Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Investor Presentation (June 2025)
22 slides from Tpg Re Finance Trust's investor presentation, Jun 2, 2025
Slide 1: TPG RE Finance Trust, Inc. Investor Presentation June 2025
June 2025 TPG RE Finance Trust, Inc. Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Other Disclosures
Investor Presentation | June 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 | June 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 | June 2025 4TPG RE Finance Trust, Inc.| NYSE: TRTX TPG – Premier Global Asset Manager Capital Real Estate Market Solutions $76B $18B$29B $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: Capital Allocation - Path to Growth
Investor Presentation | June 2025 5TPG RE Finance Trust, Inc.| NYSE: TRTX Leverage Ratio / Target Leverage Ratio $0.03 $0.05 $0.08 $3,564 $3,862 $4,414 $4,966 Potential Incremental Distributable Earnings per share (quarterly) Potential Gross Loan Investment Capacity 2.23x 2.50x 3.00x 3.50x $0.00 $0.
Slide 6: Capital Allocation - Share Repurchases
Investor Presentation | June 2025 6TPG RE Finance Trust, Inc.| NYSE: TRTX ▪ From January 1, 2025 through May 30, 2025, repurchased 2,038,185 shares of common stock, at a weighted average price of $7.68 per share, for total consideration of $15.7 million ▪ As of May 30, 2025, TRTX had $9.3 million of
Slide 7: 1Q25 Operating Results
Investor Presentation | June 2025 7TPG RE Finance Trust, Inc.| NYSE: TRTX $11.27 $— $0.01 $0.21 ($0.24) ($0.04) $0.02 ($0.04) $11.19 Book Value 12/31/24 Issuance of Common Stock Retired Common Stock Net Income, Excluding Credit Loss Benefit Dividends on Common Shares Dividends on Preferred Shares Eq
Slide 8: Liquidity and Leverage
Investor Presentation | June 2025 8TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ in millions) Leverage Ratios3,4 1. Cash held to satisfy liquidity covenants under secured credit agreements 2. Available for Eligible Collateral, as defined in relevant loan portfo
Slide 9: TRTX Relative Stock Performance
Investor Presentation | June 2025 9TPG RE Finance Trust, Inc.| NYSE: TRTX 0.69x 0.88x 0.81x 0.64x 0.62x 0.31x 0.19x TRTX BXMT ARI BRSP KREF GPMT CMTG 12.5% 12.6% 11.2% 10.2% 10.0% 7.7% —% TRTX BRSP KREF ARI BXMT GPMT CMTG Current Common Stock Dividend Yield2 Current Price to Book Value Multiple3 1.
Slide 10: Loan Portfolio
Investor Presentation | June 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 $3.3B MSA Concentrations (Top 25 / Top 10)1 58.7% / 30.9% Weighted Average All-in Yield2 8.22% Weighted Avera
Slide 11: Risk Ratings
Investor Presentation | June 2025 11TPG RE Finance Trust, Inc.| NYSE: TRTX 3.05 3.05 3.02 3.02 6/30/2024 09/30/2024 12/31/2024 3/31/2025 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.03 Start of Period
Slide 12: CECL Reserve
Investor Presentation | June 2025 12TPG RE Finance Trust, Inc.| NYSE: TRTX 208 205 187 199 208 205 187 199 General Reserve Specifically Identified Loans 6/30/2024 9/30/2024 12/31/2024 3/31/2025 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $69.6 $69.3 $64.0 $6
Slide 13: Diverse Financing Sources
Investor Presentation | June 2025 13TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 91.0% 9.0% 1.1% 89.9% Secured Credit Agreements (Credit MTM, only) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources
Slide 14: Impact of Changing Rates
Investor Presentation | June 2025 14TPG RE Finance Trust, Inc.| NYSE: TRTX Change in Index Rate ($0.01) ($0.01) $0.00 $0.01 $0.01 - 1.00% - 0.50% 0.00% + 0.50% + 1.00% (0.02) (0.01) 0.00 0.01 0.02 Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Share per Quarter)1 1.
Slide 15: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 16: TRTX Loan Portfolio
Investor Presentation | June 2025 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
Investor Presentation | June 2025 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: Definitions
Investor Presentation | June 2025 18TPG 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 19: Definitions (cont.)
Investor Presentation | June 2025 19TPG 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 20: Definitions (cont.)
Investor Presentation | June 2025 20TPG 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 21: Definitions (cont.)
Investor Presentation | June 2025 21TPG 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 22: Company Information
Investor Presentation | June 2025 22TPG 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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