May 11, 2020 First Quarter 2020 Supplemental Information Exhibit 99.2

Forward-Looking Statements and Other Disclosures The information contained in this earnings presentation 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. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the investments of TPG RE Finance Trust, Inc. (the “Company” or “TRTX”); the ultimate geographic spread, severity and duration of pandemics such as the recent outbreak of novel coronavirus (“COVID-19”), actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the Company’s ability to originate loans that are in the pipeline and under evaluation by the Company; and financing needs and arrangements. Forward‐looking statements are generally identifiable by use of forward‐looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions. Forward‐looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward‐looking information. Statements, among others, relating to the potential impact of COVID-19 on the Company’s business, financial condition and results of operations and the Company’s ability to generate future growth and deliver returns are forward-looking statements, and the Company cannot assure you that TRTX will achieve such results. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward‐looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward‐looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company’s views only as of the date of this earnings presentation. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements appearing in this earnings presentation. The Company does not undertake any obligation to update any forward-looking statements contained in this earnings presentation as a result of new information, future events or otherwise. Past performance is not indicative nor a guarantee of future returns. Yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors.

1Q 2020 Activity Financial Investment Activity Total Portfolio Liquidity & Capitalization 1. See Appendix for definitions, including definitions of Core Earnings (reconciliation to GAAP net loss), LTV, and Loan Risk Rating. GAAP net income defined as GAAP net loss attributable to common stockholders 2. In connection with adoption on January 1, 2020 of Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”, or “CECL”) Non-recourse, non-mark-to-market financing for 49.9% of loan portfolio at March 31, 2020 Cash on hand of $103.6 million, of which $45.2 million was available for investment Loans: Originations: 5 loans totaling $437.4 million (commitments) and $353.5 million (initial fundings) Weighted average interest rate: LIBOR + 2.84% Weighted average LIBOR floor: 1.62% Weighted average LTV1: 73.5% Repayments: $300.6 million CRE Debt Securities: Sold $187.8 million of face amount of securities generating a loss of $36.2 million in the first quarter Recorded impairment charge of $167.3 million at March 31, which was fully realized in April via sale of remaining portfolio No bonds owned as of April 30, 2020 and no associated liabilities Total loan commitments: $5.8 billion Weighted average LTV1: 65.7% Weighted average interest rate: LIBOR + 3.41% Weighted average LIBOR floor: 1.66% 100% floating rate, 99.6% first mortgage loan portfolio Weighted average risk rating1: 3.1 Office and multifamily comprise 72.3% of portfolio (by loan commitment); 13.7% is comprised of hotel (13.1%) or retail (0.6%) GAAP net loss1 and negative Core Earnings1 of $(3.05) and $(2.20) per share, respectively Net Interest Income of $43.3 million, up 4.6% over the three months ended December 31, 2019 Current Expected Credit Losses (CECL)2: Current provision of $63.3 million, or $0.83 per share Reserve at March 31, 2020 was $83.0 million, or $1.08 per share Book value of $16.06 per share at March 31, 2020

Business Update Sold entire investment portfolio of CRE Debt Securities and retired all associated liabilities by April 30, 2020 Investment portfolio was 100% loans as of April 30, 2020 Retained Houlihan Lokey, Inc. to advise on capital raise to bolster liquidity and capital base Negotiating with credit facility counterparties to voluntarily deleverage our facilities to shield us from potential credit-based marks for defined periods1 Actively managing loan portfolio and borrower relationships to mitigate the immediate effects of the COVID-19 pandemic and protect value for TRTX and borrowers Deferred to July 14, 2020 payment of $0.43 per share first quarter dividend to stockholders of record as of June 15, 2020 CRE Debt Securities $ In Millions CRE Debt Securities MTM Repo Borrowings2 $ in Millions Investment Portfolio $ In Billions3 1. Should negotiations result in agreements in principle, there can be no assurance such agreements will be documented or closed 2. Represents unpaid principal balance of secured repurchase agreements with four separate counterparties with daily mark-to-market provisions and contract maturities typically of 30 days 3. For loans, represents unpaid principal balance. For CRE Debt Securities, represents market value

Loan Portfolio Loan Investment Activity Loan Portfolio 1. See Appendix for definitions, including definitions of LTV, Loan Risk Rating, and Asset-Level Estimated Return on Equity (“ALEROE”) 2. ALEROE with respect to certain loan investments reflects initial financing terms at loan closing. The Company may in the future employ different financing terms, which may impact ALEROE for such assets Loan Investment Activity1 ($ in millions) Quarter Ended March 31, 2020 Quarter Ended December 31, 2019 QoQ Change Number of Loans Closed 5 7 (28.6%) Total Loan Commitments $437.4 $653.7 (33.1%) Initial Unpaid Principal Balance $353.5 $561.1 (37.0%) Average Loan Size (by Commitment) $87.5 $93.4 (6.3%) Weighted Average Interest Rate LIBOR + 2.84% LIBOR + 2.90% (2.1%) Weighted Average LIBOR Floor 1.62% 1.80% (10.0%) Weighted Average LTV 73.5% 61.7% 19.1% Asset-Level Estimated Return on Equity2 7.7% 8.4% (8.3%) Loan Investment Portfolio1 ($ in millions) As of March 31, 2020 As of December 31, 2019 QoQ Change Total Loan Commitment $5,763.7 $5,628.8 2.4% Unpaid Principal Balance $5,112.8 $4,998.2 2.3% Weighted Average Loan Risk Rating 3.1 2.9 - Average Loan Size (by Commitment) $87.3 $86.6 0.8% Weighted Average Interest Rate LIBOR + 3.41% LIBOR + 3.48% (2.0%) Weighted Average LIBOR Floor 1.66% 1.63% 1.8% Weighted Average LTV 65.7% 65.4% 0.5% MSA Concentrations (Top 25 / Top 10) 84.8% / 60.6% 84.0% / 56.9% 1.0% / 6.5%

1Q Operating Performance Financial Performance Performance Metric March 31, 2020 December 31, 2019 QoQ Change GAAP net income (loss) attributable to common stockholders $(233.1) million / $(3.05) per share $32.6 million / $0.44 per share (815.0%) / (793.2%) Core Earnings1 $(168.3) million / $(2.20) per share $33.2 million / $0.45 per share (606.9%) / (588.9%) Cash dividends declared $33.2 million / $0.43 per share $32.8 million / $0.43 per share 1.2% / - Book value per common share $16.06 $19.78 (18.8%) Common shares outstanding2 76.7 million 76.0 million 0.9% Weighted average shares outstanding(2) 76.5 million 74.5 million 2.7% 1. See Appendix for definitions, including definitions of Core Earnings (reconciliation to GAAP net loss) and Loan Portfolio Leverage 2. Common shares outstanding and weighted average shares outstanding include common and Class A common stock 3. Available Liquidity is defined as cash, cash equivalents, and immediately available undrawn capacity on secured financing arrangements. Undrawn capacity requires lender consent to be borrowed. There can be no assurance such consent will be granted Capitalization Performance Metric March 31, 2020 December 31, 2019 QoQ Change Loan Financing Commitments $6.0 billion $6.0 billion 0.0% Loan Financing Capacity $2.0 billion $2.2 billion (9.1%) Available Liquidity3 $167.6 million $358.3 million (53.2%) Cash and Cash Equivalents $103.6 million $79.2 million 30.8% Undrawn Capacity $64.0 million $279.1 million (77.1%) Loan Portfolio Leverage1 77.1% 73.6% 4.8% Weighted Average Cost of Funds LIBOR plus 1.64% LIBOR plus 1.63% 0.6%

Book Value Walk 1Q 2020 1Q CECL reserve reflects the macroeconomic impact of COVID-19 Aggregate loss from realized losses and impairment charge attributable to bond investments was $203.5M ($2.65 per share) $19.78 $0.01 $0.44 ($0.43) $0.01 $19.81 ($0.26) ($0.83) $18.72 Change in Book Value Per Share Beg. Book Value End. Book Value $16.06 ($0.47) ($2.18) 1. Equals March CECL reserve of $83.0M divided by loan commitments of $5.76B, both as of March 31, 2020 Note: Totals may not sum due to rounding Recurring Operations CECL (144 bps at 3/31/2020)1 Non-Recurring

Loan Originations 1Q 2020 Investment Highlights Closed 5 first mortgage loans Total commitments of $437.4 million Initial fundings of $353.5 million Average loan size of $87.5 million1 100% Floating Rate Weighted average interest rate of LIBOR plus 2.84% Weighted average LIBOR floor of 1.62% Weighted average LTV of 73.5%2 1. Average loan size based on loans originated or acquired during a reporting period. Property types based on total loan commitment 2. See Appendix for definition of LTV 3. Property type by commitment 4. Includes one land loan (total loan commitment of $112.0 million). This property type is referred to as “Other” in Note 15 to the Consolidated Financial Statements included in the Company’s Form 10-Q for the quarter ended March 31, 2020 Property Type3 Q4 2019 Portfolio ($M) 1Q 2020 Orig. ($M) 1Q 2020 Repay. ($M) 1Q 2020 Portfolio ($M) 1Q 2020 Portfolio (%) Office 2,925.7 94.0 (211.5) 2,808.2 48.7% Multifamily 1,105.0 343.4 (86.8) 1,361.6 23.6% Office & MFR 4,030.7 437.4 (298.3) 4,169.8 72.3% QoQ Portfolio Composition, by Property Type Property Type3 % of Portfolio, by Commitment 4

Select 1Q 2020 Loan Originations 1. See Appendix for definitions, including LTV and Loan Category definitions 2. In-place debt yield for loans originated during the three months ended March 31, 2020 is defined as the ratio of in-place net cash flow (annualized) divided by the initial funding amount, both as of the closing date Note: Select 1Q20 Loan Originations represent 80.0% of total loan originations during 1Q20 based on total commitments Commitment Location Collateral Borrower Business Plan LTV / In-Place Debt Yield(1),(2) Loan Category(1) Property Photos Investment Date Office Multifamily Multifamily $94.0M $200.7M $55.0M Washington, D.C. East Patchogue, NY Austin, TX 277K SF Class B office building 925-unit market-rate multifamily community comprised of 634 standard and 291 55+ age-restricted units 411-unit Class B multifamily property Target GSA tenants to lease the remaining space. If the lease is not executed, expand the scale of the capital improvement plan and target private sector tenants. Implement a mark-to-market strategy for existing tenant base; invest $9.8M in unit interior renovations and $3.8M in common area upgrades. Increase rents by implementing a value-add program. 61.6% / 6.2% 78.0% / 5.0% 75.4% / 4.4% Moderate Transitional Bridge Light Transitional January 2020 February 2020 March 2020

National, Major Market Footprint2 Lending Focused in Top 25 Markets1 Top 25 Markets Account for 84.8% of Total Loan Commitments Loan Category Geographic Diversity Diversified Loan Portfolio Property Diversity2 1. Top 25 markets determined by US Census. Portfolio loans with collateral properties that are located in different MSAs are classified in the market designation with over 50% of underlying loan collateral by unpaid principal balance 2. By total loan commitment at March 31, 2020 3. Condominium exposure reflects total loan commitments for the Company’s five condominium inventory loans. The Company’s net condominium exposure is reduced to 0.9% by the related aggregate net sales value of executed sales contracts through March 31, 2020 4. See Appendix for definitions, including LTV, Loan Category, and Geographic Diversity definitions 5. Includes one land loan (total loan commitment of $112.0 million). This property type is referred to as “Other” in Note 15 to the Consolidated Financial Statements included in the Company’s Form 10-Q for the quarter ended March 31, 2020 2,4 Loan Portfolio: $5.8 billion2 Loan Type: First Mortgage 99.6% Mezzanine Loan 0.4% Weighted Average Interest Rate: LIBOR plus 3.4% Weighted Average LTV4: 65.7% Property Diversity: Office is highest concentration: 48.7% 2,4 West 22.9% Fixed vs. Floating Data at 2/6/2020 CA 19.1% NY 19.6% TX 13.1% PA 8.2% FL 7.0% NC 3.4% GA 4.7% MI 3.6% NJ 3.3% VA 3.1% MA 2.5% MO 2.3% IL 1.5% AZ 1.1% LA 1.1% OH 1.0% HI 0.8% KY 0.7 3 NV 1.9% MD 3.0%

Risk Ratings Update Loan commitments and UPB increased to $5.8 billion, or 2.4% QoQ, and $5.1 billion, or 2.3% QoQ, respectively Weighted average loan portfolio risk rating of 3.1 as of March 31, 2020 9 hotel loans moved to a 4 risk rating, reflecting the immediate effects of COVID-19 Risk Ratings – 3/31/2020 $ Millions Total: $5,020.7 Loan Count: 66 1. See Appendix for a description of the Company’s Loan Risk Rating scale and definition of Loan Category 2. By loan carrying value 3. Includes a single sponsor relationship with common control of 4 loans totaling $28.1 million Note: Totals may not sum due to rounding Updated to Reflect Immediate Effects of COVID-191,2 4 Risk Ratings – 12/31/2019 $ Millions $0.0 $0.0 11 47 7 Total: $4,980.4 Loan Count: 65 3 3 Beginning of Period 2.9 2.9 2.8 2.8 Repayments 2.7 3.0 2.4 2.6 New Originations 3.0 3.0 3.0 2.9 End of Period 3.1 2.9 2.9 2.8 Risk Ratings Migration 5 42 18

Financing Overview 1. Total Financing Utilization relates only to the financing of the Company’s loan investments. Excludes items related to CRE Debt Securities investments. Borrowings are 25% recourse to TPG RE Finance Trust Holdco, LLC. Totals may not sum due to rounding 2. Borrowings are 100% recourse to TPG RE Finance Trust Holdco, LLC 3. Includes borrowings for loan investments and CRE Debt Securities investments 4. See Appendix for definitions, including definitions of Debt-to-Equity and Total Leverage Note: Totals may not sum due to rounding Financing Arrangements Non-recourse, non-mark-to-market financings represent 49.9% of total loan portfolio financing Diverse set of 8 lenders providing committed secured financing arrangements Non-recourse, non-mark-to-market loan financing of 49.9% Loan Financing Utilization1 Commitments $77.0 $62.6 Leverage Ratio / Total TRTX3 6/30/2019 9/30/2019 12/31/2019 3/31/2020 $ Millions 2 4 4

Secured Financing Arrangements – Loan Investments Secured Repurchase Agreements $3,339.5 $1,834.6 78.7% 65.9% 51.9% 1.70% Senior Secured Facility $500.0 $145.6 80.0% 73.6% 58.9% 1.75% Table Funding Facility $160.0 $62.6 70.0% 75.5% 52.9% 2.25% Subtotal $3,999.5 $2,042.8 78.6% 66.8% 52.4% 1.72% Term Funding FL-2 $784.9 $784.9 79.5% 62.1% 49.4% 1.44% FL-3 $1,039.6 $1,039.6 84.5% 68.4% 57.8% 1.44% Asset Specific $77.0 $77.0 68.8% 42.6% 29.3% 4.15% Maximum Capacity WA As-Is LTV of Collateral WA Approved Advance Rate Term Funding Outstanding at 3/31/20 WA Cost of Funds Look-through LTV1 Subtotal $1,901.5 $1,901.5 81.8% 64.5% 52.9% 1.55% Grand Total $5,901.0 $3,944.3 79.5% 65.7% 52.6% 1.64% 1. Based on As-Is LTV. See Appendix for definition Credit Facilities

Interest Rate Sensitivity 100% floating rate loan portfolio benefits from contractual interest rate floors on our loans with a weighted average strike LIBOR rate of 1.66% portfolio-wide, and the absence of non-zero LIBOR floors on 95.4% of our liabilities Net floating rate mortgage loan exposure of $1.2 billion generates an increase in net interest income in rising and falling rate environments1 Loan Portfolio Composition $ Millions Loan Portfolio Income Sensitivity $ Millions Change in 1-month LIBOR (bps)1,2 1. See Part I, Item 3 of the Company’s Form 10-Q for additional details related to the Company’s interest rate risk for the period ended March 31, 2020 2. Based on 1-month LIBOR at March 31, 2020 of 0.99% Note: Excludes items related to CRE debt security investments Impact on Annualized Net Interest Income per Common Share $0.88 $0.69 $0.57 $0.00 $0.11 $0.15 $0.29 Benefit of LIBOR Floors 1 MO LIBOR at May 8 (19.8 bps)

Appendix

Per Share Calculations Per Share Calculations / Core Earnings Reconciliation Earnings and Dividends per Common Share Three Months Ended (unaudited) Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Net Income (Loss) Attributable to Common Stockholders1 $(233,061) $32,618 $32,909 $31,827 Weighted-Average Number of Common Shares Outstanding, Basic and Diluted2 76,465,322 74,504,278 74,126,890 73,963,337 Per Common Share Amount, Basic and Diluted ($3.05) $0.44 $0.44 $0.43 Dividends Declared per Common Share $0.43 $0.43 $0.43 $0.43 Three Months Ended (unaudited) Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Net Income (Loss) Attributable to Common Stockholders1 $(233,061) $32,618 $32,909 $31,827 Non-Cash Compensation Expense 1,401 590 452 881 Depreciation and Amortization Expense — — — — Unrealized Gains (Losses) — — — — Reserve for Estimated Credit Losses 63,348 — — — Core Earnings (168,312) 33,208 $33,361 $32,708 Weighted-Average Number of Common Shares Outstanding, Basic and Diluted2 76,465,322 74,504,278 74,126,890 73,963,337 Core Earnings (Loss) per Common Share, Basic and Diluted $(2.20) $0.45 $0.45 $0.44 1. Represents GAAP net loss attributable to the common and Class A common stockholders 2. Includes common stock and Class A common stock. Please see Note 2 to the Consolidated Financial Statements included in the Company’s Form 10-Q for the quarter ended March 31, 2020 for a description of the conversion of all Class A shares to common shares in January 2020 Note: Amounts shown in thousands, except share and per share data. Totals may not sum due to rounding Book Value Per Common Share For the Period Ended (unaudited) Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Total Stockholders’ Equity $1,231,413 $1,503,954 $1,466,295 $1,464,757 Preferred Stock 125 125 125 125 Stockholders’ Equity, Net of Preferred Stock $1,231,288 $1,503,829 $1,466,170 $1,464,632 Number of Common Shares Outstanding at Period End2 76,650,996 76,022,778 74,125,051 74,139,409 Book Value per Common Share $16.06 $19.78 $19.78 $19.76

TRTX Loan Portfolio Loan Name TRTX Loan Commitment1 TRTX Loan Balance2 Interest Rate Extended Maturity Location Property Type Commitment Per Sq. ft. / Unit LTV3 Loan 1 $350.8 $318.8 L+ 2.9% 4.4 years New York, NY Office $692 Sq. ft. 72.8% Loan 2 $223.0 $169.0 L+ 3.4% 4.4 years Atlanta, GA Office $214 Sq. ft. 61.4% Loan 3 $210.0 $166.2 L+ 3.6% 3.8 years Detroit, MI Office $217 Sq. ft. 59.8% Loan 4 $206.5 $200.1 L+ 2.9% 3.8 years Various, FL Multifamily $181,299 / Unit 76.6% Loan 5 $200.7 193.2 L+ 2.8% 5.9 years East Patchogue, NY Multifamily $217,003 / Unit 78.0% Loan 6 $200.0 $174.4 L+ 2.9% 4.4 years New York, NY Office $904 Sq. ft. 65.2% Loan 7 $190.1 $172.3 L+ 3.0% 4.7 years San Diego, CA Office $248 Sq. ft. 51.9% Loan 8 $190.0 $183.4 L+ 2.7% 3.3 years Philadelphia, PA Office $177 Sq. ft. 73.6% Loan 9 $180.0 $180.0 L+ 3.8% 2.6 years Charlotte, NC Hotel $257,143 / Unit 65.5% Loan 10 $173.3 $166.1 L+ 4.3% 2.5 years Philadelphia, PA Office $213 Sq. ft. 72.2% Loans 11 – 66 $3,639.3 $3,189.3 L + 3.6%4 3.6 years     64.1% Total Loan Portfolio $5,763.7 $5,112.8 L + 3.4%4 3.7 years 65.7% 1. Represents TRTX’s potential maximum loan commitment/balance 2. Represents TRTX’s current loan balance and excludes pari passu and junior positions in the same capital structure 3. See Appendix for definitions, including definition of LTV 4. Represents the weighted average interest rate as of March 31, 2020 which are all floating rate loans. Interest rate includes LIBOR plus the loan credit spread at March 31, 2020 Note: As of March 31, 2020. Excludes CRE debt securities investments. Not all TRTX investments have or will have similar experiences or results, and there should be no assumption that the investments listed above will continue to perform $ Millions

All amounts in thousands except share and per share amounts ASSETS March 31, 2020 (unaudited) December 31, 2019 Cash and Cash Equivalents $103,622 $79,182 Restricted Cash 910 484 Accounts Receivable 6 2,344 Accounts Receivable from Servicer/Trustee 35,448 13,741 Accrued Interest and Fees Receivable 28,213 28,107 Loans Held for Investment 5,096,353 4,980,389 Allowance for Credit Losses (75,658) — Loans Held for Investment, net (includes $2,687,849 and $2,585,030 pledged as collateral under secured revolving repurchase and secured credit agreements) 5,020,695 4,980,389 Investment in Available-for-Sale CRE Debt Securities (includes $603,605 and $786,408 pledged as collateral under secured revolving repurchase agreements) 604,801 787,552 Other Assets, Net 32,606 1,071 Total Assets $5,826,301 $5,892,870 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Accrued Interest Payable $5,173 $6,665 Accrued Expenses and Other Liabilities 17,834 8,176 Secured Revolving Repurchase, Senior Secured, and Secured Credit Agreements (net of deferred financing costs of $9,545 and $11,632) 2,641,548 2,448,422 Collateralized Loan Obligations (net of deferred financing costs of $12,469 and $13,632) 1,812,052 1,806,428 Asset-Specific Financings (net of deferred financing costs of $200 and $294) 76,800 76,706 Payable to Affiliates 7,970 9,520 Deferred Revenue 289 164 Dividends Payable 33,222 32,835 Total Liabilities $4,594,888 $4,388,916 Commitments and Contingencies Stockholders’ Equity: Preferred Stock ($0.001 par value per share; 100,000,000 shares authorized; 125 and 125 shares issued and outstanding, respectively) — — Common Stock ($0.001 par value per share; 302,500,000 and 300,000,000 shares authorized, respectively; 76,650,996 and 74,886,113 shares issued and outstanding, respectively) 77 75 Class A Common Stock ($0.001 par value per share; 0 and 2,500,000 shares authorized, respectively; 0 and 1,136,665 shares issued and outstanding) — 1 Additional Paid-in-Capital 1,545,024 1,530,935 (Accumulated Deficit) (313,765) (28,108) Accumulated Other Comprehensive Income (Loss) 77 1,051 Total Stockholders' Equity 1,231,413 1,503,954 Total Liabilities and Stockholders' Equity $5,826,301 $5,892,870 Consolidated Balance Sheets

Consolidated Statements of Income and Comprehensive Income All amounts in thousands except share and per share amounts (three months ended March 31 is unaudited) Three Months Ended March 31,   INTEREST INCOME 2020 2019 Interest Income $81,749 $76,601 Interest Expense (38,457) (39,367) Net Interest Income 43,292 37,234 OTHER REVENUE Other Income, net 328 422 Total Other Revenue 328 422 OTHER EXPENSES Professional Fees 1,819 679 General and Administrative 980 692 Stock Compensation Expense 1,401 633 Servicing and Asset Management Fees 276 513 Management Fee 5,000 5,143 Incentive Management Fee — 1,365 Total Other Expenses 9,476 9,025 Securities Impairments (203,493) — Credit Loss Expense (63,348) — Income (Loss) Before Income Taxes (232,697) 28,631 Income Tax Expense, net (93) (219) Net Income (Loss) ($232,790) $28,412 Preferred Stock Dividends (3) (3) Net Income (Loss) Attributable to TPG RE Finance Trust, Inc. ($232,793) $28,409 Basic Earnings (Loss) per Common Share ($3.05) $0.42 Diluted Earnings (Loss) per Common Share ($3.05) $0.42 Weighted Average Number of Common Shares Outstanding Basic: 76,465,322 68,294,736 Diluted: 76,465,322 68,294,736 Dividends Declared per Common Share $0.43 $0.43 OTHER COMPREHENSIVE INCOME Net Income (Loss) ($232,790) $28,412 Unrealized (Loss) Gain on Available-for-Sale Securities (CRE Debt Securities) (974) 106 Comprehensive Net Income (Loss) ($233,764) $28,518

Cash Flows from Operating Activities: Mar 31, 2020 March 31, 2019 Net Income (Loss) $(232,790) $28,412 Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities: Amortization and Accretion of Premiums, Discounts and Loan Origination Fees, net (3,194) (3,627) Amortization of Deferred Financing Costs 3,340 4,698 Stock Compensation Expense 1,401 633 Securities Impairments 203,493 - Allowance for Credit Loss Expense 63,348 - Cash Flows Due to Changes in Operating Assets and Liabilities: Accounts Receivable 2,338 25 Accrued Interest and Fees Receivable 102 (3,143) Accrued Expenses and Other Liabilities 2,748 (3,616) Accrued Interest Payable (1,533) 1,818 Payable to Affiliates (1,550) 490 Deferred Fee Income 125 151 Other Assets (302) 192 Net Cash Provided by Operating Activities $37,526 $26,033 Cash Flows from Investing Activities: Origination of Loans Held for Investment (351,650) (628,460) Advances on Loans Held for Investment (61,720) (57,394) Principal Repayments of Loans Held for Investment 312,687 359,065 Purchase of Available-for-Sale CRE Debt Securities (168,888) (263,868) Sale and Principal Repayments of Available-for-Sale CRE Debt Securities 86,439 586 Net Cash (Used in) Investing Activities ($183,132) ($590,071) Cash Flows from Financing Activities: Payments on Collateralized Loan Obligations - (233,557) Payments on Secured Financing Agreements – Loan Investments (337,306) (264,615) Proceeds from Secured Financing Agreements – Loan Investments 612,861 760,878 Payments on Secured Financing Agreements – CRE Debt Securities (216,638) (387) Proceeds from Secured Financing Agreements – CRE Debt Securities 132,122 227,861 Payment of Deferred Financing Costs (421) (1,176) Payments to Repurchase Common Stock - (42) Proceeds from Issuance of Preferred Stock - 125 Proceeds from Issuance of Common Stock 12,895 119,100 Dividends Paid on Common Stock (32,551) (28,546) Dividends Paid on Class A Common Stock (284) (492) Payment of Equity Issuance and Equity Distribution Agreement Transaction Costs (206) - Net Cash Provided by Financing Activities $170,472 $579,149 Net Change in Cash, Cash Equivalents, and Restricted Cash 24,866 15,111 Cash, Cash Equivalents, and Restricted Cash at Beginning of Period 79,666 40,720 Cash, Cash Equivalents, and Restricted Cash at End of Period $104,532 $55,831 Supplemental Disclosure of Cash Flow Information: Interest Paid 36,090 $34,567 Taxes Paid 4 10 Supplemental Disclosure of Non-Cash Investing and Financing Activities: Principal Repayments of Loans Held for Investment Held by Servicer/Trustee, net $881 $6,562 Sales and Principal Repayments of Available-for-Sale CRE Debt Securities Held by Servicer/Trustee, net 33,983 47 Dividends Declared, not paid 33,222 31,598 Accrued Deferred Financing Costs 484 532 Unrealized Gain (Loss) on Available-for-Sale CRE Debt Securities (974) 106 Accrued Equity Issuance and Transaction Costs - 300 Consolidated Statements of Cash Flows All amounts in thousands Three Months Ended (Unaudited)

Definitions TRTX uses Core Earnings to evaluate its performance excluding the effects of certain transactions and GAAP adjustments it believes are not necessarily indicative of its current loan activity and operations. Core Earnings is a non-GAAP measure, which TRTX defines as GAAP net income (loss) attributable to its stockholders, including realized gains and losses not otherwise included in GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), including an allowance for credit losses; and (iv) certain non-cash items. Core Earnings may also be adjusted from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as determined by TRTX’s Manager, subject to approval by a majority of TRTX’s independent directors. The exclusion of depreciation and amortization from the calculation of Core Earnings only applies to debt investments related to real estate to the extent TRTX forecloses upon the property or properties underlying such debt investments TRTX believes that Core Earnings provides meaningful information to consider in addition to its net income and cash flow from operating activities determined in accordance with GAAP. Although pursuant to the Management Agreement TRTX calculates the incentive and base management fees due to its Manager using Core Earnings before incentive fee expense, TRTX reports Core Earnings after incentive fee expense, because TRTX believes this is a more meaningful presentation of the economic performance of TRTX’s common stock. For additional information on the fees TRTX pays the Manager, see Note 10 to the Consolidated Financial Statements included in TRTX’s Form 10-Q Core Earnings does not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income, or an indication of TRTX’s GAAP cash flows from operations, a measure of TRTX’s liquidity, or an indication of funds available for TRTX’s cash needs. In addition, TRTX’s methodology for calculating Core Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, TRTX’s reported Core Earnings may not be comparable to the Core Earnings reported by other companies Core Earnings Asset-Level Estimated Return on Equity TRTX defines Asset-Level Estimated Return on Equity (ALEROE) as a non-discounted estimate of a loan investment’s average annual return on equity during its initial term to maturity. ALEROE is determined for each loan, on a stand-alone basis, using the loan’s stated credit spread, spot LIBOR rate, origination and exit fees (if any) amortized on a straight line basis, the maximum advance rate approved by our lender against the loan investment, the all-in cost of funding (including commitment fees and amortized deferred financing costs), and estimates of MG&A, asset management and loan servicing costs, base management fee, and incentive fee, if any. TRTX’s calculation of ALEROE for a particular loan investment assumes deferred fundings related to such investment, if any, in accordance with TRTX’s underwriting of the borrower’s business plan, and that the all-in cost of funding for the investment is constant from origination through the initial maturity date. There can be no assurance that the actual asset-level return on equity for a particular loan investment will equal the ALEROE for such investment

Definitions (cont.) Debt-to-Equity - Represents (i) total outstanding borrowings under financing arrangements, net, including collateralized loan obligations, secured revolving repurchase agreements, senior secured and secured credit agreements, and an asset-specific financing agreement, less cash, to (ii) total stockholders’ equity, at period end Total Leverage - Represents (i) total outstanding borrowings under financing arrangements, net, including collateralized loan obligations, secured revolving repurchase agreements, senior secured and secured credit agreements, and an asset-specific financing agreement, plus non-consolidated senior interests sold or co-originated (if any), less cash, to (ii) total stockholders’ equity, at period end Leverage Borrower fundings that are made under existing loan commitments after loan closing date Deferred Fundings Geographic Diversity TRTX provides herein additional detail by splitting the South region into separate Southeast and Southwest regions using definitions established by The National Council of Real Estate Investment Fiduciaries (NCREIF). A reconciliation to TRTX’s Form 10-Q at March 31, 2020 follows (dollars in millions): Region Form 10-Q Reclassification Supplemental % Total Commitment East $2,474.2 - $2,474.2 42.9% South 1,452.2 (1,452.2) - - West 1,320.8 - 1,320.8 22.9% Midwest 428.4 - 428.4 7.4% Various 88.1 - 88.1 1.5% Southeast - 656.4 656.4 11.5% Southwest - 795.8 795.8 13.8% Total $5,763.7 $- $5,763.7 100.0% Note: Totals may not sum due to rounding

Definitions (cont.) Bridge/Stabilization Loan - A loan with limited deferred fundings, generally less than 10% of the total loan commitment, which fundings are commonly conditioned on the borrower’s satisfaction of certain collateral performance tests. The related business plan generally involves little or no capital expenditure related to base building work (e.g., building mechanical systems, lobbies, elevators, common areas, or other amenities), with most deferred fundings related to leasing activity. The primary focus is on maintaining or improving current operating cash flow, or addressing minimal lease expirations or existing tenant vacancies. Light Transitional Loan - A transitional loan with deferred fundings ranging from 10% to 20% of the total loan commitment, which fundings are commonly conditioned on the borrower’s completion of specified improvements to the property or satisfaction of certain collateral performance tests. The related business plan is to lease existing or forecasted tenant vacancy to achieve stabilized occupancy and cash flow. Capital expenditure is primarily to fund leasing commissions and tenant improvements for new tenant leases, and capital expenditure allocated to base building work generally does not exceed 20%. Deferred fundings may also be budgeted to fund operating deficits, or interest expense, during the period prior to stabilized occupancy. Moderate Transitional Loan - A transitional loan with deferred fundings greater than 20% of the total loan commitment, which fundings are commonly conditioned on the borrower’s completion of specified improvements to the property or satisfaction of certain collateral performance tests. The related business plan generally involves capital expenditure for base building work needed before substantial leasing activity can be achieved, followed by capital expenditure for tenant improvements and leasing commissions to achieve stabilized occupancy and cash flow. Deferred fundings may also be budgeted to fund operating deficits, or interest expense, during the period prior to stabilized occupancy. Construction Loan - A loan made to a borrower to fund the ground-up construction of a commercial real estate property Loan Category Except for construction loans, LTV is calculated for loan originations and existing loans as the total outstanding principal balance of the loan or participation interest in a loan (plus any financing that is pari passu with or senior to such loan or participation interest), divided by the as-is real estate value at the time of origination or acquisition of such loan or participation interest. For construction loans only, LTV is calculated as the total commitment amount of the loan divided by the as-stabilized value of the real estate securing the loan. The as-is or as-stabilized (as applicable) value reflects our Manager’s estimates, at the time of origination or acquisition of the loan or participation interest in a loan, of the real estate value underlying such loan or participation interests determined in accordance with our Manager’s underwriting standards and consistent with third-party appraisals obtained by our Manager Loan-to-Value (LTV) Loan Portfolio Leverage Loan portfolio leverage is the total outstanding borrowings divided by the aggregate unpaid principal balance of the loans pledged at period end

Definitions (cont.) Loan Risk Ratings Using on a 5-point scale, TRTX’s loans are rated “1” through “5,” from least risk to greatest risk, respectively, on a quarterly basis. The loan risk ratings are defined as follows: 1: Outperform—Exceeds performance metrics (for example, technical milestones, occupancy, rents, net operating income) included in original or current credit underwriting and business plan; 2: Meets or Exceeds Expectations—Collateral performance meets or exceeds substantially all performance metrics included in original or current underwriting / business plan; 3: Satisfactory—Collateral performance meets or is on track to meet underwriting; business plan is met or can reasonably be achieved; 4: Underperformance—Collateral performance falls short of original underwriting, material differences exist from business plan, or both; technical milestones have been missed; defaults may exist, or may soon occur absent material improvement; and 5: Default/Possibility of Loss—Collateral performance is significantly worse than underwriting; major variance from business plan; loan covenants or technical milestones have been breached; timely exit from loan via sale or refinancing is questionable; risk of principal loss. Non-consolidated Senior Interest TRTX 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 TRTX 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 Mixed-Use Loan TRTX classifies a loan as mixed-use if the property securing TRTX’s loan: (a) involves more than one use; and (b) no single use represents more than 60% of the collateral property’s total value. In certain instances, TRTX’s classification may be determined by its assessment of which use is the principal driver of the property’s aggregate net operating income

Company Information Contact Information Headquarters: 888 Seventh Avenue 35th Floor New York, NY 10106 New York Stock Exchange: Symbol: TRTX TPG RE Finance Trust, Inc. Bob Foley Chief Financial & Risk Officer +1 (212) 430-4111 bfoley@tpg.com Investor Relations: +1 (212) 405-8500 IR@tpgrefinance.com Media Contact: TPG RE Finance Trust, Inc. Courtney Power +1 (415) 743-1550 media@tpg.com Analyst Coverage Citigroup Arren Cyganovich +1 (212) 816-3733 JP Morgan Richard Shane +1 (415) 315-6701 Raymond James Stephen Laws +1 (901) 579-4868 Deutsche Bank George Bahamondes +1 (212) 250-1587 JMP Securities Steven DeLaney +1 (212) 906-3517 Wells Fargo Donald Fandetti +1 (212) 214-8069 Transfer Agent American Stock Transfer & Trust Company, LLC +1 (800) 937-5449 help@astfinancial.com TPG RE Finance Trust, Inc. (“TRTX” or the “Company”) is a commercial real estate finance company that focuses primarily on originating, acquiring, and managing first mortgage loans and other commercial real estate‐related debt instruments secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of TPG. TPG is a global alternative asset firm with a 25-year history and more than $88 billion of assets under management. For more information regarding TRTX, visit www.tpgrefinance.com.