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TPG HEAL ESTATE FINANCE TRUST Exhibit 99.1 TPG RE Finance Trust , Inc. Reports Operating Results for the Quarter Ended June 30 , 2021 August 3 , 2021 NEW YORK- ( BUSINESS WIRE ) —TPG RE Finance Trust , Inc. ( NYSE : TRTX ) ( “ TRTX " or the " Company " ) reported its operating results for the quarter ended June 30 , 2021 . SECOND QUARTER 2021 ACTIVITY • • • GAAP net income was $ 32.4 million during the three months ending June 30 , 2021 , compared to $ 32.0 million for the preceding quarter , an increase of $ 0.4 million , or 1.3 % . Net interest margin was $ 39.9 million during the three months ending June 30 , 2021 , compared to $ 37.9 million for the preceding quarter , an increase of $ 2.0 million , or 5.3 % . GAAP net loss attributable to common stockholders was $ 21.0 million , or $ ( 0.27 ) per diluted common share , and book value per common share on June 30 , 2021 was $ 16.03 . Issued 8.05 million shares of 6.25 % Series C Cumulative Redeemable Preferred Stock , generating net proceeds of $ 194.4 million . Redeemed 9.0 million shares of 11.0 % Series B Cumulative Redeemable Preferred Stock at an aggregate redemption price of $ 247.5 million , including a $ 225.0 million par redemption price and a $ 22.5 million make - whole payment equal to the present value of all remaining dividend payments due after the redemption date through the second anniversary of the original issue date . Closed nine new loans with total commitments of $ 752.5 million , an aggregate initial unpaid principal balance of $ 597.0 million , a weighted average credit spread of 3.48 % , a weighted average LIBOR floor of 0.22 % and a weighted average loan - to - value ratio of 67.3 % . Funded $ 43.9 million of future funding obligations associated with existing loans . Received loan repayments of $ 334.0 million , including four full loan repayments totaling $ 330.7 million , of which 90.3 % measured by unpaid principal balance was office loans . • Weighted average risk rating of the Company's loan portfolio remains unchanged from the preceding quarter at 3.1 as of June 30 , 2021 . Reduced CECL reserve by $ 3.5 million to $ 55.3 million at quarter - end , equating to 104 basis points of total loan commitments , down from $ 58.8 million and 118 basis points at March 31 , 2021 . Sold one performing hotel loan with an unpaid principal balance of $ 60.7 million for $ 59.5 million , a $ 0.98 dollar price based on par value . The loss on sale of $ 1.6 million does not include the beneficial impact to the Company's general CECL reserve resulting from the sale of the loan , which exceeded the loss on sale . Ended the quarter with $ 393.0 million of total liquidity comprised of : cash and cash equivalents of $ 239.7 million , of which $ 224.7 million was available for investment , net of $ 15.0 million held to satisfy a cash liquidity covenant under the Company's secured credit agreements ; undrawn capacity ( liquidity available to the Company without the need to pledge additional collateral ) under secured borrowing arrangements of $ 99.5 million ( of which $ 68.8 million was immediately available ) ; and $ 53.8 million of reinvestment capacity in the CLOs available for investment in eligible collateral . Additionally , the Company held unencumbered loan assets with an unpaid principal balance of $ 69.7 million as of June 30 , 2021 . Non - mark - to - market debt represented 81.9 % of total loan portfolio borrowings at June 30 , 2021 . 1