Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Investor Presentation (June 2023)
22 slides from Tpg Re Finance Trust's investor presentation, Jun 5, 2023
Slide 1: TPG RE Finance Trust, Inc. Investor Presentation June 2023
June 2023 TPG RE Finance Trust, Inc. Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Other Disclosures
Investor Presentation| June 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 Act
Slide 3: TRTX By the Numbers
Investor Presentation| June 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 portfoli
Slide 4: TPG – Premier Global Asset Manager
Investor Presentation| June 2023 4TPG RE Finance Trust, Inc.| NYSE: TRTX TPG – Premier Global Asset Manager Capital Real Estate Impact TPG Real Estate Partners (TREP) Market Solutions $68B $19B $17B$24B $9B Real Estate Thematic Advantage Core Plus (TAC+) TPG Real Estate Partners (TREP) TPG RE Financ
Slide 5: Career Credit Investors Drive Investment Strategy
Investor Presentation| June 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 proc
Slide 6: 1Q23 Operating Results
Investor Presentation| June 2023 6TPG 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 3/
Slide 7: Operating Performance and Common Dividend Coverage
Investor Presentation| June 2023 7TPG 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 $0.24 Distributable Earnings per Basic Share Distributable Earnings per Diluted Share Common Dividend per Share 1Q23 4Q22 3Q22 2Q22 1Q22 Common
Slide 8: Liquidity and Leverage
Investor Presentation| June 2023 8TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ 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 CLO indentur
Slide 9: Portfolio Composition
Investor Presentation| June 2023 9TPG 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 3
Slide 10: Diversified Loan Portfolio
Investor Presentation| June 2023 10TPG 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 11: Loan Portfolio Walk
Investor Presentation| June 2023 11TPG 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 Defer
Slide 12: Risk Ratings
Investor Presentation| June 2023 12TPG 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: 3
Slide 13: CECL Reserve
Investor Presentation| June 2023 13TPG 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 $93.4
Slide 14: Ample, Diverse Financing Sources
Investor Presentation| June 2023 14TPG 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 Sources
Slide 15: Focus on Non-MTM Financing
Investor Presentation| June 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 March 31, 2023 2. Excludes Non-MTM CLO liabilities of $457.2 million, equal to CLO cash available for Eligible Collateral,
Slide 16: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 17: Per Share Calculations
Investor Presentation| June 2023 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 Sto
Slide 18: Definitions
Investor Presentation| June 2023 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, regardless of whether such items are included
Slide 19: Definitions (cont.)
Investor Presentation| June 2023 19TPG 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 re
Slide 20: Definitions (cont.)
Investor Presentation| June 2023 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 tha
Slide 21: Definitions (cont.)
Investor Presentation| June 2023 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 property
Slide 22: Company Information
Investor Presentation| June 2023 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 bfoley
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