The following is a summary of the TPG RE Finance Trust, Inc. (TRTX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TPG RE Finance Trust reported Q1 GAAP net income attributable to common shareholders as $13.1 million.

• The company's net interest margin for the loan portfolio was $26.8 million, up from $21.3 million the last quarter.

• Distributable earnings stood at $23.3 million, or $0.30 per share, covering the quarterly dividend of $0.24 by 1.25 times.

• The loan portfolio is performing 100% with a slight increase in the CECL reserve to $74.1 million.

• Liquidity at quarter end was $370 million, with a debt to equity ratio of 2.21.

Business Progress:

• TPG RE Finance Trust originated three senior mortgage loans totaling $116 million in Q1, all secured by multifamily properties.

• The portfolio now has a 50% focus on multifamily loans as part of the company's strategic pivot.

• The Board approved a share repurchase plan of up to $25 million, reflecting their confidence in the company's value.

• The company plans to proactively manage investment portfolio risk and position the balance sheets to take advantage of lending market dislocations in 2024.

• There are identified potential investments areas – new capital reflecting market values and regional banks – as part of their shift in strategy towards a focus on housing acquisitions, and expectations for banks pulling back from lending.

• A funding pipeline for future quarters and a potential shift to the use of Series CLO in their financing structure demonstrate an offensive strategy with an appetite for generating new investments.

More details: TPG RE Finance Trust Inc IR

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