Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Investor Presentation (March 2025)
24 slides from Tpg Re Finance Trust's investor presentation, Mar 3, 2025
Slide 1: Investor Presentation March 2025
March 2025 TPG RE Finance Trust, Inc. Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Other Disclosures
Investor Presentation| March 2025 2TPG RE Finance Trust, Inc.| NYSE: TRTX Forward-Looking Statements and Other Disclosures This presentation 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
Slide 3: TRTX By the Numbers
Investor Presentation| March 2025 3TPG RE Finance Trust, Inc.| NYSE: TRTX TRTX By the Numbers 1. Includes one fixed rate contiguous mezzanine loan 2. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price discount, and accrual of both extens
Slide 4: TPG – Premier Global Asset Manager
Investor Presentation| March 2025 4TPG RE Finance Trust, Inc.| NYSE: TRTX TPG – Premier Global Asset Manager Capital Real Estate Market Solutions $74B $18B$28B $8B TPG RE Partners (TREP) TPG RE Finance Trust (TRTX) TPG Tech Adjacencies (TTAD) TPG Growth TPG Digital Media (TDM) SPACs Public Market In
Slide 5: Strength of TPG Real Estate Platform
Investor Presentation| March 2025 5TPG RE Finance Trust, Inc.| NYSE: TRTX Strength of TPG Real Estate Platform Well-established real estate franchise with extensive portfolio creates significant advantages for TRTX in executing its lending strategy (1) As of December 31, 2024. Includes co-investment
Slide 6: 4Q24 Operating Results
Investor Presentation| March 2025 6TPG RE Finance Trust, Inc.| NYSE: TRTX $11.41 ($0.01) $0.19 ($0.24) ($0.04) $0.02 ($0.06) $11.27 Book Value 9/30/24 Issuance of Common Stock Net Income, Excluding Credit Loss Benefit Dividends on Common Shares Dividends on Preferred Shares Equity Compensation Credi
Slide 7: Liquidity and Leverage
Investor Presentation| March 2025 7TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios4,5 1. Cash held to satisfy liquidity covenants under secured credit agreements 2. Available for Eligible Collateral, as defined in relevant loan portfo
Slide 8: TRTX Relative Stock Performance
Investor Presentation| March 2025 8TPG RE Finance Trust, Inc.| NYSE: TRTX 0.74x 0.93x 0.75x 0.21x 0.80x 0.34x 0.75x TRTX BXMT KREF CMTG ARI GPMT BRSP 11.5% 9.3% 9.1% —% 10.2% 7.0% 10.6% TRTX BXMT KREF CMTG ARI GPMT BRSP Current Common Stock Dividend Yield2 Current Price to Book Value Multiple3 1. TR
Slide 9: Path to Growth: Leverage Ratio / Target Leverage Ratio
Investor Presentation| March 2025 9TPG RE Finance Trust, Inc.| NYSE: TRTX Leverage Ratio / Target Leverage Ratio $0.03 $0.05 $0.08 $3,498 $3,899 $4,456 $5,013 Potential Incremental Distributable Earnings per share (quarterly) Potential Gross Loan Investment Capacity 2.14x 2.50x 3.00x 3.50x $0.00 $0.
Slide 10: Loan Portfolio
Investor Presentation| March 2025 10TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio 32% 13% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $3.4B Outstanding Principal Balance $3.3B MSA Concentrations (Top 25 / Top 10)1 58.9% / 31.3% Weighted Average All-in Yield2 8.26% Weighted Avera
Slide 11: Loan Portfolio Composition
Investor Presentation| March 2025 11TPG RE Finance Trust, Inc.| NYSE: TRTX 19.9% 18.1% 17.8% 49.2% 54.5% 52.0% 10.6% 10.3% 10.2% 11.0% 11.7% 10.8% 3.1% 2.3% 2.3% 2.9% 1.1% 4.9% 1.4% 67.3% 67.2% 66.1% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Other Dec 31, 2023 Sep 30, 2
Slide 12: Loan Portfolio Walk
Investor Presentation| March 2025 12TPG RE Finance Trust, Inc.| NYSE: TRTX $3,666.2 $3,537.7 $3,345.5 $3,386.1 $3,412.0$183.3 $163.8 $139.6 $122.3 $127.9 $3,484.1 $10.7 $107.0 ($227.8) $3,373.9 $18.1 ($186.1) $3,205.9 $7.6 $199.8 ($149.3) $3,264.1 $4.7 $225.2 ($110.2) ($99.2) $3,284.5 12/31/2023 Def
Slide 13: Risk Ratings
Investor Presentation| March 2025 13TPG RE Finance Trust, Inc.| NYSE: TRTX 3.05 3.05 3.05 3.02 3/31/2024 06/30/2024 9/30/2024 12/31/2024 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.04 Start of Period
Slide 14: CECL Reserve
Investor Presentation| March 2025 14TPG RE Finance Trust, Inc.| NYSE: TRTX 210 208 205 187 210 208 205 187 General Reserve Specifically Identified Loans 3/31/2024 6/30/2024 9/30/2024 12/31/2024 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $74.1 $69.6 $69.3 $6
Slide 15: Diverse Financing Sources
Investor Presentation| March 2025 15TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 77.0% 23.0% 7.4% 3.4% 66.2% Secured Credit Agreements (Credit MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources
Slide 16: Impact of Changing Rates
Investor Presentation| March 2025 16TPG RE Finance Trust, Inc.| NYSE: TRTX Change in Index Rate ($0.02) ($0.01) $0.00 $0.01 $0.02 - 1.00% - 0.50% 0.00% + 0.50% + 1.00% (0.03) (0.02) (0.01) 0.00 0.01 0.02 0.03 Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Share per
Slide 17: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 18: TRTX Loan Portfolio
Investor Presentation| March 2025 18TPG RE Finance Trust, Inc.| NYSE: TRTX TRTX Loan Portfolio 1. Represents TRTX’s potential maximum loan commitment/balance 2. Represents TRTX’s current loan balance and excludes third party pari passu and junior positions in the same capital structure, if any 3. Se
Slide 19: Per Share Calculations
Investor Presentation| March 2025 19TPG RE Finance Trust, Inc.| NYSE: TRTX Per Share Calculations Reconciliation of Net Income Attributable to Common Stockholders and Distributable Earnings 1. Includes preferred stock dividends declared and paid for Series A preferred stock and Series C Preferred St
Slide 20: Definitions
Investor Presentation| March 2025 20TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions ▪ Distributable Earnings is a non-GAAP measure, which we define as GAAP net income (loss) attributable to our common stockholders, including realized gains and losses from loan write-offs, loan sales and other loa
Slide 21: Definitions (cont.)
Investor Presentation| March 2025 21TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions (cont.) ▪ Fundings to borrowers that are made under existing loan commitments after a loan closing date.Deferred Fundings Geographic Diversity ▪ TRTX divides the South region into separate Southeast and Southwest
Slide 22: Definitions (cont.)
Investor Presentation| March 2025 22TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions (cont.) ▪ Except for construction loans, LTV is calculated for loan originations and existing loans as the total outstanding principal balance of the loan or participation interest in a loan (plus any financing th
Slide 23: Definitions (cont.)
Investor Presentation| March 2025 23TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions (cont.) Property Types ▪ Mixed-Use: TRTX classifies a loan as mixed-use if the property securing TRTX’s loan (a) involves more than one use; and (b) no single use represents more than 60% of the collateral propert
Slide 24: Company Information
Investor Presentation| March 2025 24TPG RE Finance Trust, Inc.| NYSE: TRTX Company Information Contact Information Headquarters: 888 Seventh Avenue 35th Floor New York, NY 10106 New York Stock Exchange: Symbol: TRTX TPG RE Finance Trust, Inc. Bob Foley Chief Financial Officer +1 (212) 430-4111 bfole
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