) issued in connection with the Company’s no-longer-outstanding Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”), which were exercisable on a net settlement basis. The number of incremental shares is calculated utilizing the treasury stock method. As discussed in Note 12, on May 8, 2024, all of the Warrants were exercised on a net settlement basis, resulting in the issuance of 2,647,059 shares of the Company's common stock. As of June 30, 2025, there were no Warrants outstanding.

The Company accounts for unvested stock-based compensation awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. The Company excludes participating securities and Warrants from the calculation of diluted weighted average shares outstanding in periods of net losses since their effect would be anti-dilutive.

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Stock-based Compensation

Stock-based compensation consists of awards issued by the Company to certain employees of affiliates of the Manager and certain members of the Company’s Board of Directors. The stock-based compensation awards to certain employees of affiliates of the Manager generally vest in installments over a fixed period. Deferred stock units granted to the Company’s Board of Directors prior to December 2021 fully vested on the grant date and accrued, and will continue to accrue, common stock dividends that are paid-in kind through additional deferred stock units on a quarterly basis. Deferred stock units granted in December 2021 and thereafter will fully vest on the grant date and will continue to accrue and be paid cash common stock dividends on a quarterly basis. Stock-based compensation expense is recognized in net income on a straight-line basis over the applicable award’s vesting period. Forfeitures of stock-based compensation awards are recognized as they occur.

Deferred Financing Costs

Deferred financing costs are reflected net of the liabilities to which they relate, currently collateralized loan obligations, secured financing agreements, which include secured credit agreements and a secured revolving credit facility, asset-specific financing arrangements, and mortgage loans payable on the Company’s consolidated balance sheets. These costs are amortized in interest expense using the interest method, or on a straight-line basis when it approximates the interest method, as follows: (i) for secured financing agreements other than CRE CLOs, the initial term of the financing agreement, or in the case of costs directly associated with the loan, over the life of the financing agreement or the loan, whichever is shorter; and (ii) for CRE CLOs, over the estimated life of the liabilities issued based on the underlying loans’ initial maturity dates, considering the expected repayment behavior of the loans collateralizing the notes and the impact of any reinvestment periods, as of the closing date.

Cash and Cash Equivalents

Cash and cash equivalents includes cash held in banks or invested in money market funds with original maturities of less than 90 days. The Company deposits its cash and cash equivalents with high credit quality institutions to minimize credit risk exposure. The Company maintains cash accounts at several financial institutions, which are insured up to a maximum of $250,000 per account as of June 30, 2025 and December 31, 2024. The balances in these accounts may exceed the insured limits.

Pursuant to financial covenants applicable to Holdco, which is the guarantor of the Company’s recourse indebtedness, the Company is required to maintain minimum cash equal to the greater of (i) $15 million or (ii) the product of 5% and the aggregate recourse indebtedness of the Company. As of June 30, 2025 and December 31, 2024, the Company held as part of its total cash balances $20.7 million and $15.0 million to comply with this covenant, respectively.

Restricted Cash

Restricted cash primarily represents deposits paid by potential borrowers to cover certain costs incurred by the Company in connection with loan originations. These deposits may be returned to borrowers, after deducting eligible transaction costs paid by the Company for the benefit of the borrowers, upon the closing of a loan transaction, or if a loan transaction does not close and deposit proceeds remain. As of June 30, 2025, $0.6 million of restricted cash was combined with cash and cash equivalents of $165.9 million in the consolidated statement of cash flows. As of December 31, 2024, $0.3 million of restricted cash was combined with cash and cash equivalents of $190.2 million in the consolidated statement of cash flows.

Collateralized Loan Obligation Proceeds Held at Trustee

Collateralized Loan Obligation Proceeds Held at Trustee represent cash held by the Company’s collateralized loan obligations pending reinvestment in eligible collateral. See Note 5 for additional details.

Accounts Receivable from Servicer/Trustee

Accounts receivable from Servicer/Trustee represents cash proceeds from loan activities that have not been remitted to the Company based on established servicing and borrowing procedures. Such amounts are generally held by the Servicer/Trustee for less than 30 days before being remitted to the Company.

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Stockholders’ Equity

Total Stockholders’ Equity may include preferred stock, common stock, and derivative instruments indexed to the Company's common stock such as warrants or other embedded options within financing arrangements that may be classified as temporary or permanent equity. Common shares generally represent a basic ownership interest in an entity and a residual corporate interest in liquidation, bearing the ultimate risk of loss and receiving the benefit of success. Common shares are usually perpetual in nature with voting rights and dividend rights. Preferred shares are usually characterized by the life of the instrument (i.e., perpetual or redeemable) and the ability of a holder to convert the equity instrument into cash, common shares, or a combination thereof. The terms of preferred shares can vary significantly, including but not limited to, an equity instrument’s dividend rate, term (e.g., existence of a stated redemption date), conversion features, voting rights, and liquidation preferences. Derivative instruments indexed to the Company's common stock such as warrants or other embedded options within financing arrangements are generally classified based on which party controls the contract settlement mechanism and the nature of the settlement terms that may require, or allow, the Company to make a cash payment, issue common shares, or a combination thereof to satisfy its obligation of the underlying contract.

The Company has shares of preferred stock and common stock that are outstanding and classified as permanent equity. Prior to June 30, 2024, the Company also had Warrants outstanding. The Warrants were exercisable on a net settlement basis. As discussed below in Note 12, on May 8, 2024, all of the Warrants were exercised on a net settlement basis, resulting in the issuance of 2,647,059 shares of the Company's common stock. As of June 30, 2025, there were no Warrants outstanding.

The Company’s common stock is perpetual with voting rights and dividend rights. On June 14, 2021, the Company issued 8,050,000 shares of Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) that is classified as permanent equity. The outstanding shares of Series C Preferred Stock have a 6.25% dividend rate and may be redeemed by the Company at its option on and after June 14, 2026. The Series C Preferred Stock issuance and Warrants are described in Note 12.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"). ASU 2024-03 intends to enhance disclosures about a public business entity’s expenses and requires more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. This standard is effective for the Company beginning with its 2027 annual reporting. ASU 2024-03 is to be adopted prospectively. The Company is currently evaluating the impact of ASU 2024-03.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures and requires additional disaggregated disclosures on an entity's effective tax rate reconciliation and additional information on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09.

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(3) Loans Held for Investment and the Allowance for Credit Losses

The Company originates and acquires first mortgage and mezzanine loans secured by commercial properties. The Company considers these loans to comprise a single portfolio of mortgage loans, and the Company has developed its systematic methodology to determine the allowance for credit losses based on a single portfolio. For purposes of certain disclosures herein, the Company disaggregates this portfolio segment into the following classes of finance receivables: senior loans; and subordinated and mezzanine loans. These loans can potentially subject the Company to concentrations of credit risk, including, without limitation: property type collateralizing the loan; loan category; loan size; loans to a single sponsor; and loans in a single geographic area. The Company’s loans held for investment are accounted for at amortized cost. Interest accrued but not yet collected is separately reported within accrued interest and fees receivable on the Company’s consolidated balance sheets. Amounts within that caption relating to loans held for investment were $16.9 million and $16.0 million as of June 30, 2025 and December 31, 2024, respectively.

During the six months ended June 30, 2025, the Company originated seven mortgage loans with aggregate total loan commitments of $695.6 million, an aggregate initial unpaid principal balance of $670.5 million, and aggregate unfunded commitments at closing of $25.1 million. Additionally, the Company received three full loan repayments totaling $147.4 million and received partial principal payments of $46.4 million across four loans, for total loan repayments of $193.8 million during the six months ended June 30, 2025.

The following table details overall statistics for the Company’s loans held for investment portfolio (dollars in thousands):


	June 30, 2025							December 31, 2024
		Balance sheet portfolio			Total loan exposure(1)			Balance sheet portfolio			Total loan exposure(1)
Number of loans		49			49			45			45
Floating rate loans		99.7		%	99.7		%	99.7		%	99.7		%
Total loan commitment		$	3,899,345		$	3,899,345		$	3,412,016		$	3,412,016
Unpaid principal balance(2)		$	3,783,609		$	3,783,609		$	3,284,510		$	3,284,510
Unfunded loan commitments(3)		$	116,428		$	116,428		$	127,866		$	127,866
Amortized cost		$	3,774,686		$	3,774,686		$	3,278,588		$	3,278,588
Weighted average credit spread		3.5		%	3.5		%	3.7		%	3.7		%
Weighted average all-in yield(4)		8.0		%	8.0		%	8.3		%	8.3		%
Weighted average term to extended maturity (in years)(5)		2.7			2.7			2.4			2.4

_______________________

(1)In certain instances, the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third-party. In either case, the senior mortgage loan (i.e., the non-consolidated senior interest) is not included on the Company’s balance sheet. When the Company creates structural leverage through the co-origination or non-recourse syndication of a senior loan interest to a third-party, the Company retains on its balance sheet a mezzanine loan. Total loan exposure encompasses the entire loan portfolio the Company originated, acquired and financed. The Company had no non-consolidated senior interests as of June 30, 2025 and December 31, 2024. As of June 30, 2025, total loan exposure includes one fixed rate contiguous mezzanine loan.

(2)Unpaid principal balance includes PIK interest of $0.7 million and $0.4 million as of June 30, 2025 and December 31, 2024, respectively.

(3)Unfunded loan commitments may be funded over the term of each loan, subject in certain cases to an expiration date or a force-funding date, primarily to finance property improvements or lease-related expenditures by the Company’s borrowers and to finance operating deficits during renovation and lease-up.

(4)As of June 30, 2025, all of the Company's floating rate loans were indexed to Term SOFR. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price premium and discount if any, and accrual of both extension and exit fees. All-in yield for the total portfolio assumes Term SOFR as of June 30, 2025 for weighted average calculations.

(5)Extended maturity assumes all extension options are exercised by the borrower; provided, however, that the Company’s loans may be repaid prior to such date. As of June 30, 2025, based on the unpaid principal balance of the Company’s total loan exposure, 40.6% of the Company’s loans were subject to yield maintenance or other prepayment restrictions and 59.4% were open to repayment by the borrower without penalty.

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The following tables present an overview of the Company’s loans held for investment portfolio by loan seniority (dollars in thousands):


	June 30, 2025
Loans held for investment, net	Outstanding principal		Unamortized premium (discount) and loan origination fees, net		Amortized cost
Senior loans(1)	$	3,783,609	$	(8,923)	$	3,774,686

Total	$	3,783,609	$	(8,923)	$	3,774,686
Allowance for credit losses					(66,957)
Loans held for investment, net					$	3,707,729


	December 31, 2024
Loans held for investment, net	Outstanding principal		Unamortized premium (discount) and loan origination fees, net		Amortized cost
Senior loans(1)	$	3,284,510	$	(5,922)	$	3,278,588

Total	$	3,284,510	$	(5,922)	$	3,278,588
Allowance for credit losses					(61,558)
Loans held for investment, net					$	3,217,030

________________________________

(1)Senior loans may include contiguous mezzanine loans and pari passu participations in senior mortgage loans.

The following table presents the Company’s loans held for investment portfolio activity (dollars in thousands):


	Amortized cost		Allowance for credit losses		Carrying value












Balance as of December 31, 2024	$	3,278,588	$	(61,558)	$	3,217,030
Loans originated and acquired	665,743		—		665,743
Additional fundings	22,056		—		22,056
Accrued PIK interest	332		—		332
Amortization of origination fees and discounts	1,735		—		1,735
Collection of principal	(193,768)		—		(193,768)





Allowance for credit losses	—		(5,399)		(5,399)
Balance as of June 30, 2025	$	3,774,686	$	(66,957)	$	3,707,729

As of June 30, 2025 and December 31, 2024, there was $8.9 million and $5.9 million, respectively, of unamortized loan fees included in loans held for investment, net in the consolidated balance sheets.

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Loan Risk Ratings

The Company evaluates all of its loans to assign risk ratings on a quarterly basis on a 5-point scale. As described in Note 2, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively. The Company generally assigns a risk rating of “3” to all loan investments upon origination or acquisition, except when specific circumstances warrant an exception.

The following tables present the Company's loans held for investment portfolio on an amortized cost basis by origination year, grouped by risk rating (dollars in thousands):


	June 30, 2025
	Amortized cost by origination year
	2025		2024		2023		2022		2021		Prior		Total
Senior loans by internal risk ratings:
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	—		62,767		—		—		—		—		62,767
3	666,044		471,392		196,158		699,890		1,116,893		442,607		3,592,984
4	—		—		—		—		—		118,935		118,935
5	—		—		—		—		—		—		—
Total senior loans	$	666,044	$	534,159	$	196,158	$	699,890	$	1,116,893	$	561,542	$	3,774,686
Senior loans:
Current-period realized loss on loan write-offs related to REO conversions	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	December 31, 2024
	Amortized cost by origination year
	2024		2023		2022		2021		2020		Prior		Total
Senior loans by internal risk ratings:
1	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2	62,716		—		—		—		—		—		62,716
3	467,735		201,588		752,847		1,213,894		—		462,607		3,098,671
4	—		—		—		—		—		117,201		117,201
5	—		—		—		—		—		—		—
Total senior loans	$	530,451	$	201,588	$	752,847	$	1,213,894	$	—	$	579,808	$	3,278,588
Senior loans:
Current-period realized loss on loan write-offs related to REO conversions	$	—	$	—	$	(7,818)	$	(1,911)	$	—	$	—	$	(9,729)

Loans acquired are presented in the preceding tables in the column corresponding to the year of origination, not acquisition.

The table below summarizes the Company’s portfolio of loans held for investment on an amortized cost basis, by the results of its internal risk rating review process performed (dollars in thousands):


Risk rating	June 30, 2025		December 31, 2024
1	$	—	$	—
2	62,767		62,716
3	3,592,984		3,098,671
4	118,935		117,201
5	—		—
Total	$	3,774,686	$	3,278,588
Allowance for credit losses	(66,957)		(61,558)
Carrying value	$	3,707,729	$	3,217,030
Weighted average risk rating(1)	3.0		3.0

________________________________

(1)Weighted average risk rating calculated based on the amortized cost balance at period end.

The weighted average risk rating of the Company’s loans held for investment portfolio was 3.0 as of June 30, 2025, unchanged from December 31, 2024.

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Allowance for Credit Losses

The Company’s allowance for credit losses developed pursuant to ASC 326 reflects its current estimate of potential credit losses related to its loans held for investment portfolio as of June 30, 2025. As part of its allowance for credit losses, the Company maintains a separate allowance for credit losses related to unfunded loan commitments which is included in accrued expenses and other liabilities on the consolidated balance sheets. See Note 2 for additional details regarding the Company's accounting policies and estimation of its allowance for credit losses.

The following tables present activity in the allowance for credit losses for loans by finance receivable class (dollars in thousands):


	For the Three Months Ended June 30, 2025
	Senior loans
Allowance for credit losses for loans held for investment:
Beginning balance at April 1, 2025	$	64,721
Allowance for credit losses, net	2,236

Subtotal	66,957

Allowance for credit losses on unfunded loan commitments:
Beginning balance at April 1, 2025	2,494
Reversal of credit losses, net	(675)
Subtotal	1,819
Total allowance for credit losses(1)	$	68,776


	For the Three Months Ended June 30, 2024
	Senior loans
Allowance for credit losses for loans held for investment:
Beginning balance at April 1, 2024	$	71,258
Reversal of credit losses, net	(4,410)

Subtotal	66,848

Allowance for credit losses on unfunded loan commitments:
Beginning balance at April 1, 2024	2,869
Reversal of credit losses, net	(127)
Subtotal	2,742
Total allowance for credit losses	$	69,590


	For the Six Months Ended June 30, 2025

	Senior loans
Allowance for credit losses for loans held for investment:
Beginning balance at January 1, 2025	$	61,558
Allowance for credit losses, net	5,399

Subtotal	66,957

Allowance for credit losses on unfunded loan commitments:
Beginning balance at January 1, 2025	2,415
Reversal of credit losses, net	(596)
Subtotal	1,819
Total allowance for credit losses(1)	$	68,776

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	For the Six Months Ended June 30, 2024

	Senior loans
Allowance for credit losses for loans held for investment:
Beginning balance at January 1, 2024	$	67,092
Reversal of credit losses, net	(244)

Subtotal	66,848

Allowance for credit losses on unfunded loan commitments:
Beginning balance at January 1, 2024	2,679
Allowance for credit losses, net	63
Subtotal	2,742
Total allowance for credit losses	$	69,590

________________________________

(1)Excludes $0.6 million of allowance for credit losses on exit fees receivable related to the Company's loans held for investment portfolio. Such amounts are recorded within Accrued interest and fees receivable on the Company's consolidated balance sheet and Credit loss expense, net on the Company's consolidated statements of income and comprehensive income.

The following table presents the allowance for credit losses for loans held for investment (dollars in thousands):


	June 30, 2025
	General reserve		Specific reserve		Total reserve
Allowance for credit losses:
Loans held for investment	$	66,957	$	—	$	66,957
Unfunded loan commitments	1,819		—		1,819
Total allowance for credit losses(1)	$	68,776	$	—	$	68,776
Total unpaid principal balance	$	3,783,609	$	—	$	3,783,609

	December 31, 2024
	General reserve		Specific reserve		Total reserve
Allowance for credit losses:
Loans held for investment	$	61,558	$	—	$	61,558
Unfunded loan commitments	2,415		—		2,415
Total allowance for credit losses(1)	$	63,973	$	—	$	63,973
Total unpaid principal balance	$	3,284,510	$	—	$	3,284,510

________________________________

(1)Excludes $0.6 million and $0.2 million of allowance for credit losses on exit fees receivable related to the Company's loans held for investment portfolio as of June 30, 2025 and December 31, 2024, respectively. Such amounts are recorded within Accrued interest and fees receivable on the Company's consolidated balance sheet and Credit loss expense, net on the Company's consolidated statements of income and comprehensive income.

The Company’s allowance for credit losses is influenced by the size and maturity dates of its loans, loan quality, credit indicators including risk ratings, delinquency status, historical loss experience and other conditions influencing loss expectations, such as property valuation and reasonable and supportable forecasts of economic conditions.

During the three months ended June 30, 2025, the Company recorded an increase of $1.6 million to its allowance for credit losses. The increase to the Company's allowance for credit losses was due primarily to an increase of $4.0 million resulting from the Company's loan origination activity during the three months ended June 30, 2025, partially offset by (i) a decrease of $2.2 million resulting from full loan repayments and (ii) a net decrease of $0.3 million related to improved asset-level performance and changes to the macroeconomic assumptions employed in determining the general CECL reserve.

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During the six months ended June 30, 2025, the Company recorded an increase of $4.8 million to its allowance for credit losses, increasing its CECL reserve for loans held for investment to $68.8 million as of June 30, 2025. For the six months ended June 30, 2025, the increase to the Company's allowance for credit losses was due primarily to (i) an increase of $4.0 million resulting from the Company's loan origination activity during the six months ended June 30, 2025, and (ii) a net increase of $3.5 million related to the impact of an uncertain macroeconomic environment and its potential impacts on the Company's loan portfolio, partially offset by a decrease of $2.7 million resulting from full loan repayments during the six months ended June 30, 2025.

During the three months ended June 30, 2024, the Company recorded a decrease of $4.5 million to its allowance for credit losses. The decrease to the Company's allowance for credit losses was due to (i) a decrease of $1.5 million resulting from full loan repayments and (ii) a net decrease of $3.0 million related to improved asset-level performance and changes to the macroeconomic assumptions employed in determining the general CECL reserve.

During the six months ended June 30, 2024, the Company recorded a decrease of $0.2 million, decreasing its allowance for credit losses to $69.6 million as of June 30, 2024. For the six months ended June 30, 2024, the decrease to the Company's allowance for credit losses was primarily due to a decrease of $2.7 million resulting from loan repayments during the six months ended June 30, 2024, partially offset by (i) an increase of $1.0 million resulting from the Company's loan origination activity during the six months ended June 30, 2024 and (ii) a net increase of $1.6 million related to macroeconomic assumptions employed in determining the general CECL reserve.

As of June 30, 2025 and December 31, 2024, none of the Company's first mortgage loans satisfied the CECL framework's criteria for individual assessment and the Company had no loans on non-accrual status or cost-recovery. As of June 30, 2025 and December 31, 2024, none of the Company's performing loans (full accrual status) had accrued interest income receivable 90 days or more past due.

The following table presents an aging analysis for the Company’s portfolio of loans held for investment, by class of loans on amortized cost basis (dollars in thousands):


			Days Outstanding as of June 30, 2025
	Current		Days: 30-59		Days: 60-89		Days: 90 or more		Total loans past due		Total loans
Loans receivable:
Senior loans	$	3,774,686	$	—	$	—	$	—	$	—	$	3,774,686

Total	$	3,774,686	$	—	$	—	$	—	$	—	$	3,774,686


			Days Outstanding as of December 31, 2024
	Current		Days: 30-59		Days: 60-89		Days: 90 or more		Total loans past due		Total loans
Loans receivable:
Senior loans	$	3,278,588	$	—	$	—	$	—	$	—	$	3,278,588

Total	$	3,278,588	$	—	$	—	$	—	$	—	$	3,278,588

See Note 2 of the consolidated financial statements for details of the Company's revenue recognition and allowance for credit losses accounting policies.

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Loan Modifications

The Company may amend or modify a loan depending on the loan’s specific facts and circumstances. These loan modifications typically include additional time for the borrower to refinance or sell the collateral property, adjustment or waiver of performance tests that are prerequisite to the extension of a loan maturity, modification of terms of interest rate cap agreements, and/or deferral of scheduled principal payments. In exchange for a modification, the Company often receives a partial repayment of principal, a short-term accrual of PIK interest for a portion of interest due, a cash infusion to replenish a loan's interest or capital improvement reserves, termination of all or a portion of the remaining unfunded loan commitment, additional call protection, and/or an increase in the loan coupon. During the six months ended June 30, 2025, none of the Company's loan modifications require disclosure pursuant to ASC 326. During the six months ended June 30, 2025, none of the Company's loan modifications were the result of the borrower experiencing financial difficulty.

As of June 30, 2025, the total amount of accrued PIK interest in the Company's loans held for investment portfolio was $0.7 million related to one loan. Total PIK interest of $0.3 million was recorded and deferred during the six months ended June 30, 2025.

The following table presents the accrued PIK interest activity for the Company’s loans held for investment portfolio (dollars in thousands):



	June 30, 2025
Balance as of January 1, 2025	$	360
Accrued PIK interest	163

Balance as of March 31, 2025	$	523
Accrued PIK interest	169


Balance as of June 30, 2025	$	692

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(4) Real Estate Owned

As of June 30, 2025, assets and liabilities related to REO consisted of six properties: four multifamily properties, one located in each of Arlington Heights, IL and Chicago, IL; two located in San Antonio, TX; and two office properties, one located in each of Manhattan, NY, and Houston, TX. The Company accounted for these acquisitions as asset acquisitions. The Company acquired no REO properties during the three and six months ended June 30, 2025.

During the three and six months ended June 30, 2025, the Company sold two office properties. During May 2025, the Company sold an office property located in San Mateo, CA for net cash proceeds of $21.2 million and recognized a gain of $5.7 million, which is recorded within gain on sale of real estate owned, net on the consolidated statements of income and comprehensive income. During June 2025, the Company sold an office property in Orange, CA for net cash proceeds of $18.2 million and recognized a gain of $1.3 million, which is recorded within gain on sale of real estate owned, net on the consolidated statements of income and comprehensive income.

During June 2023, the Company obtained from a third party a $31.2 million first mortgage loan secured by the Houston, TX office property, which is classified as Mortgage loan payable, net on the Company's consolidated balance sheets. See Note 6 for details of the Mortgage loan payable.

The following table presents the REO assets and liabilities (dollars in thousands):


	June 30, 2025		December 31, 2024
Assets
Cash	$	16,894	$	13,195
Real estate owned - Building and building improvements	168,240		174,427
Real estate owned - Land and land improvements	54,845		80,328

Real estate owned - Tenant improvements	8,890		8,678
Real estate owned	231,975		263,433
Accumulated depreciation	(8,740)		(7,029)
Real estate owned, net	223,235		256,404
In-place lease intangibles, net(1)	12,275		17,004
Above-market lease intangibles, net(1)	1,896		2,945
Leasing commissions, net(1)	1,884		1,935
Other assets, net(1)	8,397		9,481
Total assets	$	264,581	$	300,964
Liabilities
Mortgage loan payable, net(2)	$	30,766	$	30,695
Below-market lease intangibles, net(3)	2,141		2,495
Other liabilities(3)	5,765		7,377
Total liabilities	$	38,672	$	40,567

________________________________

(1)Included within Other assets within the Company's consolidated balance sheets. Other assets, net includes $2.5 million and $3.8 million of cash proceeds from the Company's mortgage loan payable escrowed for tenant improvements and leasing costs, and other working capital balances as of June 30, 2025 and December 31, 2024, respectively.

(2)During the three and six months ended June 30, 2025, the Company incurred interest expense of $0.6 million and $1.3 million, which is included within Interest expense on the Company's consolidated statements of income and comprehensive income. During the three and six months ended June 30, 2024, the Company incurred interest expense of $0.6 million and $1.3 million, which is included within Interest expense on the Company's consolidated statements of income and comprehensive income.

(3)Included within Accrued expenses and other liabilities within the Company's consolidated balance sheets.

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Rental income primarily relates to the Company's acquired and newly executed tenant leases. These leases entitle the Company to receive contractual rent payments during the lease periods and in some instances tenant reimbursements for certain property operating expenses, including common area costs, insurance, utilities and real estate taxes. The Company elected the practical expedient to not separate the lease and non-lease components of the rent payments and accounts for these leases as operating leases.

The following table presents the REO operations and related income (loss) (dollars in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Rental income
Minimum lease payments	$	7,385	$	7,601	$	15,031	$	14,268
Variable lease payments	830		604		1,355		1,159
Total rental income	8,215		8,205		16,386		15,427
Other revenue from REO	16		76		2,124		76
Revenue from real estate owned operations	8,231		8,281		18,510		15,503
Rental property operating expenses(1)	6,833		4,726		13,191		8,825
Depreciation and amortization(2)	3,423		4,156		7,415		8,403
Expenses from real estate owned operations	10,256		8,882		20,606		17,228
Net (loss) from REO	$	(2,025)	$	(601)	$	(2,096)	$	(1,725)

________________________________

(1)Excludes $0.6 million and $1.3 million of interest expense incurred during the three and six months ended June 30, 2025, which is included within Interest expense on the Company's consolidated statements of income and comprehensive income. Excludes $0.6 million and $1.3 million of interest expense incurred during the three and six months ended June 30, 2024, which is included within Interest expense on the Company's consolidated statements of income and comprehensive income.

(2)During the three and six months ended June 30, 2025, the Company incurred $2.0 million and $4.1 million of depreciation expense. During the three and six months ended June 30, 2024, the Company incurred $1.4 million and $2.8 million of depreciation expense.

Real estate-related capital expenditures

For the six months ended June 30, 2025, the Company's capital expenditures were $1.4 million, as shown on the Company's consolidated statements of cash flows, which includes $0.03 million of accrued capital expenditures. For the six months ended June 30, 2024, the Company's capital expenditures were $3.2 million, as shown on the Company's consolidated statements of cash flows, which includes $0.2 million of accrued capital expenditures.

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The following table presents the gross carrying amount and accumulated amortization of lease intangibles (dollars in thousands):


	June 30, 2025		December 31, 2024
Intangible assets:
In-place lease intangibles	$	25,165	$	29,387
Above-market lease intangibles	2,670		3,982
Leasing commissions	2,132		2,088
Total intangible assets	29,967		35,457
Accumulated amortization:
In-place lease intangibles	(12,890)		(12,383)
Above-market lease intangibles	(774)		(1,037)
Leasing commissions	(248)		(153)
Total accumulated amortization	(13,912)		(13,573)
Intangible assets, net	$	16,055	$	21,884

Intangible liabilities:
Below-market lease intangibles	$	4,311	$	4,311
Total intangible liabilities	4,311		4,311
Accumulated amortization:
Below-market lease intangibles	(2,170)		(1,816)
Total accumulated amortization	(2,170)		(1,816)
Intangible liabilities, net	$	2,141	$	2,495

The following table presents the estimated future amortization of the Company's intangibles for the remainder of 2025 and for each of the next five years (dollars in thousands):


Year	In-place lease intangibles		Above-market lease intangibles		Leasing commissions		Below-market lease intangibles
2025 (remaining)	$	1,421	$	211	$	151	$	(351)
2026	2,192		420		274		(496)
2027	1,335		374		258		(300)
2028	1,286		368		237		(293)
2029	892		110		227		(205)
2030	544		58		219		(152)

The weighted average amortization period for the in-place lease intangibles, above-market lease intangibles, leasing commissions, and below-market lease intangibles as of June 30, 2025, were 9.6 years, 6.9 years, 7.7 years, and 6.3 years, respectively.

Future Minimum Lease Payments

Minimum rental amounts due under tenant leases are generally subject either to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under non-cancelable operating leases, excluding variable lease revenue of tenant reimbursements, to be received over the next five years and thereafter as of June 30, 2025 and excludes leases at the Company's multifamily property as they are short term, generally 12 months or less (dollars in thousands):


Year	Future Minimum Rents
2025 (remaining)	$	5,241
2026	10,302
2027	9,690
2028	8,173
2029	5,529
2030	8,591
Thereafter	57,924
Total	$	105,450

The weighted average minimum term of the non-cancelable leases was approximately eleven years as of June 30, 2025.

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(5) Variable Interest Entities and Collateralized Loan Obligations

Subsidiaries of the Company have financed certain of the Company’s loans held for investment portfolio through the issuance of collateralized loan obligations.

On March 28, 2025, TPG RE Finance Trust CLO Sub-REIT (“Sub-REIT”), a subsidiary of the Company, 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, 2025. 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. The Company utilized the reinvestment feature during the three and six months ended June 30, 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 March 31, 2021, Sub-REIT issued a collateralized loan obligation (“TRTX 2021-FL4” or “FL4”). TRTX 2021-FL4 permitted the Company, during the 24 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2021-FL4 in exchange for cash, which provided additional liquidity to the Company to originate new loan investments as underlying loans repaid. The reinvestment period for TRTX 2021-FL4 ended on March 11, 2023. In accordance with the TRTX 2021-FL4 indenture, prior to the end of the reinvestment period, the Company committed to contribute certain loan assets and completed the contribution process by mid-May 2023. In connection with TRTX 2021-FL4, the Company incurred $8.3 million of deferred financing costs, including issuance, legal, and accounting related costs.

During May 2025, the Company sold an REO office property held in TRTX 2021-FL4. As a result of the REO sale, the Company contributed additional loan participation interests with an aggregate unpaid principal balance of $59.9 million to TRTX 2021-FL4 during the three months ended June 30, 2025.

On October 25, 2019, Sub-REIT issued a collateralized loan obligation (“TRTX 2019-FL3” or “FL3”). TRTX 2019-FL3 permitted the Company, during the 24 months after closing, to contribute eligible new loans or participation interests in loans to TRTX 2019-FL3 in exchange for cash, which provided additional liquidity to the Company to originate new loan investments as underlying loans repaid. The reinvestment period for TRTX 2019-FL3 ended on October 11, 2021. In connection with TRTX 2019-FL3, the Company incurred $7.8 million of deferred financing costs, including issuance, legal, and accounting related costs.

On March 17, 2025, the Company redeemed TRTX 2019-FL3, which at its redemption had $114.6 million of investment-grade bonds outstanding. Three loans or participation interests with an aggregate unpaid principal balance of $143.0 million held by the trust were refinanced by the issuance of TRTX 2025-FL6.

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, 2025 and December 31, 2024 the Company consolidated the CRE CLO Issuers.

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The following table outlines the total assets and liabilities within the Sub-REIT (dollars in thousands):


	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	9,086	$	71,541
Collateralized loan obligation proceeds held at trustee(1)	1,778		—
Accounts receivable from servicer/trustee	449		299
Accrued interest and fees receivable	22,975		10,866
Loans held for investment, net	2,800,033		1,917,210
Real estate owned, net	82,079		117,090
Other assets	1,019		3,947
Total assets	$	2,917,419	$	2,120,953
Liabilities
Accrued interest payable	$	5,730	$	4,436
Accrued expenses	3,029		4,738
Collateralized loan obligations, net(2)	2,442,868		1,681,660
Payable to affiliates	3,909		3,052
Deferred revenue	1,563		2,583
Total liabilities	$	2,457,099	$	1,696,469

________________________________

(1)Includes $1.8 million of cash available to acquire eligible assets related to TRTX 2025-FL6 as of June 30, 2025.

(2)Net of $2.2 million of unamortized discount related to TRTX 2025-FL6 as of June 30, 2025 and $7.3 million and $0.6 million of unamortized deferred financing costs as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025 and December 31, 2024, 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.

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The following tables detail the loan collateral and borrowings under the Company's CRE CLOs (dollars in thousands):


	June 30, 2025
CRE CLOs	Count	Benchmark interest rate	Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. maturity(3)
TRTX 2021-FL4
Collateral loan and REO investments	20	Term SOFR	$	861,275	$	811,738	3.81	%	1.8
Financing provided	1	Term SOFR	648,775		648,721		1.96	%	12.7
TRTX 2022-FL5
Collateral loan investments	25	Term SOFR	1,009,071		986,611		3.67	%	1.8
Financing provided	1	Term SOFR	841,102		841,102		2.04	%	13.6
TRTX 2025-FL6
Collateral loan investments	20	Term SOFR	1,100,000		1,085,541		3.34	%	3.3
Financing provided	1	Term SOFR	962,500		953,045		1.83	%	17.2
Total
Collateral loan and REO investments(4)	65	Term SOFR	$	2,970,346	$	2,883,890	3.58	%	2.4 years
Financing provided(5)	3	Term SOFR	$	2,452,377	$	2,442,868	1.94	%	14.8 years

________________________________

(1)Includes REO investments held in the Company's CRE CLOs.

(2)Weighted average spread excludes the amortization of loan fees, deferred financing costs, and debt issuance discounts.

(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 FL4, FL5 and FL6 represent 19.6%, 26.7% and 29.0%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of June 30, 2025.

(5)During the three months ended June 30, 2025, the Company recognized interest expense of $39.9 million, which includes $0.7 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, 2025, the Company recognized interest expense of $67.5 million, which includes $1.3 million of discount and deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.

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	December 31, 2024
CRE CLOs	Count	Benchmark interest rate	Outstanding principal balance		Carrying value		Wtd. avg. spread(1)		Wtd. avg. maturity(2)
TRTX 2019-FL3
Collateral loan and REO investments	5	Term SOFR	$	311,381	$	203,427	3.68	%	1.0
Financing provided	1	Term SOFR	119,526		119,526		2.46	%	9.8
TRTX 2021-FL4
Collateral loan and REO investments	19	Term SOFR	886,409		796,552		3.84	%	2.0
Financing provided	1	Term SOFR	673,909		673,909		1.93	%	13.2
TRTX 2022-FL5
Collateral loan investments	26	Term SOFR	1,056,822		1,033,775		3.70	%	2.1
Financing provided	1	Term SOFR	888,853		888,225		2.02	%	14.1
Total
Collateral loan and REO investments(3)	50	Term SOFR	$	2,254,612	$	2,033,754	3.75	%	2.0 years
Financing provided(4)	3	Term SOFR	$	1,682,288	$	1,681,660	2.02	%	13.4 years

________________________________

(1)Weighted average spread excludes the amortization of loan fees and deferred financing costs.

(2)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.

(3)Collateral loan investment assets of FL3, FL4, and FL5 represent 9.5%, 27.0%, and 32.2%, respectively, of the aggregate unpaid principal balance of the Company's loans held for investment portfolio as of December 31, 2024.

(4)During the three months ended June 30, 2024, the Company recognized interest expense of $35.7 million, which includes $1.5 million of 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, 2024, the Company recognized interest expense of $71.9 million, which includes $2.9 million of deferred financing cost amortization and is reflected within the Company's consolidated statements of income and comprehensive income.

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(6) Investment Portfolio Financing

The following table summarizes the Company's investment portfolio financing (dollars in thousands):


	Outstanding principal balance
	June 30, 2025		December 31, 2024
Collateralized loan obligations(1)	$	2,452,377	$	1,682,288
Secured credit agreements	156,711		585,042
Asset-specific financing arrangements	29,110		186,500
Secured revolving credit facility	367,841		86,625
Mortgage loan payable	31,200		31,200
Total	$	3,037,239	$	2,571,655

________________________________

(1)See Note 5 for additional information regarding the Company's collateralized loan obligations.

Secured Credit Agreements

As of June 30, 2025 and December 31, 2024, the Company had secured credit agreements used to finance certain of the Company’s loan investments. These financing arrangements bear interest at rates equal to Term SOFR plus a credit spread negotiated between the Company and each lender, often a separate credit spread for each pledge of collateral, which is primarily based on property type and advance rate against the unpaid principal balance of the pledged loan. These borrowing arrangements contain defined mark-to-market provisions that permit our lenders to issue margin calls to the Company only in the event that the collateral properties underlying the Company’s loans pledged to the Company’s lenders experience a non-temporary decline in value (“credit marks”) due to reasons other than capital markets events that result in changing credit spreads for similar borrowing obligations.

The following table presents certain information regarding the Company’s secured credit agreements. Except as otherwise noted, all agreements are on a partial (25%) recourse basis (dollars in thousands):


	June 30, 2025
Secured credit agreements(1)	Initial maturity date	Extended maturity date	Wtd. avg. credit spread		Wtd. avg. interest rate		Commitment amount		Maximum current availability		Balance outstanding		Principal balance of collateral		Amortized cost of collateral
Goldman Sachs	08/19/26	08/19/28	2.1	%	6.4	%	$	500,000	$	414,029	$	85,971	$	186,156	$	186,156
Wells Fargo	12/06/27	12/06/27	1.6	%	6.0	%	500,000		479,660		20,340		33,251		33,195
Barclays	08/13/25	08/13/26	1.7	%	6.0	%	500,000		449,600		50,400		63,000		63,000
Bank of America	06/06/26	06/06/26	—	%	—	%	200,000		200,000		—		—		—
Totals							$	1,700,000	$	1,543,289	$	156,711	$	282,407	$	282,351

________________________________

(1)Borrowings under secured credit agreements with a 25% recourse guarantee from Holdco. Each secured credit agreement contains defined mark-to-market provisions that permit the lenders to issue margin calls based on credit marks.

As a result of contributing collateral into TRTX 2025-FL6 upon its issuance during the three months ended March 31, 2025, the Company repaid $332.6 million of borrowings under its secured credit agreements. Additionally, the Company accelerated $0.1 million of unamortized deferred financing costs related to these agreements within interest expense in its consolidated statements of income and comprehensive income. See Note 5 for details regarding the Company's issuance of TRTX 2025-FL6.

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	December 31, 2024
Secured credit agreements(1)	Initial maturity date	Extended maturity date	Wtd. avg. credit spread		Wtd. avg. interest rate		Commitment amount		Maximum current availability		Balance outstanding		Principal balance of collateral		Amortized cost of collateral
Goldman Sachs(2)	08/19/26	08/19/28	2.2	%	6.6	%	$	500,000	$	238,879	$	261,121	$	485,557	$	485,207
Wells Fargo(3)	12/06/27	12/06/27	1.7	%	6.0	%	500,000		274,470		225,530		295,833		294,810
Barclays	08/13/25	08/13/26	1.7	%	6.0	%	500,000		437,474		62,526		84,827		84,754
Bank of America	06/06/26	06/06/26	1.8	%	6.1	%	200,000		164,135		35,865		50,824		50,824
Totals							$	1,700,000	$	1,114,958	$	585,042	$	917,041	$	915,595

________________________________

(2)On January 31, 2024, the Company executed a two-year extension of the secured credit agreement through August 19, 2026. Until such date, new and revolving borrowings are permitted. After such date, the secured credit agreement automatically enters a two-year term-out period through August 19, 2028.

(3)On December 6, 2024, the Company executed a three-year extension of the secured credit agreement through December 6, 2027.

Secured Credit Agreement Terms

As of June 30, 2025 and December 31, 2024, the Company had four secured credit agreements to finance its loan investing activities. Credit spreads vary depending upon the collateral type, advance rate and other factors. Assets pledged as of June 30, 2025 and December 31, 2024 consisted of 12 and 21 mortgage loans, or participation interests therein, respectively. Under three of the four secured credit agreements, the Company transfers all of its rights, title and interest in the loans to the secured credit agreement counterparty in exchange for cash, and simultaneously agrees to reacquire the asset at a future date for an amount equal to the cash exchanged plus an interest factor. The secured credit agreement lender collects all principal and interest on related loans and remits to the Company the net amount after the lender collects its interest and other fees. For the fourth secured credit agreement, which until June 6, 2023 was a mortgage warehouse facility, the lender received a security interest (pledge) in the loans financed under the arrangement. Effective June 6, 2023, this credit facility was extended for three years and converted from a mortgage warehouse facility to a secured credit facility similar to the Company's other secured credit facilities. The secured credit agreements used to finance loan investments are 25% recourse to Holdco.

Under each of the Company’s secured credit agreements, the Company is required to post margin for changes in conditions to specific loans that serve as collateral for those secured credit agreements. The lender’s margin amount is limited to collateral-specific credit marks based on non-temporary declines in the value of the properties securing the underlying loan collateral. Market value determinations and redeterminations may be made by the repurchase lender in its sole discretion subject to certain specified parameters. These considerations only include credit-based factors unrelated to the capital markets.

The following table summarizes certain characteristics of the Company’s secured credit agreements secured by mortgage loan investments, including counterparty concentration risks (dollars in thousands):


	June 30, 2025
Secured credit agreements	Commitment amount		UPB of collateral		Amortized cost of collateral(1)		Amount payable(2)		Net counterparty exposure(3)		Percent of stockholders' equity		Days to extended maturity
Goldman Sachs Bank	$	500,000	$	186,156	$	187,553	$	86,106	$	101,447	9.3	%	1146
Wells Fargo	500,000		33,251		33,315		20,384		12,931		1.2	%	889
Barclays	500,000		63,000		63,318		50,525		12,793		1.2	%	409
Bank of America	200,000		—		—		—		—		—	%	341
Total / weighted average	$	1,700,000	$	282,407	$	284,186	$	157,015	$	127,171			875

_______________________

(1)Loan amounts include interest receivable of $1.8 million and are net of premium, discount and origination fees of $0.1 million.

(2)Loan amounts include interest payable of $0.3 million and do not reflect unamortized deferred financing fees of $0.4 million.

(3)Loan amounts represent the net carrying value of the commercial real estate loans sold under agreements to repurchase, including accrued interest plus any cash or assets on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

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	December 31, 2024
Secured credit agreements	Commitment amount		UPB of collateral		Amortized cost of collateral(1)		Amount payable(2)		Net counterparty exposure(3)		Percent of stockholders' equity		Days to extended maturity
Goldman Sachs Bank	$	500,000	$	485,557	$	489,121	$	261,705	$	227,416	20.4	%	1327
Wells Fargo	500,000		295,833		295,815		226,028		69,787		6.3	%	1070
Barclays	500,000		84,827		84,750		62,681		22,069		2.0	%	590
Bank of America	200,000		50,824		51,089		35,899		15,190		1.4	%	522
Total / weighted average	$	1,700,000	$	917,041	$	920,775	$	586,313	$	334,462			1100

_______________________

(1)Loan amounts include interest receivable of $5.2 million and are net of premium, discount and origination fees of $1.4 million.

(2)Loan amounts include interest payable of $1.3 million and do not reflect unamortized deferred financing fees of $0.8 million.

Secured Revolving Credit Facility

On February 22, 2022, the Company closed a $250.0 million secured revolving credit facility with a syndicate of five lenders. 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, the Company 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. In connection with the amendment, the Company incurred $3.4 million of deferred financing costs, including issuance and legal related costs. 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 June 30, 2025 and 2024, the weighted average unused fee was 20 and 20 basis points, respectively. During the six months ended June 30, 2025 and 2024, the weighted average unused fee was 20 and 20 basis points, respectively. The facility generally provides the Company with interim financing of eligible loans for up to 180 days at an initial advance rate of 75.0%, which declines to 65.0%, 45.0%, and 0.0% after 90, 135, and 180 days from initial borrowing, respectively, depending on the likely source of refinancing. This facility is 100% recourse to Holdco.

As of June 30, 2025, the Company pledged four loan investments with an aggregate collateral principal balance of $490.5 million and had outstanding Term SOFR-based borrowings of $367.8 million. As of December 31, 2024, the Company pledged one loan investment with a collateral principal balance of $115.5 million and had outstanding Term SOFR-based borrowings of $86.6 million.

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Asset-Specific Financing Arrangements

On December 5, 2023, the Company closed a $90.6 million asset-specific financing facility with HSBC Bank USA, National Association ("HSBC Facility"). On September 26, 2024, the Company added an additional loan to the loan financing facility, increasing the total facility size by $72.0 million. The facility provides asset-specific financing on a non-mark-to-market, matched term basis. This facility is 20% recourse to Holdco. The advance rate and borrowing rate are determined separately for each loan financed under the facility.

On June 30, 2022, the Company closed a $200.0 million loan financing facility with BMO Harris Bank ("BMO Facility"). The facility provides asset-specific financing on a non-mark-to-market, matched term basis. This facility is 25% recourse to Holdco. The advance rate and borrowing rate are determined separately for each loan financed under the facility.

On November 17, 2022, the Company closed a $23.3 million asset-specific financing arrangement with Customers Bank. The arrangement is non-mark-to-market, matched term, and non-recourse.

The following table details the Company's asset-specific financing arrangements (dollars in thousands):


	June 30, 2025
	Financing										Collateral
Asset-specific financing	Count	Commitment amount		Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. term(3)	Count	Outstanding principal balance		Amortized cost		Wtd. avg. term

BMO Facility	1	$	200,000	$	29,110	$	29,097	2.0	%	2.2	1	$	39,768	$	39,739	2.2

Total / weighted average		$	200,000	$	29,110	$	29,097	2.0	%	2.2 years		$	39,768	$	39,739	2.2 years

_______________________

(1)Net of $0.01 million unamortized deferred financing costs.

(2)Collateral loan assets and related financings are indexed to Term SOFR.

(3)Borrowings are term-matched to the corresponding collateral loan asset. The weighted average term assumes all extension options of the collateral loan assets are exercised by the borrower.

As a result of contributing collateral into TRTX 2025-FL6 upon its issuance during the three months ended March 31, 2025, the Company repaid $157.4 million of borrowings under the HSBC Facility and Customers Bank asset-specific financing arrangements. Additionally, the Company accelerated $0.6 million of unamortized deferred financing costs related to these arrangements within interest expense in its consolidated statements of income and comprehensive income. See Note 5 for details regarding the Company's issuance of TRTX 2025-FL6.

The following table details the Company's asset-specific financing arrangements (dollars in thousands):


	December 31, 2024
	Financing										Collateral
Asset-specific financing	Count	Commitment amount		Outstanding principal balance		Carrying value(1)		Wtd. avg. spread(2)		Wtd. avg. term(3)	Count	Outstanding principal balance		Amortized cost		Wtd. avg. term
HSBC Facility	1	$	144,114	$	136,011	$	135,451	2.0	%	3.6	3	$	188,995	$	187,958	3.6
BMO Facility	1	200,000		29,110		29,046		2.0	%	2.7	1	38,468		38,365		2.7
Customers Bank	1	23,250		21,379		21,244		2.5	%	2.7	1	29,417		29,346		2.7
Total / weighted average		$	367,364	$	186,500	$	185,741	2.1	%	3.4 years		$	256,880	$	255,669	3.4 years

_______________________

(1)Net of $0.8 million unamortized deferred financing costs.

(2)Collateral loan assets and related financings are indexed to Term SOFR.

(3)Borrowings are term-matched to the corresponding collateral loan asset. The weighted average term assumes all extension options of the collateral loan assets are exercised by the borrower.

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Mortgage Loan Payable

The Company, through a wholly owned special purpose subsidiary, is the borrower under a $31.2 million, non-recourse mortgage loan secured by a deed of trust against an REO asset. The first mortgage loan was provided by an institutional lender, has an interest-only term of five years with a maturity of July 6, 2028 and bears interest at a rate of 7.7%. As of June 30, 2025 and December 31, 2024, the carrying value of the loan was $30.8 million and $30.7 million, respectively.

Financial Covenant Compliance

Our financial covenants and guarantees for outstanding borrowings related to our secured financing agreements require Holdco to maintain compliance with the following financial covenants (among others):

Financial Covenant

Current

Cash Liquidity

Minimum cash liquidity of no less than the greater of: $15.0 million; and 5.0% of Holdco’s recourse indebtedness.

Tangible Net Worth

$1.0 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense), minus 75% of the redeemed or repurchased preferred or redeemable equity or stock. With respect to the Secured Revolving Credit Facility, $0.8 billion, plus 75% of all subsequent equity issuances (net of discounts, commissions, expense) after September 30, 2024, minus 75% of the redeemed or repurchased preferred or redeemable equity or stock after September 30, 2024.

Debt-to-Equity

Debt-to-Equity ratio not to exceed 4.25 to 1.0.

Interest Coverage

Minimum interest coverage ratio of no less than 1.4 to 1.0, effective June 30, 2023. Previously, 1.5 to 1.0.

The financial covenants and guarantees for outstanding borrowings related to the Company’s secured credit agreements and secured revolving credit facility require Holdco to maintain compliance with certain financial covenants. The uncertain long-term impact of global macroeconomic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, sustained higher interest rates, the potential impact of tariffs, currency fluctuations, labor shortages, structural shifts and regulatory changes in the banking sector, and political and geopolitical conflicts, on the commercial real estate markets and global capital markets may make it more difficult to meet or satisfy these covenants, and there can be no assurance that the Company will remain in compliance with these covenants in the future.

Investment Portfolio Financing Financial Covenant Compliance

The Company was in compliance with all financial covenants for its investment portfolio financing arrangements to the extent of outstanding balances as of June 30, 2025 and December 31, 2024, respectively.

(7) Schedule of Maturities

As of June 30, 2025, future principal payments for the following five years and thereafter are as follows (dollars in thousands):


Year	Total indebtedness		Collateralized loan obligations(1)		Secured credit agreements(2)		Secured revolving credit facility(2)		Asset-specific financing arrangements(3)		Mortgage loan payable
2025	$	113,849	$	63,449	$	50,400	$	—	$	—	$	—
2026	899,189		899,189		—		—		—		—
2027	580,840		531,390		20,340		—		29,110		—
2028	829,233		344,221		85,971		367,841		—		31,200
2029	362,027		362,027		—		—		—		—
Thereafter	252,101		252,101		—		—		—		—
Total	$	3,037,239	$	2,452,377	$	156,711	$	367,841	$	29,110	$	31,200

(1)The scheduled maturities for the investment grade bonds issued by the Company's CRE CLOs are based upon the fully extended maturity of the underlying mortgage loan collateral, considering the reinvestment window of each CRE CLO.

(2)The scheduled maturities of the Company's secured credit agreement liabilities are based on the extended maturity date for the specific credit agreement where extension options are at the Company's option, subject to standard default provisions, or the current maturity date of those credit agreements where extension options are subject to counterparty approval.

(3)The scheduled maturities of the Company's asset-specific financing arrangements are based on the fully extended maturity date of the underlying mortgage loan collateral.

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(8) Fair Value Measurements

The Company’s consolidated balance sheet includes Level I fair value measurements related to cash equivalents and restricted cash. As of June 30, 2025 and December 31, 2024, the Company had $80.9 million and $124.7 million, respectively, invested in money market funds with original maturities of less than 90 days. The carrying values of these financial assets and liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The consolidated balance sheet also includes loans held for investment, the assets and liabilities of its CLOs, secured credit agreements, and asset-specific financing arrangements that are considered Level III fair value measurements. Level III items are not measured at fair value on a recurring basis, but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment and when the loan is dependent solely on the collateral for payment of principal and interest.

The following tables provide information about the fair value of the Company’s financial assets and liabilities on the Company’s consolidated balance sheets (dollars in thousands):


	June 30, 2025
					Fair value
	Principal balance		Carrying value		Level I		Level II		Level III
Financial assets
Loans held for investment	$	3,783,609	$	3,707,729	$	—	$	—	$	3,744,664
Financial liabilities
Collateralized loan obligations	2,452,377		2,442,868		—		—		2,433,348
Secured credit agreements	156,711		156,346		—		—		155,445
Asset-specific financing arrangements	29,110		29,097		—		—		29,073
Secured revolving credit facility	367,841		364,641		—		—		367,841
Mortgage loan payable	31,200		30,766		—		—		31,200


	December 31, 2024
					Fair value
	Principal balance		Carrying value		Level I		Level II		Level III
Financial assets
Loans held for investment	$	3,284,510	$	3,217,030	$	—	$	—	$	3,258,017
Financial liabilities
Collateralized loan obligations	1,682,288		1,681,660		—		—		1,661,615
Secured credit agreements	585,042		584,235		—		—		580,921
Asset-specific financing arrangements	186,500		185,741		—		—		186,006
Secured revolving credit facility	86,625		86,492		—		—		86,625
Mortgage loan payable	31,200		30,695		—		—		31,200

As of June 30, 2025 and December 31, 2024, the estimated fair value of the Company’s loans held for investment portfolio was $3.7 billion and $3.3 billion, respectively, which approximated carrying value. The weighted average gross credit spread for the Company’s loans held for investment portfolio as of June 30, 2025 and December 31, 2024 was 3.48% and 3.68%, respectively. The weighted average years to maturity as of June 30, 2025 and December 31, 2024 was 2.7 years and 2.4 years, respectively, assuming full extension of all loans held for investment.

As of June 30, 2025 and December 31, 2024, the estimated fair value of the collateralized loan obligation liabilities and secured credit agreements approximated fair value since current borrowing spreads reflect current market terms.

Level III fair values are determined based on standardized valuation models and significant unobservable market inputs, including holding period, discount rates based on LTV, property type and loan pricing expectations developed by the Manager that were corroborated with other institutional lenders to determine market spreads that are added to the forward curve of the underlying benchmark interest rate. There were no transfers of financial assets or liabilities within the levels of the fair value hierarchy during the three and six months ended June 30, 2025.

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(9) Income Taxes

The Company indirectly owns 100% of the equity of TRSs. TRSs are subject to applicable U.S. federal, state, local and foreign income tax on their taxable income. In addition, as a REIT, the Company also may be subject to a 100% excise tax on certain transactions between it and its TRSs that are not conducted on an arm’s-length basis. The Company files income tax returns in the United States federal jurisdiction as well as various state and local jurisdictions. The filings are subject to normal reviews by tax authorities until the related statute of limitations expires. The years open to examination generally range from 2021 to present.

ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. As of June 30, 2025 and December 31, 2024, based on the Company’s evaluation, the Company did not have any material uncertain income tax positions.

The Company’s policy is to classify interest and penalties associated with underpayment of U.S. federal and state income taxes, if any, as a component of general and administrative expense on its consolidated statements of income and comprehensive income. For the three and six months ended June 30, 2025 and 2024, the Company did not have interest or penalties associated with the underpayment of any income taxes.

The Company owns, through an entity classified as a partnership for U.S. federal tax purposes (“Parent LLC”), 100% of the common equity in Sub-REIT, which qualifies as a REIT for U.S. federal income tax purposes and is a separate taxpayer from both the Company and Parent LLC. Parent LLC is owned by the Company both directly and indirectly through a TRS. The Company, through Sub-REIT, issues CRE CLOs to finance on a non-recourse, non-mark-to-market basis a portion of its loan investment portfolio. Due to unusually low LIBOR rates between March 2020 and September 2022, coupled with high interest rate floors relating to many loans and participation interests pledged to Sub-REIT’s CLOs, certain of Sub-REIT’s CRE CLOs have in the past generated EII, which may be treated as UBTI. Published IRS guidance requires that Sub-REIT allocate its EII among its shareholders in proportion to its dividends paid. Accordingly, EII generated by Sub-REIT’s CRE CLOs is allocated to Parent LLC. Pursuant to the Parent LLC operating agreement, any EII allocated from Sub-REIT to Parent LLC is allocated further to the TRS. Consequently, no EII is allocated to the Company and, as a result, the Company’s shareholders will not be allocated any EII (or UBTI attributable to such EII) by the Company. The tax liability borne by the TRS on the EII is approximately 21%. If a tax liability is incurred, it would be included in the consolidated statements of income and comprehensive income and balance sheets of the Company.

For the three months ended June 30, 2025 and 2024, the Company recognized $0.1 million and $0.1 million, respectively, of federal, state, and local tax expense. For the six months ended June 30, 2025 and 2024, the Company recognized $0.2 million and $0.5 million, respectively, of federal, state, and local tax expense.

There were no material income tax assets or income tax liabilities as of June 30, 2025 and December 31, 2024.

As of December 31, 2021, the Company had $187.6 million of remaining capital losses that it can carry forward into future years. During the year ended December 31, 2022, the Company utilized $13.3 million of the $187.6 million of available remaining capital loss carryforwards to offset the capital gain generated from the partial sale of a REO in April 2022. During the year ended December 31, 2023, the Company incurred a capital loss of $19.8 million from the sale of an acquired loan. As of June 30, 2025, the Company has $194.1 million of capital losses, of which $174.3 million and $19.8 million will expire at the end of 2025 and 2028, respectively, if unused.

The Company does not expect these capital loss carryforwards to reduce the amount that the Company will be required to distribute in accordance with the requirement that the Company distribute to its stockholders at least 90% of the Company’s REIT taxable income (computed without regard to the deduction for dividends paid and excluding net capital gain) each year to continue to qualify as a REIT.

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(10) Related Party Transactions

Management Agreement

The Company is externally managed and advised by the Manager pursuant to the terms of a management agreement between the Company and the Manager (as amended, the “Management Agreement”). Pursuant to the Management Agreement, the Company pays the Manager a base management fee equal to the greater of $250,000 per annum ($62,500 per quarter) or 1.50% per annum (0.375% per quarter) of the Company’s “Equity” as defined in the Management Agreement. Net proceeds from the issuance of Series B and Series C Preferred Stock are included in the Company’s Equity for purposes of determining the base management fee using the same daily weighted average method as is utilized for common equity. The base management fee is payable in cash, quarterly in arrears. The Manager is also entitled to incentive compensation which is calculated and payable in cash with respect to each calendar quarter in arrears in an amount, not less than zero, equal to the difference between: (1) the product of (a) 20% and (b) the difference between (i) the Company’s Core Earnings for the most recent 12-month period, including the calendar quarter (or part thereof) for which the calculation of incentive compensation is being made (the “applicable period”), and (ii) the product of (a) the Company’s Equity in the most recent 12-month period, including the applicable period, and (b) 7% per annum; and (2) the sum of any incentive compensation paid to the Manager with respect to the first three calendar quarters of the most recent 12-month period. No incentive compensation is payable to the Manager with respect to any calendar quarter unless Core Earnings for the 12 most recently completed calendar quarters is greater than zero. For purposes of calculating the Manager’s incentive compensation, the Management Agreement specifies that equity securities of the Company or any of the Company’s subsidiaries that are entitled to a specified periodic distribution or have other debt characteristics will not constitute equity securities and will not be included in “Equity” for the purpose of calculating incentive compensation. Instead, the aggregate distribution amount that accrues to such equity securities during the calendar quarter of such calculation will be subtracted from Core Earnings, before incentive compensation for purposes of calculating incentive compensation, unless such distribution is otherwise excluded from Core Earnings.

Core Earnings, as defined in the Management Agreement, means the net income (loss) attributable to the holders of the Company’s common stock and, without duplication, the holders of the Company’s subsidiaries’ equity securities (other than the Company or any of the Company’s subsidiaries), computed in accordance with GAAP, including realized gains and losses not otherwise included in net income (loss), and excluding (i) non-cash equity compensation expense, (ii) the incentive compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses, including an allowance for credit losses, or other similar non-cash items that are included in net income for the applicable period, regardless of whether such items are included in other comprehensive income or loss or in net income and (v) one-time events pursuant to changes in GAAP and certain material non-cash income or expense items, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the Company’s independent directors.

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Management Fees and Incentive Management Fees Incurred and Paid

The following table details the management fees and incentive management fees incurred and paid pursuant to the Management Agreement (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Incurred
Management fees	$	5,194	$	5,044	$	10,347	$	10,031
Incentive management fee	—		—		—		—
Total management and incentive fees incurred	$	5,194	$	5,044	$	10,347	$	10,031

Paid
Management fees	$	5,153	$	4,987	$	10,264	$	9,900
Incentive management fee	—		—		—		—
Total management and incentive fees paid	$	5,153	$	4,987	$	10,264	$	9,900

Management fees and incentive management fees included in payable to affiliates on the consolidated balance sheets as of June 30, 2025 and December 31, 2024 are $5.2 million and $5.1 million, respectively. No incentive management fee was earned during the three and six months ended June 30, 2025 and 2024.

Termination Fee

A termination fee would be due to the Manager upon termination of the Management Agreement by the Company absent a cause event. The termination fee would also be payable to the Manager upon termination of the Management Agreement by the Manager if the Company materially breaches the Management Agreement. The termination fee is equal to three times the sum of (x) the average annual base management fee and (y) the average annual incentive compensation earned by the Manager, in each case during the 24-month period immediately preceding the most recently completed calendar quarter prior to the date of termination.

Other Related Party Transactions

The Manager or its affiliates is responsible for the expenses related to the personnel of the Manager and its affiliates who provide services to the Company. However, the Company does reimburse the Manager for agreed-upon amounts based upon the Company’s allocable share of the compensation (including, without limitation, annual base salary, bonus, any related withholding taxes and employee benefits) paid to (i) the Manager’s personnel serving as the Company’s chief financial officer based on the percentage of his or her time spent managing the Company’s affairs and (ii) other corporate finance, tax, accounting, internal audit, legal risk management, operations, compliance and other non-investment personnel of the Manager or its affiliates who spend all or a portion of their time managing the Company’s affairs, based on the percentage of time devoted by such personnel to the Company’s and the Company’s subsidiaries’ affairs. During the three months ended June 30, 2025 and 2024, the Company reimbursed to the Manager $0.4 million and $0.5 million, respectively, of expenses for services rendered on its behalf by the Manager and its affiliates. During the six months ended June 30, 2025 and 2024, the Company reimbursed the Manager $0.8 million and $0.8 million, respectively, of expenses for services rendered on its behalf by the Manager and its affiliates.

The Company is required to pay the Manager or its affiliates for documented costs and expenses incurred with third parties by the Manager or its affiliates on behalf of the Company, subject to the Company’s review and approval of such costs and expenses. The Company’s obligation to pay for costs and expenses incurred on its behalf is not subject to a dollar limitation.

As of June 30, 2025 and December 31, 2024, no amounts remained outstanding and payable to the Manager or its affiliates for third-party expenses that were incurred on behalf of the Company. All expenses due and payable to the Manager are reflected in the respective expense category of the consolidated statements of income and comprehensive income or consolidated balance sheets based on the nature of the item.

The Company engaged SOP 2 Management, LLC, a portfolio company owned by an affiliate of TPG, Inc., to provide a specified scope of asset management services related to the Company's REO properties. During the three and six months ended June 30, 2025, the Company incurred $0.7 million and $1.1 million, respectively, of expenses for these services. During the three and six months ended June 30, 2024, the Company incurred $0.2 million of expenses for these services.

The Company engaged TPG Capital BD, an affiliate of TPG, Inc. to provide capital markets services in connection with the issuance of TRTX 2025-FL6. The Company incurred $0.1 million of expenses for these services.

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(11) Earnings per Share

The Company calculates its basic and diluted earnings per share using the two-class method for all periods presented, which defines unvested stock-based compensation awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends. The unvested restricted shares of the Company's common stock granted to certain current and former employees of affiliates of the Manager and affiliates of the Manager qualify as participating securities. These restricted shares have the same rights as the Company’s other shares of common stock, including participating in any dividends, and therefore are included in the Company’s basic and diluted earnings per share calculation. For the three months ended June 30, 2025 and 2024, $0.6 million and $0.5 million, respectively, of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plans. For the six months ended June 30, 2025 and 2024, $1.2 million and $1.1 million, respectively, of common stock dividends declared and undistributed net income attributable to common stockholders were allocated to unvested shares of our common stock pursuant to stock grants made under the Company’s Incentive Plans. See Note 12 for details.

The computation of diluted earnings per common share is based on the weighted average number of participating securities outstanding plus the incremental shares that would be outstanding assuming exercise of the Warrants. The number of incremental common shares is calculated utilizing the treasury stock method. As discussed below in Note 12, on May 8, 2024, all of the Warrants were exercised on a net settlement basis, resulting in the issuance of 2,647,059 shares of the Company's common stock. As of June 30, 2025 and 2024, there were no Warrants outstanding.

The following table sets forth the calculation of basic and diluted earnings per common share based on the weighted average number of shares of common stock outstanding (dollars in thousands, except share and per share data):



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	20,631	$	24,715	$	34,350	$	41,459
Preferred stock dividends(1)	(3,148)		(3,148)		(6,296)		(6,296)
Participating securities' share in earnings	(602)		(541)		(1,213)		(1,082)


Net income attributable to common stockholders	$	16,881	$	21,026	$	26,841	$	34,081
Weighted average common shares outstanding, basic	79,474,862		79,456,745		80,221,098		78,662,740

Weighted average common shares outstanding, diluted	80,208,877		80,907,705		80,918,798		79,604,665
Earnings per common share, basic(2)	$	0.21	$	0.26	$	0.33	$	0.43
Earnings per common share, diluted(2)	$	0.21	$	0.26	$	0.33	$	0.43

_______________________

(1)Includes preferred stock dividends declared and paid on outstanding shares of Series A Preferred Stock and Series C Preferred Stock.

(2)Basic and diluted earnings per common share are computed independently based on the weighted average shares of common stock outstanding. Diluted earnings per common share includes the impact of participating securities outstanding. Prior to the May 8, 2024 Warrant exercise, diluted earnings per common share included any incremental shares that would be outstanding assuming the exercise of the Warrants. The sum of the quarterly earnings (loss) per common share amounts may not agree to the total for the six months ended June 30, 2025 and 2024.

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(12) Stockholders' Equity

Series C Cumulative Redeemable Preferred Stock

On June 14, 2021, the Company received net proceeds of $194.4 million from the sale of the 8,050,000 shares of Series C Preferred Stock after deducting the underwriting discount and commissions of $6.3 million and issuance costs of $0.6 million. The Company used the net proceeds from the offering to partially fund the redemption of all of the outstanding shares of the Company’s Series B Preferred Stock. The Series C Preferred Stock is currently listed on the NYSE under the symbol “TRTX PRC.” In connection with the Series C Preferred Stock issuance the Company paid TPG Capital BD, LLC a $0.7 million underwriting discount and commission for its services as joint bookrunner. The underwriting discount and commission was settled net of the preferred stock issuance proceeds and recorded as a reduction to additional paid-in-capital in the Company’s consolidated statement of changes in equity at closing.

The Company’s Series C Preferred Stock has a liquidation preference of $25.00 per share. When, as, and if authorized by the Company’s Board of Directors and declared by the Company, dividends on Series C Preferred Stock will be payable quarterly in arrears on or about March 30, June 30, September 30, and December 30 of each year at a rate per annum equal to 6.25% per annum of the $25.00 per share liquidation preference ($1.5624 per share annually or $0.3906 per share quarterly). Dividends on the Series C Preferred Stock are cumulative. The first dividend on the Series C Preferred Stock was payable on September 30, 2021, and covered the period from, and including, June 14, 2021 to, but not including, September 30, 2021 and was in the amount of $0.4601 per share.

On and after June 14, 2026, the Company, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the Series C Preferred Stock, in whole, at any time, or in part, from time to time, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) on such shares of Series C Preferred Stock to, but not including, the redemption date (other than any dividend with a record date before the applicable redemption date and a payment date after the applicable redemption date, which shall be paid on the payment date notwithstanding prior redemption of such shares).

Upon the occurrence of a Change of Control event, the holders of Series C Preferred Stock have the right to convert their shares solely into common stock at their request and do not have the right to request that their shares convert into cash or a combination of cash and common stock. The Company, upon the occurrence of a Change of Control event, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the shares of Series C Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date (other than any dividend with a record date before the applicable redemption date and a payment date after the applicable redemption date, which will be paid on the payment date notwithstanding prior redemption of such shares).

Holders of Series C Preferred Stock have no voting rights except as set forth in the Articles Supplementary for the Series C Preferred Stock.

Series B Cumulative Redeemable Preferred Stock and Warrants to Purchase Shares of Common Stock

On May 28, 2020, the Company issued 9,000,000 shares of the Company's 11.0% Series B Preferred Stock, par value $0.001 per share (the "Series B Preferred Stock"), and Warrants to purchase up to 12,000,000 shares of the Company's common stock to PE Holder L.L.C., a Delaware limited liability company (the “Purchaser”), an affiliate of Starwood Capital Group Global II, L.P., for an aggregate purchase price of $225.0 million. On June 16, 2021, the Company redeemed all 9,000,000 outstanding shares of the Series B Preferred Stock at an aggregate redemption price of approximately $247.5 million.

The Warrants were exercisable on a net settlement basis and would have expired on May 28, 2025. The Warrants were classified as equity and were initially recorded at their estimated fair value of $14.4 million with no subsequent remeasurement. On May 8, 2024, the Purchaser exercised all of the Warrants on a net settlement basis, and the Company issued 2,647,059 shares of the Company's common stock to the Purchaser. As of June 30, 2025, there were no Warrants outstanding.

Share Repurchase Program

On April 25, 2024, the Company's Board of Directors approved a share repurchase program pursuant to which the Company is authorized to repurchase up to $25.0 million of the Company's common stock. The repurchase program authorizes the repurchase of common stock from time to time on the open market or in privately negotiated transactions, including under 10b5-1 plans. During the three months ended June 30, 2025, the Company repurchased 1,658,317 shares of common stock, at a weighted average price of $7.52 per share, for total consideration (including commissions and related fees) of $12.5 million. The Company repurchased 2,038,185 shares of common stock, at a weighted average price of $7.68 per share, for total consideration (including commissions and related fees) of $15.7 million during the six months ended June 30, 2025. As of June 30, 2025, the Company had $9.3 million of remaining capacity under its share repurchase program. See Note 16 for details regarding the Company's repurchases of shares of common stock during the period from July 1, 2025 through July 25, 2025.

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Dividends

Upon the approval of the Company’s Board of Directors, the Company accrues dividends. The Company intends to distribute each year not less than 90% of its taxable income to its stockholders to comply with the REIT provisions of the Internal Revenue Code. The Board of Directors will determine whether to pay future dividends, entirely in cash, or in a combination of stock and cash based on facts and circumstances at the time such decisions are made.

On June 13, 2025, the Company’s Board of Directors declared and approved a cash dividend of $0.24 per share of common stock, or $19.5 million in the aggregate, for the second quarter of 2025. The common stock dividend was paid on July 25, 2025 to the holders of record of the Company’s common stock as of June 27, 2025.

On June 10, 2025, the Company’s Board of Directors declared a cash dividend of $0.3906 per share of Series C Preferred Stock, or $3.1 million in the aggregate, for the second quarter of 2025. The Series C Preferred Stock dividend was paid on June 30, 2025 to the preferred stockholders of record as of June 20, 2025.

On June 17, 2024, the Company’s Board of Directors declared and approved a cash dividend of $0.24 per share of common stock, or $19.8 million in the aggregate, for the second quarter of 2024. The common stock dividend was paid on July 25, 2024 to the holders of record of the Company’s common stock as of June 27, 2024.

On June 7, 2024, the Company’s Board of Directors declared a cash dividend of $0.3906 per share of Series C Preferred Stock, or $3.1 million in the aggregate, for the second quarter of 2024. The Series C Preferred Stock dividend was paid on June 28, 2024 to the preferred stockholders of record as of June 18, 2024.

For the six months ended June 30, 2025 and 2024, common stock dividends in the amount of $39.4 million and $39.0 million, respectively, were declared and approved.

For the six months ended June 30, 2025 and 2024, Series C Preferred Stock dividends in the amount of $6.3 million and $6.3 million, respectively, were declared and approved.

As of June 30, 2025 and December 31, 2024, common stock dividends of $19.5 million and $20.0 million, respectively, were unpaid and are reflected in dividends payable on the Company’s consolidated balance sheets.

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(13) Stock-based Compensation

The Company does not have any employees. As of June 30, 2025, certain individuals employed by an affiliate of the Manager and certain members of the Company’s Board of Directors were compensated, in part, through the issuance of stock-based instruments.

The Company’s Board of Directors has adopted, and the Company’s stockholders have approved, the TPG RE Finance Trust, Inc. 2025 Equity Incentive Plan (the “2025 Incentive Plan”). As a result of the adoption of the 2025 Incentive Plan, no further awards will be granted under the TPG RE Finance Trust, Inc. Amended and Restated 2017 Equity Incentive Plan (as amended from time to time, the “2017 Incentive Plan” and, together with the 2025 Incentive Plan, the “Incentive Plans”).

The 2025 Incentive Plan provides for the grant of equity-based compensation awards to the Company’s, and its affiliates’, directors, officers, employees (if any) and consultants, and the members, officers, directors, employees and consultants of our Manager or its affiliates, as well as to our Manager and other entities that provide services to us and our affiliates and the employees of such entities. The 2025 Incentive Plan provides for the reservation of 6,732,067 shares of the Company's common stock, plus the number of shares that become available for delivery under the 2025 Incentive Plan with respect to Existing Awards (as defined below) in accordance with the share recycling provisions described below. If all or any portion of an award granted under the 2017 Incentive Plan that was outstanding as of May 20, 2025 (an “Existing Award”), expires or is cancelled, forfeited, exchanged, settled for cash or otherwise terminated without the actual delivery of shares, any shares subject to such Existing Award will again be available for new awards under the 2025 Equity Incentive Plan. Any shares withheld or surrendered in payment of any taxes relating to Existing Awards (other than options or stock appreciation rights) will be again available for new awards under the 2025 Incentive Plan.

The following table details the outstanding common stock awards and includes the numbers of shares granted and weighted average grant date fair value per share under the Incentive Plans:


	Common Stock	Weighted Average Grant Date Fair Value per Share








Balance as of December 31, 2024	2,377,123	$	7.98
Granted	10,403	7.06
Vested	(854,456)	8.24
Forfeited	(62,690)	7.77
Balance as of June 30, 2025	1,470,380	$	7.76

Generally, common shares vest over a four-year period pursuant to the terms of the award and the applicable Incentive Plan with the exception of deferred stock units granted to certain members of the Company's Board of Directors that are vested upon issuance.

The following table presents the number of shares associated with outstanding awards that will vest over the next four years:


Share Grant Vesting Year						Shares of Common Stock
2026						752,333
2027						472,583
2028						242,864
2029						2,600
Total						1,470,380

During the three and six months ended June 30, 2025, the Company accrued 3,413 and 6,585 shares of common stock for dividends that are paid-in-kind to non-management members of its Board of Directors related to the dividends payable to holders of record of our common stock as of March 28, 2025 and June 27, 2025.

During the three and six months ended June 30, 2024, the Company accrued 3,649 and 7,522 shares of common stock for dividends that are paid-in-kind to non-management members of its Board of Directors related to the dividends payable to holders of record of our common stock as of March 28, 2024 and June 27, 2024.

As of June 30, 2025, total unrecognized compensation costs relating to unvested stock-based compensation arrangements was $11.0 million. These compensation costs are expected to be recognized over a weighted average period of 1.2 years from June 30, 2025. For the three months ended June 30, 2025 and 2024, the Company recognized $2.0 million and $1.7 million, respectively, of stock-based compensation expense. For the six months ended June 30, 2025 and 2024, the Company recognized $4.0 million and $3.4 million, respectively, of stock-based compensation expense.

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(14) Commitments and Contingencies

Unfunded Commitments

As part of its lending activities, the Company commits to certain funding obligations which are not advanced at loan closing and that have not been recognized in the Company’s consolidated financial statements. These commitments to extend credit are made as part of the Company’s loans held for investment portfolio and are generally utilized for capital expenditures, including base building work, tenant improvement costs and leasing commissions, and interest reserves. The aggregate amount of unrecognized unfunded loan commitments existing as of June 30, 2025 and December 31, 2024 was $116.4 million and $127.9 million, respectively.

The Company recorded an allowance for credit losses on loan commitments that are not unconditionally cancellable by the Company of $1.8 million and $2.4 million as of June 30, 2025 and December 31, 2024, respectively, which is included in accrued expenses and other liabilities on the Company’s consolidated balance sheets.

Litigation

From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. The Company establishes an accrued liability for loss contingencies when a settlement arising from a legal proceeding is both probable and reasonably estimable. If a legal matter is not probable and reasonably estimable, no such liability is recorded. Examples of this include (i) early stages of a legal proceeding, (ii) damages that are unspecified or cannot be determined, (iii) discovery has not started or is incomplete or (iv) there is uncertainty as to the outcome of pending appeals or motions. If these items exist, an estimated range of potential loss cannot be determined and as such the Company does not record an accrued liability.

As of June 30, 2025 and December 31, 2024, the Company was not involved in any material legal proceedings and has not recorded an accrued liability for loss contingencies.

(15) Concentration of Credit Risk

Property Type

A summary of the Company’s portfolio of loans held for investment by property type based on total loan commitment and current unpaid principal balance (“UPB”) follows (dollars in thousands):


	June 30, 2025
Property type	Loan commitment		Unfunded commitment		% of loan commitment		Loan UPB		% of loan UPB
Multifamily	$	2,120,401	$	60,246	54.5	%	$	2,060,847	54.5	%
Office	584,547		17,810		15.0		566,737		15.0
Industrial	352,169		21,946		9.0		330,223		8.7
Hotel	348,400		9,575		8.9		338,825		9.0
Life Science	348,053		4,576		8.9		343,477		9.0
Mixed-Use	78,775		2,275		2.0		76,500		2.0
Self Storage	67,000

TPG RE Finance Trust, Inc. 10-Q