TPG RE Finance Trust: JPM 2Q26 Earnings Scorecard – Preview

Research evidence excerpt

TPG RE Finance Trust: JPM 2Q26 Earnings Scorecard – Preview

J P M O R G A N North America Equity Research

28 July 2026

TPG RE Finance Trust Overweight

TRTX, TRTX US

JPM 2Q26 Earnings Scorecard – Preview Price (27 Jul 26):$8.56

Consumer Finance

TRTX will report 2Q26 results on Tuesday (7/28) AMC and host an earnings call Richard Shane AC

the following morning (7/29) at 9:00AM ET. Below is a summary of JPM and (1-415) 315-6701

consensus estimates for key metrics. richard.b.shane@jpmorgan.com

Hong Zhang

Estimates: (1-212) 622-6416

hongliang.zhang@jpmorgan.com

• We estimate 2Q26 distributable EPS of $0.24, below consensus of $0.26. J.P. Morgan Securities LLC

• We project 2Q26 net interest income of $25.7M, below consensus $26.9M,

roughly flat from ~$25.7M Q/Q and up from $25.1M Y/Y.

• We estimate book value per share of $11.03, slightly below the consensus

estimate of $11.05, down from $11.06 Q/Q and from $11.20 Y/Y.

Key Issue for 2Q:

• New originations, which demonstrate TRTX’s ability to grow its portfolio

ahead of peers. Incremental credit deterioration would be viewed as a negative

and could shift investor focus from originations growth back to credit

performance.

Other Issues:

• Liquidity: CREITs need to maintain a substantial cash buffer to resolve

troubled loans, meet unfunded commitments, and pay dividends. We believe

TRTX requires less liquidity than its peers given its progress in resolving

troubled assets, but liquidity is likely to remain elevated relative to historical

levels given greater economic uncertainty. As of March 31, TRTX had

$172.8M of liquidity, including $77.0M of cash-on-hand.

• Originations: We believe TRTX is one of the better positioned CREITs within

our coverage to grow originations, with mgmt. expecting loan investment