Market Overview

TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2018

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TPG RE Finance Trust, Inc. (NYSE:TRTX) ("TRTX" or the "Company")
reported its operating results for the quarter ended June 30, 2018. For
the second quarter of 2018, GAAP net income was $26.4 million, earnings
per diluted common share was $0.44, and book value per common share at
June 30, 2018 was $19.80.

SECOND QUARTER 2018 HIGHLIGHTS

-- Generated GAAP net income of $26.4 million, or $0.44 per diluted
common share, based on a weighted average share count of 60.2 million
common shares

-- Closed seven new loan commitments totaling $609.4 million, with an
average loan size of $87.1 million, and an initial unpaid principal
balance of $531.0 million

-- Declared cash dividends of $25.9 million, or $0.43 per common share,
representing an 8.5% annualized dividend yield based on the quarter end
closing share price of $20.32

Greta Guggenheim, Chief Executive Officer, stated: "We completed over
$600 million of high-quality loan originations in the quarter, drove
down our cost of capital, and optimized capacity under existing
financing arrangements. Subsequent to quarter end, we have closed, or
are in the process of closing, $569 million of loans. This will bring
our year-to-date loan production to $1.8 billion, nearly equaling our
loan origination volume for all of 2017. Through the continued
origination of high ROE, strong credit, first mortgage loans on bridge
and light transitional assets, we increased our dividend per common
share to $0.43 for the second quarter, from $0.42 per share in the first
quarter."

The Company issued a supplemental presentation detailing its second
quarter 2018 operating results, which can be viewed at http://investors.tpgrefinance.com/.

CONFERENCE CALL AND WEBCAST INFORMATION

The Company will host a conference call and webcast to review its
financial results with investors and other interested parties at 8:30
a.m. ET on Tuesday, August 7, 2018. The call will be hosted by Greta
Guggenheim, Chief Executive Officer, and Bob Foley, Chief Financial and
Risk Officer. To participate in the conference call, callers from the
United States and Canada should dial +1-877-407-9716, and international
callers should dial +1-201-493-6779, ten minutes prior to the scheduled
call time. The webcast may also be accessed live by visiting the
Company's investor relations website at http://investors.tpgrefinance.com/.

A replay of the conference call will be available at approximately 11:30
a.m. ET on Tuesday, August 7, 2018 through 11:59 p.m. ET on Tuesday,
August 21, 2018. To access the replay, listeners may use +1-844-512-2921
(domestic) or +1-412-317-6671 (international). The passcode for the
replay is 13681415. The recorded replay will be available on the
Company's website for one year after the call date.

ABOUT TRTX

TPG RE Finance Trust, Inc. 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 $84
billion of assets under management. For more information regarding TRTX,
visit www.tpgrefinance.com.

FORWARD-LOOKING STATEMENTS

The information contained in this earnings release 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 Company's
investments, 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 relating to the Company's
ability to fund loans that are under signed term sheets, and in closing
and originating loans in the pipeline that the Company is evaluating,
are forward-looking statements, and the Company cannot assure you that
TRTX will close loans that are under signed term sheets and in closing
or enter into definitive documents and close any of the loans in the
pipeline that the Company is evaluating. 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 release. 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 release. The Company does not
undertake any obligation to update any forward-looking statements
contained in this earnings release as a result of new information,
future events or otherwise.

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