Exhibit 12.2

TPG RE Finance Trust, Inc. and Subsidiaries

Computation of Earnings to Combined Fixed Charges

and Preferred Stock Dividends

(in thousands, except ratios)

	Six Months Ended June 30, 2018			Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Period from December 18, 2014 (inception) to December 31, 2014
Fixed Charges (Interest Expense)	$	56,152		$	78,268		$	61,649		$	47,564		$	1,518
Preferred Stock Dividends		3			16			16			15			0
Combined fixed charges and preferred stock dividends	$	56,155		$	78,284		$	61,665		$	47,579		$	1,518
Income (loss) (before income taxes)	$	51,757		$	94,498		$	69,962		$	60,967		$	(8,248	)
Earnings	$	107,912		$	172,782		$	131,627		$	108,546		$	(6,730	)
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		1.92	x		2.21	x		2.13	x		2.28	x		N/A