Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q1 2023 Earnings Presentation
23 slides from Tpg Re Finance Trust's earnings presentation, May 2, 2023
Slide 1: First Quarter 2023 Supplemental Information
May 2, 2023 First Quarter 2023 Supplemental Information Exhibit 99.2
Slide 2: Forward-Looking Statements and Other Disclosures
Supplemental Presentation| 1Q 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 Ac
Slide 3: TRTX By the Numbers
Supplemental Presentation| 1Q 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 portfo
Slide 4: 1Q23 Operating Results
Supplemental Presentation| 1Q 2023 4TPG RE Finance Trust, Inc.| NYSE: TRTX $14.48 $0.20 ($0.24) ($0.04) $0.02 ($0.11) $14.31 Book Value 12/31/22 Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Shares Equity Compensation Increase to CECL Reserve Book Value
Slide 5: Common Dividend Coverage and Operating Performance
Supplemental Presentation| 1Q 2023 5TPG RE Finance Trust, Inc.| NYSE: TRTX $0.17 $0.30 $0.20 $0.28 $0.34 $0.17 $0.30 $0.19 $0.27 $0.33 $0.24 $0.24 $0.24 $0.24 $0.24 Distributable Earnings per Basic Share Distributable Earnings per Diluted Share Common Dividend per Share 1Q23 4Q22 3Q22 2Q22 1Q22 Comm
Slide 6: Liquidity and Leverage
Supplemental Presentation| 1Q 2023 6TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ 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 CLO indent
Slide 7: Portfolio Composition
Supplemental Presentation| 1Q 2023 7TPG RE Finance Trust, Inc.| NYSE: TRTX 39.6% 28.5% 26.5% 30.7% 46.0% 45.4% 11.8% 8.9% 10.8% 8.8% 7.5% 7.6% 6.2% 5.2% 5.4% 2.0% 1.7% 2.0% 0.9% 0.9% 1.0% 67.2% 67.2% 67.1% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Other Mar 31, 2022 Dec
Slide 8: Diversified Loan Portfolio
Supplemental Presentation| 1Q 2023 8TPG RE Finance Trust, Inc.| NYSE: TRTX Diversified Loan Portfolio 28% 18% 15% 7% Geography4,5 Portfolio Metrics Total Loan Commitments $5.3B Outstanding Principal Balance $4.9B MSA Concentrations (Top 25 / Top 10)1 69.3% / 46.1% Weighted Average All-in Yield2 8.49
Slide 9: Loan Portfolio Walk
Supplemental Presentation| 1Q 2023 9TPG RE Finance Trust, Inc.| NYSE: TRTX $5,792.7 $5,429.1 $5,593.3 $5,186.5 $5,294.2$463.0 $470.9 $462.9 $426.1 $353.9 $5,125.2 $29.3 $312.7 ($757.0) $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 3/31/2022 Defe
Slide 10: Risk Ratings
Supplemental Presentation| 1Q 2023 10TPG RE Finance Trust, Inc.| NYSE: TRTX $0.0 $498.8 $3,270.3 $904.1 $243.3 — 7 48 10 1 2 3 4 5 3.17 3.17 3.19 3.18 6/30/2022 09/30/2022 12/31/2022 3/31/2023 Risk Ratings Dispersion of Risk Ratings1 Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average:
Slide 11: CECL Reserve
Supplemental Presentation| 1Q 2023 11TPG RE Finance Trust, Inc.| NYSE: TRTX 180 390 395 420 159 265 240 299 21 125 156 121 General Reserve Specifically Identified Loans 6/30/2022 9/30/2022 12/31/2022 3/31/2023 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $93.
Slide 12: Ample, Diverse Financing Sources
Supplemental Presentation| 1Q 2023 12TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 74.1% 25.9% 13.5% 4.9% 55.6% Secured Credit Agreements (MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Ample, Diverse Financing Source
Slide 13: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 14: TRTX Loan Portfolio
Supplemental Presentation| 1Q 2023 14TPG 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. “
Slide 15: Per Share Calculations
Supplemental Presentation| 1Q 2023 15TPG 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 S
Slide 16: Consolidated Balance Sheets
Supplemental Presentation| 1Q 2023 16TPG RE Finance Trust, Inc.| NYSE: TRTX All amounts in thousands except share and per share amounts Consolidated Balance Sheets ASSETS March 31, 2023 December 31, 2022 Cash and cash equivalents $161,524 $254,050 Restricted cash 642 265 Accounts receivable 12 666 C
Slide 17: Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
Supplemental Presentation| 1Q 2023 17TPG RE Finance Trust, Inc.| NYSE: TRTX Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) All amounts in thousands except share and per share amounts Three Months Ended March 31, 2023 2022 Interest income and interest expense Interest income
Slide 18: Consolidated Statements of Cash Flows
Supplemental Presentation| 1Q 2023 18TPG 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, 2023 March 31, 2022 Net income $7,375 $23,781 Adjustment to reconcile net income to net cash f
Slide 19: Definitions
Supplemental Presentation| 1Q 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, regardless of whether such items are include
Slide 20: Definitions (cont.)
Supplemental Presentation| 1Q 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 Southwest
Slide 21: Definitions (cont.)
Supplemental Presentation| 1Q 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 financing t
Slide 22: Definitions (cont.)
Supplemental Presentation| 1Q 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 proper
Slide 23: Company Information
Supplemental Presentation| 1Q 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 bfol