TPG RE Finance Trust (TRTX) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Company Participants None - ExecutiveDoug Bouquard - CEORobert Foley - Chief Financial OfficerJohn Nickodemus - Vice President, Equity Research Conference Call Participants Steven Delaney - AnalystNone - Analyst Operator Good morning, ladies and gentlemen, and thank you for standing by. Welcome to TPG Real Estate Finance Trust First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen ...

Financial Data and Key Metrics Changes - FBRT reported GAAP earnings of $23.7 million or $0.20 per diluted common share for Q1 2025, while distributable earnings were negative $6.2 million or negative $0.12 per fully converted share [15] - Distributable earnings before realized losses were $31.9 million or $0.31 per fully converted common share [15] - The book value per fully converted common share at the end of the quarter stood at $14.95, reflecting a decrease primarily due to dividend payouts exceeding earnings [18] Business Line Data and Key Metrics Changes - The company originated $341 million in new loan commitments during Q1 2025, with multifamily loans accounting for 79% of total origination volume [18] - Loan repayments totaled $353 million, predominantly from loans originated in 2021 and 2022 [18] - The average cost of debt on the core portfolio was SOFR plus 2.18% [19] Market Data and Key Metrics Changes - The core portfolio totaled $4.8 billion at quarter end, comprised of 152 loans, with multifamily securing 71% of the portfolio [23] - The average risk rating at quarter end was 2.2, with 146 of 152 positions risk-weighted at two or three [12] Company Strategy and Development Direction - The pending acquisition of NewPoint is expected to provide meaningful synergies and aligns with the strategic focus on the multifamily sector, enhancing earnings quality and consistency [13] - The company aims to recycle the bulk of its legacy book into current vintage loans, positioning itself for sustained growth [13] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the NewPoint acquisition, viewing it as a catalyst for long-term value creation [13] - The company anticipates challenges in dividend coverage in the near term due to REO and non-performing loan portfolios, but believes in its long-term earning power [17] Other Important Information - The company has a liquidity position of $913 million, including $215 million in unrestricted cash [12] - The REO portfolio stood at 12 positions at quarter end, with plans to liquidate assets for optimal recovery [28] Q&A Session Summary Question: Plans for loan portfolio and REO proceeds - Management indicated that any new capital from REO sales would be proactively reinvested into new originations as soon as possible [35] Question: Impact of NewPoint acquisition on expenses - Expenses in Q1 included transaction costs related to NewPoint and REO expenses, which elevated overall costs [36] Question: Dividend sustainability and REO impact - Management is monitoring how quickly REO assets can be turned over and the potential impact of market volatility on dividend coverage [46][47] Question: Originations and deal flow - Management noted that while originations were paused for cash gathering for NewPoint, they expect to resume soon with a consistent deal flow available [55][58] Question: Changes at Fannie, Freddie, and HUD - Management expressed uncertainty about government actions but highlighted the unique opportunity presented by the NewPoint acquisition to build a competitive multifamily lending platform [62] Question: Agency business revenue contribution - Management did not disclose specific percentages for agency business revenue at close but indicated more details would be provided in the future [79]

Seven Hills Realty Trust (SEVN) Q1 2025 Earnings Call April 29, 2025 11:00 AM ET Company Participants Matt Murphy - Manager - IRThomas Lorenzini - President & Chief Investment OfficerJared Lewis - Vice PresidentMatthew Brown - CFO & TreasurerJason Weaver - Managing Director - Equity ResearchChris Muller - Director - Equity Research Conference Call Participants Jason Stewart - Director & Equity Research Analyst Operator Good morning, and welcome to Seven Hills Realty Trust First Quarter twenty twenty five Fi ...

Franklin BSP Realty Trust (FBRT) Q1 2025 Earnings Call April 29, 2025 09:00 AM ET Company Participants Lindsey Crabbe - Director - Investor RelationsRichard Byrne - Chairman & CEOJerome Baglien - CFO, COO & TreasurerMichael Comparato - PresidentMatthew Erdner - DirectorRandy Binner - Managing DirectorTom Catherwood - Managing DirectorSteve Delaney - Director of Mortgage Conference Call Participants Jason Stewart - Director & Equity Research Analyst Operator Good day, and welcome to Franklin BSP Realty Trust ...

HomeStreet (HMST) Q4 2024 Earnings Call January 28, 2025 01:00 PM ET Company Participants Mark Mason - Chairman, CEO & PresidentJohn Michel - EVP & CFOWoody Lay - Vice PresidentTimothy Coffey - MD & Associate Director of Depository Research Conference Call Participants Matthew Clark - MD & Senior Research Analyst Operator Good afternoon. My name is Brika, and I will be your conference operator today. At this time, I would like to welcome everyone to the 4Q 2024 Analyst Earnings Call for HomeStreet Bank. Pre ...