TPG RE Finance Trust, Inc. (NYSE:TRTX) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET Company Participants Deborah Ginsberg - VP, General Counsel & Corporate Secretary Matthew Coleman - President Doug Bouquard - CEO Robert Foley - CFO Peter Smith - Chief Investment Officer Conference Call Participants Rick Shane - JPMorgan Eric Hagen - BTIG Operator Greetings, and welcome to the TPG RE Finance Trust First Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mo ...

Part I [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q1 2022 financial statements show total assets increased to $5.52 billion, net income decreased to $23.8 million, and significant cash from financing activities [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $5.52 billion as of March 31, 2022, driven by loans, with liabilities also rising to $4.05 billion Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $351,572 | $260,635 | | Loans held for investment, net | $5,069,481 | $4,867,203 | | Total assets | $5,515,056 | $5,218,020 | | **Liabilities & Equity** | | | | Secured financing agreements, net | $1,192,956 | $1,162,206 | | Collateralized loan obligations, net | $2,810,626 | $2,545,691 | | Total liabilities | $4,047,148 | $3,753,314 | | Total stockholders' equity | $1,467,908 | $1,464,706 | - The company's consolidated total assets and liabilities as of March 31, 2022, include assets and liabilities of Variable Interest Entities (VIEs) of **$3.4 billion** and **$2.8 billion**, respectively, with these assets restricted to satisfying the obligations of the VIEs[15](index=15&type=chunk) [Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) Net income for Q1 2022 decreased to $23.8 million from $32.0 million in Q1 2021, primarily due to a $4.9 million credit loss expense Consolidated Income Statement Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net interest income | $38,516 | $37,858 | | Total other expenses | $9,784 | $9,106 | | Credit loss (expense) benefit, net | $(4,884) | $4,038 | | Net income | $23,781 | $31,955 | | Net income attributable to common stockholders | $20,436 | $24,233 | | Earnings per common share, diluted | $0.25 | $0.30 | [Consolidated Statements of Changes in Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity) Total stockholders' equity increased from $1.465 billion at the start of 2022 to $1.468 billion at the end of Q1 2022, driven by net income partially offset by dividends Changes in Equity for Q1 2022 (in thousands) | Description | Amount | | :--- | :--- | | Beginning Equity (Jan 1, 2022) | $1,464,706 | | Net Income | $23,781 | | Dividends on preferred stock | $(3,148) | | Dividends on common stock ($0.24/share) | $(18,697) | | Stock compensation expense | $1,266 | | **Ending Equity (Mar 31, 2022)** | **$1,467,908** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2022 cash flows show **$32.6 million** from operations, **$205.8 million** used in investing, and **$264.6 million** provided by financing, resulting in a **$91.4 million** net increase Cash Flow Summary for Q1 2022 vs Q1 2021 (in thousands) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32,617 | $26,340 | | Net cash (used in) investing activities | $(205,812) | $(62,343) | | Net cash provided by financing activities | $264,575 | $18,754 | | **Net change in cash** | **$91,380** | **$(17,249)** | [Notes to the Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail accounting policies, loan portfolio, VIEs for CLOs, financing, fair value, related party transactions, and equity structure - The company's principal business is originating and acquiring a diversified portfolio of commercial real estate credit investments, mainly first mortgage loans, operating as a REIT[27](index=27&type=chunk) - The company accounts for its allowance for credit losses on loans held for investment using the Current Expected Credit Loss (CECL) model under ASC 326[42](index=42&type=chunk) - The company uses a 5-point internal risk rating scale for its loans, from '1' (Outperform) to '5' (Default/Possibility of Loss), with new loans generally assigned a rating of '3'[45](index=45&type=chunk) - On February 16, 2022, the company entered into a new collateralized loan obligation, TRTX 2022-FL5, issuing **$1.075 billion** in notes and shares, which is consolidated as a VIE[118](index=118&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 performance, highlighting **$20.4 million** net income, **$5.1 billion** loan portfolio growth, new CLO issuance, and increased credit loss allowance Q1 2022 Key Financial Highlights | Metric | Q1 2022 | Q4 2021 | | :--- | :--- | :--- | | Net Income to Common Stockholders | $20.4M | $41.4M | | Distributable Earnings | $26.6M | $18.5M | | Common Stock Dividend per Share | $0.24 | $0.31 | | Book Value per Common Share | $16.41 | $16.37 | - Originated five first mortgage loans with total commitments of **$233.0 million**[250](index=250&type=chunk) - Issued TRTX 2022-FL5, a **$1.075 billion** managed CRE CLO, and redeemed the **$600.0 million** TRTX 2018-FL2 CLO[250](index=250&type=chunk) - Increased allowance for credit losses by **$4.9 million**, bringing the total to **$51.1 million**, or **91 basis points** of total loan commitments[250](index=250&type=chunk) - Subsequent to quarter end, on April 4, 2022, the company sold its remaining 10-acre REO property for **$75.0 million**, expecting a gain of **$13.3 million** in Q2 2022[239](index=239&type=chunk)[271](index=271&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=72&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate, credit, and liquidity risks, minimizing interest rate exposure by match-indexing floating-rate assets and liabilities - The company's business model seeks to minimize interest rate risk by match-indexing floating-rate assets and liabilities, with **100%** of the loan portfolio earning a floating rate of interest as of March 31, 2022[376](index=376&type=chunk) Interest Rate Sensitivity Analysis (Impact on Net Interest Income over 12 months, in thousands) | Rate Change | Increase | Decrease | | :--- | :--- | :--- | | 25 Basis Point | $(5,074) | $5,578 | | 50 Basis Point | $(9,735) | $9,003 | | 75 Basis Point | $(13,610) | $9,003 | - Credit risk is managed via underwriting and active asset management, with exposure to commercial real estate market risks like changes in occupancy and capitalization rates[379](index=379&type=chunk)[380](index=380&type=chunk) - Liquidity risk primarily stems from financing longer-maturity assets with shorter-term borrowings and potential margin calls, mitigated by having **72.5%** of borrowings from non-mark-to-market sources like CRE CLOs as of March 31, 2022[293](index=293&type=chunk)[387](index=387&type=chunk) [Controls and Procedures](index=75&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2022[398](index=398&type=chunk) - No material changes were identified in the company's internal control over financial reporting during the first quarter of 2022[399](index=399&type=chunk) Part II. Other Information [Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) As of March 31, 2022, the company was not involved in any material legal proceedings - The company was not involved in any material legal proceedings as of March 31, 2022[402](index=402&type=chunk) [Risk Factors](index=76&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - No material changes to risk factors were reported from the company's 2021 Form 10-K[403](index=403&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=76&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[404](index=404&type=chunk) [Defaults Upon Senior Securities](index=76&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[405](index=405&type=chunk) [Mine Safety Disclosures](index=76&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[406](index=406&type=chunk) [Other Information](index=76&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None[407](index=407&type=chunk) [Exhibits](index=77&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including amendments to credit agreements, officer certifications pursuant to the Sarbanes-Oxley Act, and XBRL data files - Filed exhibits include amendments to Master Repurchase and Securities Contracts with Wells Fargo and Goldman Sachs[409](index=409&type=chunk) - Certifications by the Principal Executive Officer and Chief Financial Officer under Sections 302 and 906 of the Sarbanes-Oxley Act were filed as exhibits[410](index=410&type=chunk)

Financial Performance - Generated GAAP net income attributable to common stockholders of $41.4 million, or $0.51 per diluted common share, for the fourth quarter of 2021[13] - Generated GAAP net income attributable to common stockholders of $70.7 million, or $0.87 per diluted common share, for the full year 2021[21] - Declared dividends on common stock of $73.8 million, or $0.95 per common share, for the full year 2021, including a special dividend of $0.07 per common share[23] - The Company's CECL reserve was $46.2 million as of December 31, 2021, compared to $62.8 million as of December 31, 2020, resulting in a credit loss benefit during the year of $16.6 million[26] Loan Portfolio Activity - Originated 10 first mortgage loans with total loan commitments of $651.6 million in the fourth quarter of 2021[15] - Received loan repayments of $428.1 million in the fourth quarter of 2021[16] - Originated 27 first mortgage loans with total loan commitment amounts of $1.9 billion in the full year 2021[24] - Received loan repayments totaling $1.2 billion in the full year 2021[25] Liquidity and Capitalization - Ended the fourth quarter of 2021 with $321.1 million of total liquidity[18] - Closed TRTX 2021-FL4, a $1.25 billion managed CRE CLO with an advance rate of 83.0%[25] - Issued 8.05 million shares of Series C Preferred Stock, generating net proceeds of $194.4 million in the full year 2021[21]

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q4 2021 Earnings Conference Call February 23, 2022 10:00 AM ET Company Participants Matthew Coleman – President Deborah Ginsberg – Vice President, General Counsel & Corporate Secretary Robert Foley – Chief Financial Officer Peter Smith – Chief Investment Officer Conference Call Participants Stephen Laws – Raymond James Tim Hayes – BTIG Steve Delaney – J&P Securities Donald Fandetti – Wells Fargo Rick Shane – JPMorgan Operator Greetings, welcome to the TPG Real Estate ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K | For the fiscal year ended December 31, 2021 | OR | | | | | | --- | --- | --- | --- | --- | --- | | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | FOR THE TRANSITION PERIOD FROM | TO | | | | Commission File Number 001-38156 | | | | | | | TPG RE Finance Trust, Inc. | (Exact name of Registrant as specified in its Charter) | | | | | | Maryland | 36-4796967 | (State or other jurisdi ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q3 2021 Earnings Conference Call November 3, 2021 ET Company Participants Deborah Ginsberg - VP, General Counsel & Corporate Secretary Matthew Coleman - President Robert Foley - CFO Peter Smith - CIO & VP Conference Call Participants Ethan Saghi - BTIG Richard Shane - JPMorgan Chase & Co. Donald Fandetti - Wells Fargo Securities Operator Greetings, and welcome to the TPG RE Finance Trust Third Quarter 2021 Earnings Call. [Operator Instructions]. As a reminder, this con ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38156 TPG RE Finance Trust, Inc. (Exact name of registrant as specified in its charter) Maryland 36-4796967 (State or other ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q2 2021 Earnings Conference Call August 4, 2021 10:00 AM ET Company Participants Deborah Ginsberg - VP, General Counsel & Corporate Secretary Matthew Coleman - President Robert Foley - CFO Peter Smith - CIO & VP Conference Call Participants Donald Fandetti - Wells Fargo Securities Timothy Hayes - BTIG Richard Shane - JPMorgan Chase & Co. Operator Good day, and welcome to the TPG Re Finance Trust Second Quarter 2021 Earnings Conference Call. Today's call is being record ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38156 TPG RE Finance Trust, Inc. Washington, D.C. 20549 (Exact name of registrant as specified in its charter) 888 Seventh Avenue, 35th Floor New York, ...

TPG RE Finance Trust, Inc. (NYSE:TRTX) Q1 2021 Earnings Conference Call May 5, 2021 10:00 AM ET Company Participants Deborah Ginsberg – General Counsel Matt Coleman – President Bob Foley – Chief Financial Officer Peter Smith – Chief Investment Officer Conference Call Participants Stephen Laws – Raymond James Tim Hayes – BTIG Charlie Arestia – JPMorgan Steve DeLaney – JMP Securities Operator Greetings. Welcome to the TPG Real Estate Finance Trust First Quarter 2021 Earnings Conference Call. [Operator Instruc ...