TPG RE Finance Trust, Inc.

Greetings. Welcome to TPGRE Finance Trust first quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Dan Cassell. Thank you. You may begin.

Good morning and welcome to the TPGRE Finance Trust Earnings Call for the first quarter of 2026. Today's speakers are Doug Bucard, Chief Executive Officer, Brandon Fox, Interim Chief Financial Officer, and Ryan Roberto, Head of Portfolio Management and Capital Markets. Doug, Brandon, and Ryan will provide commentary regarding the company, its performance, and the general economy, and will answer questions from call participants. Yesterday afternoon, we filed our Form 10Q, issued a press release, and shared an earnings supplemental, all of which are available on the company's website in the investor relations section. This morning's call and webcast is being recorded. Information regarding the replay of this call is available in our earnings release and on the TRTX website. Recordings are the property of TRTX, and any unauthorized broadcast or reproduction in any form is strictly prohibited. This morning's call will include forward-looking statements which are uncertain and outside of the company's control. Actual results may differ materially. For a comprehensive discussion of risks that could affect results, please see the risk factors section of the company's latest Form 10-K. The company does not undertake any duty to update our forward-looking statements or projections unless required by law. We will refer during today's call to certain non-GAAP financial measures which are reconciled to GAAP amounts in our earnings release and our earnings supplemental, both of which are available in the investor relations section of our website. Now I'll turn the call over to Doug.

Good morning and thank you for joining the call. The broader economic backdrop during the first quarter of the year continued to provide an encouraging environment for investment activity within the real estate sector. While concern over private credit and broader geopolitical tensions have permeated the market, real estate credit has been relatively stable. As we survey market opportunities, we are closely monitoring capital flows in both real estate and credit, which will allow us to identify real-time trends that will drive the investment landscape. These insights are further augmented by the depth and breadth of TPG's global alternative investment platform. While real estate values have reset and our lending pipeline is robust, the recent steepening of the yield curve has put modest pressure on new acquisition activity. That being said, many of the key themes we've previously described continue to remain in place, including heavy refinance volume driven by broken capital structures and reset values, which have been further exacerbated by sustained elevated interest rates and supported by a consistent supply of back leverage for bank balance sheets. Building on the memento of 2025, a year where TRTX closed $1.9 billion of new investments and achieved 25% year-over-year growth in earning assets. We are pleased to report a strong start to 2026. For the first quarter, our performance reflects our disciplined approach to risk management as we maintain stable risk ratings and a 100% performing loan portfolio at quarter end. We saw no negative credit migration in the quarter with risk ratings unchanged at 3.0 and seasonal reserves essentially flat quarter over quarter. In April, TRTX received the full payment of 575 Fifth Avenue, which was our largest office exposure, and the material partial repayment on another office loan. And as a result, our office exposure is now less than 5% of our current balance sheet. As a natural consequence, the vintage of our balance sheet continues to compare favorably to our competitive set, with 67% of our balance sheet comprised of 2023 and newer loan originated. This is a direct result of the proactive risk management we've been consistent with over the past few years, combined with our strategic and measured approach to making new investments. As I look at our origination and repayment pace for this year, I expect we will finish 2026 with a substantial majority of the balance sheet comprised of 2023 and newer loan origination dates, which will provide shareholders with a new vintage portfolio and attractive credit profile. Of note, We've been able to achieve this balance sheet transformation while generating steady earnings and remaining under levered relative to our peers. From an investment perspective, thus far this year, we've closed $324 million of loans and have another $535 million of executed term sheets, the majority of which are multifamily and industrial collapse, sectors we continue to target given their strong downside protection and solid long-term fundamentals. Since the start of Q4 2025, we originated 12 loans with total commitments of $1.25 billion, with more than 90% of these from repeat borrowers, underscoring the deep relationships we've cultivated within the real estate ecosystem, further amplified by the breadth of TPG's integrated real estate debt and equity investment platform. Furthermore, within the $535 million of executed term sheets that we have this quarter, The majority of those new investments are collateralized by multifamily and industrial exposure and are sponsored by high-quality borrowers across the U.S. From a liability perspective, we continue to expand our lender relationships and optimize the durability of our capital structure. Building on the two series CLOs issued in 2025, which provide ample reinvestment capacity at an attractive cost of funds, We ended Q1, 2026 with $173 million of liquidity, 78% non-mark to market financing, and a debt to equity ratio of 3.1 times. This positioning affords TRTX flexibility to pursue accretive investment opportunities while maintaining balance sheet discipline. Our company is in an advantageous position from a capital allocation standpoint. Given our strong liquidity position, we were able to both increase net earning assets while also repurchasing shares that we believe are undervalued. Since the year began through April 27th, we repurchased over 1 million shares of common stock for a total consideration of $8.7 million at an average price of $8.07 per share. While we were proud of the foundation late in 2025 and a strong start in Q1, 2026, we remain focused on building on the success throughout the year. Our objective remains to continue to grow net assets and the earnings power of our company. With the insights and reach of TPG's real estate investment platform, a stable balance sheet, and an attractive opportunity set, we are confident in our ability to deliver continued strong performance. Despite the strength of our balance sheet and our growing earnings power, our stock trades at a valuation that we believe significantly undervalues our position relative to competitors. and offers compelling value on an outright basis as well. Simply put, our balance sheet looks remarkably different from our peers with the newer vintage loan portfolio that provides steady earnings and credit stability. Relative to our peers, we continue to distinguish ourselves, particularly when you look at a number of important metrics, including loan vintage as a percentage of the portfolio, multifamily and industrial exposure, office exposure, unfunded loan commitments, REOS percentage of assets, and total debt-to-equity ratio. The offensive posture we've embraced, rooted in the strategic approach we laid out years ago, positions us well to sustain our momentum. Our performance in 2025 set a high bar, and we entered the remainder of 2026 with the capital, the team, and the drive to continue creating value for our shareholders. With that, I will turn the call over to Brandon to discuss our financial results in more detail.