Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Investor Presentation (January 2024)
24 slides from Tpg Re Finance Trust's investor presentation, Jan 3, 2024
Slide 1: TPG RE Finance Trust, Inc. Investor Presentation January 2024
January 2024 TPG RE Finance Trust, Inc. Investor Presentation Exhibit 99.1
Slide 2: Forward-Looking Statements and Other Disclosures
Investor Presentation| January 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 A
Slide 3: TRTX By the Numbers – 9/30/23
Investor Presentation| January 2024 3TPG RE Finance Trust, Inc.| NYSE: TRTX TRTX By the Numbers – 9/30/23 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 t
Slide 4: TPG – Premier Global Asset Manager
Investor Presentation| January 2024 4TPG RE Finance Trust, Inc.| NYSE: TRTX TPG – Premier Global Asset Manager Capital Real Estate Impact TPG Real Estate Partners (TREP) Market Solutions $67B $18B $18B$24B $9B Real Estate Thematic Advantage Core Plus (TAC+) TPG Real Estate Partners (TREP) TPG RE Fin
Slide 5: Career Credit Investors Drive Investment Strategy
Investor Presentation| January 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 p
Slide 6: 3Q23 Operating Results
Investor Presentation| January 2024 6TPG RE Finance Trust, Inc.| NYSE: TRTX $13.10 $— $0.19 ($0.24) ($0.04) $0.01 ($0.98) $12.04 Book Value 6/30/23 Issuance of Common Stock Net Income, Excluding Credit Loss Expense Dividends on Common Shares Dividends on Preferred Shares Equity Compensation Credit L
Slide 7: Significant Reduction in Office Loans and Non-Earning Assets
Investor Presentation| January 2024 7TPG RE Finance Trust, Inc.| NYSE: TRTX Significant Reduction in Office Loans and Non-Earning Assets $2,665.3 $2,392.9 $2,308.5 $2,265.2 $2,216.2 $1,928.6 $1,632.9 $1,553.4 $1,409.9 $1,217.2 $1,042.7 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022
Slide 8: Quarterly Operating Results
Investor Presentation| January 2024 8TPG RE Finance Trust, Inc.| NYSE: TRTX ($1.33) ($0.18) $0.17 $0.30 ($1.33) ($0.18) $0.17 $0.30 $0.24 $0.24 $0.24 $0.24 Distributable Earnings per Basic Share Distributable Earnings per Diluted Share Common Dividend per Share 3Q23 2Q23 1Q23 4Q22 Quarterly Operatin
Slide 9: Liquidity and Leverage
Investor Presentation| January 2024 9TPG RE Finance Trust, Inc.| NYSE: TRTX Liquidity and Leverage Available Liquidity ($ 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 port
Slide 10: Loan Portfolio
Investor Presentation| January 2024 10TPG RE Finance Trust, Inc.| NYSE: TRTX Loan Portfolio 32% 13% 6% Geography4,5 Portfolio Metrics Total Loan Commitments $4.2B Outstanding Principal Balance $4.0B MSA Concentrations (Top 25 / Top 10)1 66.4% / 37.3% Weighted Average All-in Yield2 9.28% Weighted Ave
Slide 11: Portfolio Composition and Activity
Investor Presentation| January 2024 11TPG RE Finance Trust, Inc.| NYSE: TRTX 28.1% 25.0% 24.7% 44.2% 44.8% 46.1% 11.7% 11.7% 11.0% 7.0% 8.3% 9.6% 4.9% 5.6% 3.3% 2.0% 2.2% 2.5% 0.9% 1.0% 1.2% 67.2% 66.4% 67.2% Office Multifamily Hotel Life Science Mixed-Use Industrial Self Storage Other Sep 30, 2022
Slide 12: Loan Portfolio Walk
Investor Presentation| January 2024 12TPG RE Finance Trust, Inc.| NYSE: TRTX $5,792.7 $5,429.1 $5,294.2 $4,869.0 $4,223.7 $462.9 $426.1 $353.9 $300.5 $247.6 $5,332.2 $39.3 $59.0 $5,004.8 $51.5 $111.2 ($227.8) $4,939.7 $33.0 $4,567.3 $21.4 $37.2 $3,970.2 9/30/2022 Deferred Fundings Originations & Acq
Slide 13: Stable Risk Ratings with Limited Migration
Investor Presentation| January 2024 13TPG RE Finance Trust, Inc.| NYSE: TRTX 3.19 3.18 3.23 3.21 12/31/2022 03/31/2023 6/30/2023 9/30/2023 Stable Risk Ratings with Limited Migration Dispersion of Risk Ratings1 by Amortized Cost Stable Risk Ratings1 By Amortized Cost Trailing 4 Quarter Average: 3.20
Slide 14: CECL Reserve
Investor Presentation| January 2024 14TPG RE Finance Trust, Inc.| NYSE: TRTX 395 420 572 560 240 299 210 145 156 121 362 415 General Reserve Specifically Identified Loans 12/31/2022 3/31/2023 6/30/2023 9/30/2023 CECL Reserve QoQ CECL Reserve Reserve as bps of Total Loan Commitments1 Reserve as $M $2
Slide 15: Diverse Financing Sources
Investor Presentation| January 2024 15TPG RE Finance Trust, Inc.| NYSE: TRTX Non-MTM 68.9% 31.1% 6.6% 0.9% 61.4% Secured Credit Agreements (MTM) Asset-Specific Financing Secured Revolving Credit Facility Collateralized Loan Obligations Non-MTM Financing Loan Financing Diverse Financing Sources Total
Slide 16: Focus on Non-MTM Financing
Investor Presentation| January 2024 16TPG RE Finance Trust, Inc.| NYSE: TRTX Focus on Non-MTM Financing Financing Mix by Property Type1,2 1. Calculated on outstanding balance as of September 30, 2023. Other includes Land 2. Excludes Non-MTM CLO liabilities of $237.5 million, equal to CLO cash availa
Slide 17: Impact of Changing Rates
Investor Presentation| January 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 S
Slide 18: Appendix
TPG RE Finance Trust, Inc.| 4Q 2022 Appendix
Slide 19: Per Share Calculations and Reconciliation
Investor Presentation| January 2024 19TPG 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
Slide 20: Definitions
Investor Presentation| January 2024 20TPG 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 sales and other loan resolutions (
Slide 21: Definitions (cont.)
Investor Presentation| January 2024 21TPG 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 22: Definitions (cont.)
Investor Presentation| January 2024 22TPG 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
Slide 23: Definitions (cont.)
Investor Presentation| January 2024 23TPG 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 prope
Slide 24: Company Information
Investor Presentation| January 2024 24TPG 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 bfo
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