Page 1

TPG REAL ESTATE FINANCE TRUST Exhibit 99.1 TPG RE Finance Trust , Inc. Reports Operating Results for the Quarter Ended September 30 , 2021 November 2 , 2021 NEW YORK -- ( BUSINESS WIRE ) -- TPG RE Finance Trust , Inc. ( NYSE : TRTX ) ( " TRTX " or the " Company " ) reported its operating results for the quarter ended September 30 , 2021 . THIRD QUARTER 2021 ACTIVITY GAAP net income attributable to common stockholders was $ 26.0 million , net income per diluted common share was $ 0.32 based on a diluted weighted average share count of 82.0 million common shares , and book value per common share on September 30 , 2021 was $ 16.15 . Declared on September 13 , 2021 a dividend of $ 0.24 per common share , an increase of $ 0.04 per common share or 20.0 % from the second quarter of 2021 , which was paid on October 22 , 2021 to stockholders of record as of September 29 , 2021. Paid on September 30 , 2021 , to stockholders of record as of September 20 , 2021 , the first dividend on the Company's 6.25 % Series C Cumulative Redeemable Preferred Stock of $ 3.7 million , covering the period from issuance to , but excluding , September 30 , 2021 . Closed seven new loans with total commitments of $ 482.9 million , an aggregate initial unpaid principal balance of $ 433.6 million , a weighted average credit spread of 3.53 % , a weighted average LIBOR floor of 0.15 % and a weighted average loan - to - value ratio of 72.9 % . Net interest margin was $ 39.0 million during the three months ending September 30 , 2021 , compared to $ 39.9 million for the preceding quarter , or a decrease of $ 0.9 million . ◉ Funded $ 37.3 million of future funding obligations associated with existing loans . Received loan repayments of $ 460.4 million , including three full loan repayments totaling $ 418.1 million . ■ Weighted average risk rating of the Company's loan portfolio remains unchanged from the preceding quarter at 3.1 as of September 30 , 2021 . Reduced CECL reserve by $ 0.3 million to $ 55.0 million at quarter - end , or 103 basis points of total loan commitments , down from $ 55.3 million or 104 basis points at June 30 , 2021 . Transferred one performing hotel loan from loans held for investment to loans held for sale on our consolidated balance sheet . Entered into a purchase and sale agreement to sell the first mortgage loan for par , less transaction costs . Ended the quarter with $ 323.6 million of total liquidity comprised of : cash and cash equivalents of $ 269.3 million , of which $ 254.3 million was available for investment , net of $ 15.0 million held to satisfy the 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 $ 47.4 million ( of which $ 0.8 million was immediately available ) ; and $ 6.9 million of reinvestment capacity in the Company's CLOs available for investment in eligible collateral . Additionally , the Company held unencumbered loan assets with an aggregate unpaid principal balance of $ 154.2 million as of September 30 , 2021 . Non - mark - to - market debt represented 77.8 % of total loan portfolio borrowings at September 30 , 2021 . Benefited from weighted average LIBOR floors in the loan portfolio of 1.33 % , or approximately 125 basis points higher than one - month LIBOR as of September 30 , 2021 . 1