Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Investor Presentation (June 2024)
25 slides from Tpg Re Finance Trust's investor presentation, Jun 3, 2024
Slide 1: Investor Presentation June 2024
June 2024 TPG RE Finance Trust, Inc. Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Other Disclosures
Investor Presentation| June 2024 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 – March 31, 2024
Investor Presentation| June 2024 3TPG RE Finance Trust, Inc.| NYSE: TRTX TRTX By the Numbers – March 31, 2024 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 t
Slide 4: TPG – Premier Global Asset Manager
Investor Presentation| June 2024 4TPG RE Finance Trust, Inc.| NYSE: TRTX TPG – Premier Global Asset Manager Capital Real Estate Impact Market Solutions $71B $18B $19B$27B $8B TPG RE Partners (TREP) TPG RE Finance Trust (TRTX) TPG Rise Climate The Rise Funds Evercare TPG Tech Adjacencies (TTAD) TPG G
Slide 5: Career Credit Investors Drive Investment Strategy
Investor Presentation| June 2024 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: 1Q24 Operating Results
Investor Presentation| June 2024 6TPG RE Finance Trust, Inc.| NYSE: TRTX $11.86 $0.27 ($0.24) ($0.04) $0.02 ($0.06) $11.81 Book Value 12/31/23 Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Shares Equity Compensation Credit Loss Expense Book Value 3/31/24
Slide 7: Liquidity and Leverage
Investor Presentation| June 2024 7TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ 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 portfol
Slide 8: Loan Portfolio
Investor Presentation| June 2024 8TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio 32% 13% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $3.5B Outstanding Principal Balance $3.4B MSA Concentrations (Top 25 / Top 10)1 62.1% / 32.3% Weighted Average All-in Yield2 9.25% Weighted Average
Slide 9: Loan Portfolio Composition
Investor Presentation| June 2024 9TPG RE Finance Trust, Inc.| NYSE: TRTX 26.5% 19.9% 20.4% 45.4% 49.2% 50.0% 10.8% 10.6% 9.9% 7.6% 11.0% 11.4% 5.4% 3.1% 3.3% 2.0% 2.9% 3.0% 1.0% 1.4% 67.1% 67.3% 67.4% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Other Mar 31, 2023 Dec 31,
Slide 10: Significant Reduction in Office Loans; Zero Non-Earning Assets
Investor Presentation| June 2024 10TPG RE Finance Trust, Inc.| NYSE: TRTX Significant Reduction in Office Loans; Zero Non-Earning Assets $2,265.2 $1,409.9 $1,217.2 $1,042.7 $728.4 $722.9 4Q21 1Q23 2Q23 3Q23 4Q23 1Q24 68% Reduction in Total Office Loan Commitments Since 12/31/21 $ in millions 20% 42%
Slide 11: Loan Portfolio Walk
Investor Presentation| June 2024 11TPG RE Finance Trust, Inc.| NYSE: TRTX $5,294.2 $4,869.0 $4,223.7 $3,666.2 $3,537.7 $353.9 $300.5 $247.6 $183.3 $163.8 $4,939.7 $33.0 ($350.4) ($55.0) $4,567.3 $21.4 $37.2 ($578.6) ($77.1) $3,970.2 $34.6 $48.3 ($315.1) ($254.0) $3,484.1 $10.7 $107.0 ($227.8) $3,373
Slide 12: Risk Ratings
Investor Presentation| June 2024 12TPG RE Finance Trust, Inc.| NYSE: TRTX 3.23 3.21 3.03 3.05 6/30/2023 09/30/2023 12/31/2023 3/31/2024 Risk Ratings Dispersion of Risk Ratings1 by Amortized Cost ($ in millions) Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.13 3.1 3.1 2.8 3.0 3
Slide 13: CECL Reserve
Investor Presentation| June 2024 13TPG RE Finance Trust, Inc.| NYSE: TRTX 572 560 190 210 210 145 190 210 362 415 General Reserve Specifically Identified Loans 6/30/2023 9/30/2023 12/31/2023 3/31/2024 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $278.3 $236.6
Slide 14: Diverse Financing Sources
Investor Presentation| June 2024 14TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 77.1% 22.9% 5.0% 0.7% 71.4% Secured Credit Agreements (MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources Total Fi
Slide 15: Focus on Non-MTM Financing
Investor Presentation| June 2024 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, 2024 2. Excludes Non-MTM CLO liabilities of $51.0 million, equal to CLO cash available for Eligible Collateral,
Slide 16: Real Estate Owned
Investor Presentation| June 2024 16TPG RE Finance Trust, Inc.| NYSE: TRTX Real Estate Owned 1. Excludes assumed working capital of $5.4 million 2. Carrying Value includes the impact of depreciation and amortization recorded from acquisition to the reporting date Note: Carrying Value, Mortgage Debt O
Slide 17: Impact of Changing Rates
Investor Presentation| June 2024 17TPG RE Finance Trust, Inc.| NYSE: TRTX Change in Index Rate ($0.02) ($0.01) $0.00 $0.01 $0.02 - 1.00% - 0.50% 0.00% + 0.50% + 1.00% ($0.03) ($0.02) ($0.01) $0.00 $0.01 $0.02 $0.03 Impact of Changing Rates Portfolio Net Interest Income Sensitivity ($ Impact per Shar
Slide 18: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 19: TRTX Loan Portfolio
Investor Presentation| June 2024 19TPG 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. See
Slide 20: Per Share Calculations
Investor Presentation| June 2024 20TPG 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 21: Definitions
Investor Presentation| June 2024 21TPG 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 loan
Slide 22: Definitions (cont.)
Investor Presentation| June 2024 22TPG 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 r
Slide 23: Definitions (cont.)
Investor Presentation| June 2024 23TPG 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 24: Definitions (cont.)
Investor Presentation| June 2024 24TPG 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 25: Company Information
Investor Presentation| June 2024 25TPG 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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