Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q1 2024 Earnings Presentation
25 slides from Tpg Re Finance Trust's earnings presentation, Apr 30, 2024
Slide 1: First Quarter 2024 Supplemental Information
April 30, 2024 First Quarter 2024 Supplemental Information Exhibit 99.2
Slide 2: Forward-Looking Statements and Other Disclosures
Supplemental Information| 1Q 2024 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
Supplemental Information| 1Q 2024 3TPG RE Finance Trust, Inc.| NYSE: TRTX TRTX By the Numbers 1. In addition to credit spread, all-in yield includes the amortization of deferred origination fees, purchase price discount, and accrual of both extension and exit fees. All-in yield for the total portfol
Slide 4: 1Q24 Operating Results
Supplemental Information| 1Q 2024 4TPG RE Finance Trust, Inc.| NYSE: TRTX $11.86 $0.27 ($0.24) ($0.04) $0.02 ($0.06) $11.81 Book Value 12/31/23 Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Shares Equity Compensation Credit Loss Expense Book Value 3/31/2
Slide 5: Liquidity and Leverage
Supplemental Information| 1Q 2024 5TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ 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 6: Loan Portfolio
Supplemental Information| 1Q 2024 6TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio 32% 13% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $3.5B Outstanding Principal Balance $3.4B MSA Concentrations (Top 25 / Top 10)1 62.1% / 32.3% Weighted Average All-in Yield2 9.25% Weighted Averag
Slide 7: Loan Portfolio Composition
Supplemental Information| 1Q 2024 7TPG RE Finance Trust, Inc.| NYSE: TRTX 26.5% 19.9% 20.4% 45.4% 49.2% 50.0% 10.8% 10.6% 9.9% 7.6% 11.0% 11.4% 5.4% 3.1% 3.3% 2.0% 2.9% 3.0% 1.0% 1.4% 67.1% 67.3% 67.4% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Other Mar 31, 2023 Dec 31,
Slide 8: Significant Reduction in Office Loans; Zero Non-Earning Assets
Supplemental Information| 1Q 2024 8TPG RE Finance Trust, Inc.| NYSE: TRTX Significant Reduction in Office Loans; Zero Non-Earning Assets $2,265.2 $1,409.9 $1,217.2 $1,042.7 $728.4 $722.9 4Q21 1Q23 2Q23 3Q23 4Q23 1Q24 68% Reduction in Total Office Loan Commitments Since 12/31/21 $ in millions 20% 42%
Slide 9: Loan Portfolio Walk
Supplemental Information| 1Q 2024 9TPG RE Finance Trust, Inc.| NYSE: TRTX $5,294.2 $4,869.0 $4,223.7 $3,666.2 $3,537.7 $353.9 $300.5 $247.6 $183.3 $163.8 $4,939.7 $33.0 ($350.4) ($55.0) $4,567.3 $21.4 $37.2 ($578.6) ($77.1) $3,970.2 $34.6 $48.3 ($315.1) ($254.0) $3,484.1 $10.7 $107.0 ($227.8) $3,373
Slide 10: Risk Ratings
Supplemental Information| 1Q 2024 10TPG RE Finance Trust, Inc.| NYSE: TRTX 3.23 3.21 3.03 3.05 6/30/2023 09/30/2023 12/31/2023 3/31/2024 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.13 3.1 3.1 2.8 3.0
Slide 11: CECL Reserve
Supplemental Information| 1Q 2024 11TPG RE Finance Trust, Inc.| NYSE: TRTX 572 560 190 210 210 145 190 210 362 415 General Reserve Specifically Identified Loans 6/30/2023 9/30/2023 12/31/2023 3/31/2024 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $278.3 $236.
Slide 12: Diverse Financing Sources
Supplemental Information| 1Q 2024 12TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 77.1% 22.9% 5.0% 0.7% 71.4% Secured Credit Agreements (MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources Total F
Slide 13: Real Estate Owned
Supplemental Information| 1Q 2024 13TPG RE Finance Trust, Inc.| NYSE: TRTX Real Estate Owned 1. Excludes assumed working capital of $5.4 million 2. Carrying Value includes the impact of depreciation and amortization recorded from acquisition to the reporting date Note: Carrying Value, Mortgage Debt
Slide 14: Impact of Changing Rates
Supplemental Information| 1Q 2024 14TPG 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 Sha
Slide 15: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 16: TRTX Loan Portfolio
Supplemental Information| 1Q 2024 16TPG 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 17: Per Share Calculations
Supplemental Information| 1Q 2024 17TPG 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 18: Consolidated Balance Sheets
Supplemental Information| 1Q 2024 18TPG RE Finance Trust, Inc.| NYSE: TRTX All amounts in thousands except share and per share amounts Consolidated Balance Sheets ASSETS March 31, 2024 December 31, 2023 Cash and cash equivalents $203,077 $206,376 Restricted cash 285 642 Accounts receivable 12 40 Col
Slide 19: Consolidated Statements of Income and Comprehensive Income
Supplemental Information| 1Q 2024 19TPG RE Finance Trust, Inc.| NYSE: TRTX Consolidated Statements of Income and Comprehensive Income All amounts in thousands except share and per share amounts Three Months Ended, (unaudited) Mar 31, 2024 Dec 31, 2023 Interest income and interest expense Interest in
Slide 20: Consolidated Statements of Cash Flows
Supplemental Information| 1Q 2024 20TPG RE Finance Trust, Inc.| NYSE: TRTX Consolidated Statements of Cash Flows All amounts in thousands Three Months Ended Cash flows from operating activities: March 31, 2024 March 31, 2023 Net income $16,744 $7,375 Adjustment to reconcile net income to net cash fl
Slide 21: Definitions
Supplemental Information| 1Q 2024 21TPG 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 22: Definitions (cont.)
Supplemental Information| 1Q 2024 22TPG 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 23: Definitions (cont.)
Supplemental Information| 1Q 2024 23TPG 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 24: Definitions (cont.)
Supplemental Information| 1Q 2024 24TPG 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 25: Company Information
Supplemental Information| 1Q 2024 25TPG 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