TPG房地产金融信托 2025年季度报告

(Mark One) xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934. For the quarterly period endedMarch31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from ________ to ________Commission file number001-38156____________________________________ TPG RE Finance Trust, Inc. (Exact name of registrant as specified in its charter)_______________________________________________________________________ 36-4796967(I.R.S. EmployerIdentification No.) Maryland (State or other jurisdiction ofincorporation or organization) 888 Seventh Avenue,35th FloorNew York,New York10106(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: 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 thepreceding 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 90days.YesxNoo 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).YesxNoo 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 growthcompany. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. 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 revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o As of April25, 2025, there were79,857,374shares of the registrant’s common stock, $0.001 par value per share, outstanding. 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 withrespect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the useof 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 thatdo not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they aremade, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions orchanges 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 andprojections 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 theforward-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 ExchangeCommission (the “SEC”) on February18, 2025, as such risk factors may be updated from time to time in our periodic filings with theSEC, which are accessible on the SEC’s website at www.sec.gov. Such risks, uncertainties and other factors include, but are notlimited 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 incomeon our loans and other investments, which could lead to a significant decrease in our results of operations, cash flows andthe 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 targ