TPG RE Finance Trust

1. Interest rate risk: TPG RE Finance Trust is exposed to the risk of rising interest rates, as their principal and income on loans they originate are generally paid at fixed interest rates. Rising rates can reduce the value of their loan portfolio and erode their net interest margins.

2. Credit risk: TPG RE Finance Trust is exposed to the credit risk of default of borrowers and the guarantors of the loans. If a borrower or guarantor defaults, the trust may not be able to recover the full amount of the loan and could face significant losses.

3. Liquidity risk: TPG RE Finance Trust may not be able to access the necessary liquidity to meet their obligations or take advantage of favourable investment opportunities. This could reduce their ability to generate returns for their investors.

4. Regulatory risk: Changes to the regulatory environment could impact the trust's ability to operate as intended, or could impose additional costs or burdens on the trust which would reduce the potential for income and return.

5. Currency risk: The trust is exposed to fluctuations in the value of the local currency, as its investments are denominated in various currencies including the US dollar. This could lead to exchange losses on the trust's investments and may reduce performance.

6. Management risk: The trust is managed by TPG, and the ability and success of their management could impact the trust's performance. Poor decisions or errors in judgement have the potential to reduce returns on investments and increase risk levels.