Tpg Re Finance Trust, Inc. · NYSE:TRTX
Tpg Re Finance Trust — Corporate Update (March 2020)
18 slides from Tpg Re Finance Trust's corporate update, Mar 18, 2020
Slide 1: Company Update
Company Update March 18, 2020
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains, and our officers and representatives may make, “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 of 1934, as amended, which reflect our curren
Slide 3: TPG RE Finance Trust, Inc. Snapshot
TPG RE Finance Trust, Inc. Snapshot 100% 100% of Loans 2.8x $296 million Floating Rate Assets contain LIBOR floors Debt to Equity Ratio of cash and immediately and Liabilities ▪ WA LIBOR of 1.63% available liquidity at 3/17/2020 ▪ 95% in-the-money at 3/13/20 $2.0 billion 52% of financing capacity ac
Slide 4: Diversified Loan Portfolio
Diversified Loan Portfolio National, Major Market Footprint2 Property Diversity2 Geographic Diversity 2,4 Southwest MI PA NY Mixed-Use Hotel 12.2% 3.7% 8.3% 16.6% MA 2.5% 10.7% 13.4% East Condominium3 Retail 38.7% Southeast 1.7% 0.6% 11.7% Multifamily Various NJ 19.6% 4.0% NV 2.0% 3.3% OH Midwest IL
Slide 5: Portfolio Migration
Portfolio Migration ($ in millions) Average Loan Size1 Geographic Region 120.0 70.0% 100.0 60.0% 80.0 50.0% 40.0% 60.0 30.0% 40.0 20.0% 20.0 10.0% 0.0 FYE 2014 FYE 2015 FYE 2016 FYE 2017 FYE 2018 FYE 2019 0.0% FYE 2014 FYE 2015 FYE 2016 FYE 2017 FYE 2018 FYE 2019 Loan Portfolio Yearly Loan Originati
Slide 6: Loan Portfolio Financing
Loan Portfolio Financing Non-recourse, Matched-term Financing Mitigates Risk and Sustains Levered Returns ▪ Matched-term, non-mark-to-market financing represents 51.8% of total financing ▪ Loan financing commitments totaled $6.0 billion at December 31, 2019, including available financing capacity of
Slide 7: Capital Position
Capital Position Leverage Ratio¹ Liquidity $ in millions Debt-to-Equity Total Leverage 3/17/2020 Cash on Hand $143.2 2.99x 3.00x TRTX 2018-FL2 Reinvestment Capacity 0.2 2.90x 2.91x 2.93x 2.84x TRTX 2019-FL3 Reinvestment Capacity 31.4 Approved and Undrawn Capacity on Credit Facilities 121.32 2.48x 2.
Slide 8: Interest Rate Sensitivity
Interest Rate Sensitivity ▪ 100% floating rate loan portfolio that benefits from contractual interest rate floors with a weighted average strike LIBOR rate of 1.63% portfolio-wide ▪ Net floating rate mortgage loan exposure of $1.3 billion generates an annualized increase in net interest income of ap
Slide 9: Competitor Analysis
Competitor Analysis 1 Loan Portfolio Size – UPB ($B) $5.0 $16.3 $4.9 $9.1 $6.5 $3.4 $4.3 Unfunded Commitments ($B) $0.6 $3.9 $0.6 $3.2 $1.9 $0.3 $0.7 Total Loan Commitments ($B) $5.6 $20.2 $5.6 $12.3 $8.4 $3.7 $5.0 Deferred Fundings as a % of Loan Commitments 11% 19% 11% 26% 23% 8% 14% Portfolio Wei
Slide 10: Appendix
Appendix
Slide 11: TRTX Loan Portfolio
TRTX Loan Portfolio $ Millions TRTX Loan TRTX Loan Extended Property Commitment Loan Name Commitment1 Balance2 Interest Rate Maturity Location Type Per Sq. ft. / Unit LTV3 Loan 1 $350.8 $316.1 L+ 2.9% 4.7 years New York, NY Office $692 Sq. ft. 72.8% Loan 2 $223.0 $167.8 L+ 3.4% 4.6 years Atlanta, GA
Slide 12: Consolidated Balance Sheets
Consolidated Balance Sheets All amounts in thousands except share and per share amounts ASSETS December 31, 2019 December 31, 2018 Cash and Cash Equivalents $79,182 $39,720 Restricted Cash 484 1,000 Accounts Receivable 2,344 38 Accounts Receivable from Servicer/Trustee 13,741 96,464 Accrued Interest
Slide 13: Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income and Comprehensive Income All amounts in thousands except share and per share amounts (three months ended December 31 is unaudited) Three Months Ended Dec 31, Year Ended Dec 31, INTEREST INCOME 2019 2018 2019 2018 Interest Income $82,597 $71,673 $339,814 $265,594 Int
Slide 14: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows All amounts in thousands Year Ended Cash Flows from Operating Activities: Dec 31, 2019 Dec 31, 2018 Net Income $126,313 $106,941 Adjustment to Reconcile Net Income to Net Cash Provided by Operating Activities: Amortization and Accretion of Premiums, Discounts an
Slide 15: Definitions (cont.)
Definitions (cont.) Deferred ▪ Borrower fundings that are made under existing loan commitments after loan closing date Fundings ▪ TRTX provides herein additional detail by splitting the South region into separate Southeast and Southwest regions using definitions established by The National Council o
Slide 16: Definitions (cont.)
Definitions (cont.) ▪ Bridge / Stabilization Loan - A loan with limited deferred fundings, generally less than 10% of the total loan commitment, which fundings are commonly conditioned on the borrower’s satisfaction of certain collateral performance tests. The related business plan generally involve
Slide 17: Definitions (cont.)
Definitions (cont.) ▪ TRTX classifies a loan as mixed-use if the property securing TRTX’s loan: (a) involves more than one use; and (b) no Mixed-Use single use represents more than 60% of the collateral property’s total value. In certain instances, TRTX’s classification Loan may be determined by its
Slide 18: Company Information
Company Information TPG RE Finance Trust, Inc. (“TRTX” or the “Company”) is a commercial real estate finance company that focuses primarily on originating, acquiring, and managing first mortgage loans and other commercial real estate‐related debt instruments secured by institutional properties locat