TPG RE Finance Trust, Inc.

Welcome to the TPG Real Estate Finance Trust second quarter 2026 earnings conference call. At this time, all participants will be in a listen-only mode. A question and answer session will follow the formal presentation. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Please note this conference is being recorded. I will now turn the conference over to Ashben Rayo. You may begin. Thank you.

Good morning and welcome to the TPG Real Estate Finance Trust earnings call for the second quarter of 2026. Today I'm joined by Doug Bouquard, our Chief Executive Officer, our Interim Chief Financial Officer, and Ryan Roberto, our 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 10-Q, 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 are being recorded. Thank you for joining us today. For discussion of risks that could affect results, please see the risk factors section of the company's latest Form 10-K and Form 10-Q. The company does not undertake any duty to update our forward-looking statements unless required to do so by law. We will refer during today's call to certain non-GAAP financial measures, which are reconciled to GAAP amounts in our Form 10-Q, our earnings release, and in our earnings supplemental, all 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. Over the past quarter, market activity was shaped by several competing forces, including heightened geopolitical tensions and continued debate around the path of inflation and interest rates. Despite this uncertainty, both equity and credit markets have remained broadly resilient. In real estate, the environment has remained largely consistent with prior quarters. Elevated interest rates and ongoing rate volatility continue to suppress transaction activity, while the gap between buyer and seller expectations remains wide. As a result, lending demand continues to be driven primarily by refinancing activity, particularly within the multifamily and industrial sectors, two of the most liquid areas of the real estate market. Importantly, this activity continues to be supported by both bank balance sheets and CRE-CLO bond buyers, where credit spreads tighten further during the quarter. Against this market backdrop, TRTX continues to differentiate itself through disciplined growth and prudent risk management. Over the past year, we have closed $1.7 billion of new loan investments, driving $551 million or 15% net asset growth. During the second quarter, we closed $466 million of new loan investments and an additional $72 million subsequent to quarter end, continuing the steady growth of our earning asset base. Looking ahead, we have approximately $380 million of executed term sheets, providing good visibility into future deployment opportunities. We remain focused on prudently growing the portfolio while maintaining the disciplined underwriting and risk management approach that has differentiated TRTX throughout the cycle. From a credit perspective, portfolio performance remains stable, with CECL reserves and risk ratings largely unchanged quarter to quarter. Meanwhile, the balance sheet transformation we have discussed over the past several years continues to advance. As of June 30th, 69% of our portfolio is comprised of loans originated in 2023 or later. This continued reinvestment into newer vintage assets enhances the overall credit profile of the portfolio and further differentiates TRTX relative to many of our peers. The second quarter also marked an important milestone in the continued evolution of our liability structure. During the quarter, we issued a $400 million term loan B with a seven-year maturity, added a new $100 million corporate revolving credit facility, upsized two existing secured financing arrangements by a combined $600 million, and entered into a new $500 million secured financing arrangement. Importantly, these actions were effectively leveraged and cost-of-funds neutral, allowing us to significantly strengthen and diversify our liability structure without sacrificing current earnings power. Beyond enhancing liquidity and financial flexibility, these transactions introduce the new source of long-duration, covenant-like corporate capital and further broaden our funding base. The expanding financing toolkit positions us to continue growing earning assets while maintaining our target leverage profile, particularly as we execute on our REO monetization strategy and recycle capital into new investment opportunities. Collectively, these transactions demonstrate the strength of the TRTX platform and our ability to access multiple forms of capital, including bank, syndicated loan, and public bond markets, representing another important step in TRTX's evolution as a corporate firm. Finally, we continue to view share repurchases as an attractive tool for creating shareholder value. During the quarter, we repurchased 1.3 million shares of common stock for a total consideration of $10.8 million and an average share price of $8.26 per share, which allows us to invest additional capital into our business at what we believe is a meaningful discount to intrinsic value. As we enter the second half of 2026, we are operating from a position of strength. We have continued to grow the portfolio, maintained stable credit performance, enhanced our financing profile, and increased our financial flexibility. At the same time, we continue to see attractive investment opportunities and believe our competitive position has never been stronger. While market conditions remain dynamic, our strategy remains clear and consistent. Responsibly grow earning assets, maintain disciplined risk management, strengthen our balance sheet, and allocate capital in a manner that maximizes long-term shareholder value. We continue to believe the market is not fully recognizing the earnings power of our platform, including the strength of our balance sheet, the breadth of TPG's integrated real estate debt and equity investment platform, and our unique ability to take advantage of the current opportunities set relative to competitors. We believe the foundation we have built and the strategy we have executed over the past several years leaves us well positioned for continued success over the long term. With that, I will turn the call over to Brandon to discuss our financial results in more detail.