Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Investor Presentation (September 2023)
23 slides from Tpg Re Finance Trust's investor presentation, Sep 11, 2023
Slide 1: Investor Presentation September 2023
September 2023 TPG RE Finance Trust, Inc. Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Other Disclosures
Investor Presentation| September 2023 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
Slide 3: TRTX By the Numbers
Investor Presentation| September 2023 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 por
Slide 4: TPG – Premier Global Asset Manager
Investor Presentation| September 2023 4TPG RE Finance Trust, Inc.| NYSE: TRTX TPG – Premier Global Asset Manager Capital Real Estate Impact TPG Real Estate Partners (TREP) Market Solutions $69B $19B $18B$24B $9B Real Estate Thematic Advantage Core Plus (TAC+) TPG Real Estate Partners (TREP) TPG RE F
Slide 5: Career Credit Investors Drive Investment Strategy
Investor Presentation| September 2023 5TPG RE Finance Trust, Inc.| NYSE: TRTX Career Credit Investors Drive Investment Strategy • Leadership team has invested through multiple business and real estate cycles • Emphasis on credit quality and principal protection • Engagement throughout the investment
Slide 6: 2Q23 Operating Results
Investor Presentation| September 2023 6TPG RE Finance Trust, Inc.| NYSE: TRTX $14.31 ($0.06) $0.26 ($0.24) ($0.04) $0.02 ($1.15) $13.10 Book Value 3/31/23 Issuance of Common Stock Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Shares Equity Compensation I
Slide 7: Quarterly Operating Results
Investor Presentation| September 2023 7TPG RE Finance Trust, Inc.| NYSE: TRTX ($0.18) $0.17 $0.30 $0.20 ($0.18) $0.17 $0.30 $0.19 $0.24 $0.24 $0.24 $0.24 Distributable Earnings per Basic Share Distributable Earnings per Diluted Share Common Dividend per Share 2Q23 1Q23 4Q22 3Q22 Quarterly Operating
Slide 8: Liquidity and Leverage
Investor Presentation| September 2023 8TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ 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 po
Slide 9: Diversified Loan Portfolio
Investor Presentation| September 2023 9TPG RE Finance Trust, Inc.| NYSE: TRTX Diversified Loan Portfolio 30% 17% 14% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $4.9B Outstanding Principal Balance $4.6B MSA Concentrations (Top 25 / Top 10)1 68.5% / 44.2% Weighted Average All-in Yield2 8
Slide 10: Portfolio Composition and Migration
Investor Presentation| September 2023 10TPG RE Finance Trust, Inc.| NYSE: TRTX Full Repayments 19.6% 74.3% 6.1% 37.2% 26.5% 25.0% 36.0% 45.4% 44.8% 9.5% 10.8% 11.7% 7.8% 7.6% 8.3% 5.5% 5.4% 5.6% 2.2% 2.0% 2.2% 1.8% 1.0% 1.0% 67.6% 67.1% 66.4% Office Multifamily Hotel Life Science Mixed-Use Industria
Slide 11: Loan Portfolio Walk
Investor Presentation| September 2023 11TPG RE Finance Trust, Inc.| NYSE: TRTX $5,792.7 $5,429.1 $5,186.5 $5,294.2 $4,869.0$470.9 $462.9 $426.1 $353.9 $300.5 Loan Portfolio Walk $4,710.2 $47.3 $950.1 ($375.5) $5,332.2 $39.3 $59.0 ($425.7) $5,004.8 $51.5 $111.2 ($227.8) $4,939.7 $33.0 ($350.4) ($55.0
Slide 12: Risk Ratings
Investor Presentation| September 2023 12TPG RE Finance Trust, Inc.| NYSE: TRTX $0.0 $439.7 $3,100.4 $515.2 $492.3 — 6 45 7 1 2 3 4 5 3.17 3.19 3.18 3.23 9/30/2022 12/31/2022 3/31/2023 6/30/2023 Risk Ratings Dispersion of Risk Ratings1 Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average
Slide 13: CECL Reserve
Investor Presentation| September 2023 13TPG RE Finance Trust, Inc.| NYSE: TRTX 390 395 420 572 265 240 299 210 125 156 121 362 General Reserve Specifically Identified Loans 9/30/2022 12/31/2022 3/31/2023 6/30/2023 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M
Slide 14: Diverse Financing Sources
Investor Presentation| September 2023 14TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 71.7% 28.3% 13.4% 58.3% Secured Credit Agreements (MTM) Asset-Specific Financing Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources Total Financing Capacity $5.9B Outstandin
Slide 15: Focus on Non-MTM Financing
Investor Presentation| September 2023 15TPG RE Finance Trust, Inc.| NYSE: TRTX Focus on Non-MTM Financing Financing Mix by Property Type1,2 1. Calculated on outstanding balance as of June 30, 2023 2. Excludes Non-MTM CLO liabilities of $206.7 million, equal to CLO cash available for Eligible Collate
Slide 16: Impact of Changing Rates
Investor Presentation| September 2023 16TPG RE Finance Trust, Inc.| NYSE: TRTX Change in Index Rate ($0.03) ($0.01) $0.00 $0.01 $0.03 - 1.00% - 0.50% 0.00% + 0.50% + 1.00% ($0.04) ($0.03) ($0.02) ($0.01) $0.00 $0.01 $0.02 $0.03 $0.04 Impact of Changing Rates Portfolio Net Interest Income Sensitivity
Slide 17: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 18: Per Share Calculations
Investor Presentation| September 2023 18TPG 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 Preferre
Slide 19: Definitions
Investor Presentation| September 2023 19TPG 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 sales and other loan resolutions
Slide 20: Definitions (cont.)
Investor Presentation| September 2023 20TPG RE Finance Trust, Inc.| NYSE: TRTX Definitions (cont.) ▪ Fundings to borrowers that are made under existing loan commitments after a loan closing dateDeferred Fundings Geographic Diversity ▪ TRTX divides the South region into separate Southeast and Southwe
Slide 21: Definitions (cont.)
Investor Presentation| September 2023 21TPG 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 financin
Slide 22: Definitions (cont.)
Investor Presentation| September 2023 22TPG 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 pro
Slide 23: Company Information
Investor Presentation| September 2023 23TPG 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 b
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