Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Q1 2025 Earnings Presentation
22 slides from Tpg Re Finance Trust's earnings presentation, Apr 29, 2025
Slide 1: First Quarter 2025 Supplemental Information
April 29, 2025 First Quarter 2025 Supplemental Information Exhibit 99.2
Slide 2: Forward-Looking Statements and Other Disclosures
Supplemental Information| 1Q 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
Supplemental Information| 1Q 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: 1Q25 Operating Results and Book Value
Supplemental Information| 1Q 2025 4TPG RE Finance Trust, Inc.| NYSE: TRTX $11.27 $— $0.01 $0.21 ($0.24) ($0.04) $0.02 ($0.04) $11.19 Book Value 12/31/24 Issuance of Common Stock Retired Common Stock Net Income, Excluding Credit Loss Benefit Dividends on Common Shares Dividends on Preferred Shares Eq
Slide 5: Liquidity and Leverage
Supplemental Information| 1Q 2025 5TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ 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 6: Loan Portfolio
Supplemental Information| 1Q 2025 6TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio 32% 13% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $3.4B Outstanding Principal Balance $3.3B MSA Concentrations (Top 25 / Top 10)1 58.7% / 30.9% Weighted Average All-in Yield2 8.22% Weighted Averag
Slide 7: Risk Ratings
Supplemental Information| 1Q 2025 7TPG RE Finance Trust, Inc.| NYSE: TRTX 3.05 3.05 3.02 3.02 6/30/2024 09/30/2024 12/31/2024 3/31/2025 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.03 Start of Period 3
Slide 8: CECL Reserve
Supplemental Information| 1Q 2025 8TPG 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 $67
Slide 9: Diverse Financing Sources
Supplemental Information| 1Q 2025 9TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 91.0% 9.0% 1.1% 89.9% Secured Credit Agreements (Credit MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources Total F
Slide 10: Real Estate Owned
Supplemental Information| 1Q 2025 10TPG RE Finance Trust, Inc.| NYSE: TRTX Real Estate Owned 1 Includes two properties 2. Excludes assumed working capital of $5.4 million 3. Carrying Value includes the impact of depreciation and amortization recorded from acquisition to the reporting date Note: Carr
Slide 11: Impact of Changing Rates
Supplemental Information| 1Q 2025 11TPG 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 12: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 13: Loan Portfolio
Supplemental Information| 1Q 2025 13TPG 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 14: Per Share Calculations
Supplemental Information| 1Q 2025 14TPG 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 15: Consolidated Balance Sheets
Supplemental Information| 1Q 2025 15TPG RE Finance Trust, Inc.| NYSE: TRTX All amounts in thousands except share and per share amounts Consolidated Balance Sheets ASSETS March 31, 2025 December 31, 2024 Cash and cash equivalents $363,023 $190,160 Restricted cash 417 323 Accounts receivable 84 10 Col
Slide 16: Consolidated Statements of Income and Comprehensive Income
Supplemental Information| 1Q 2025 16TPG 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 March 31, 2025 2024 Interest income and interest expense Interest income $68,045 $82,18
Slide 17: Consolidated Statements of Cash Flows
Supplemental Information| 1Q 2025 17TPG 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, 2025 March 31, 2024 Net income $13,719 $16,744 Adjustment to reconcile net income to net cash f
Slide 18: Definitions
Supplemental Information| 1Q 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.)
Supplemental Information| 1Q 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.)
Supplemental Information| 1Q 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.)
Supplemental Information| 1Q 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
Supplemental Information| 1Q 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