TRTX - Earnings call transcript Q1 2021 | TPG RE Finance Trust, Inc.

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Operator

Greetings. Welcome to the TPG Real Estate Finance Trust First Quarter 2021 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I would now like to turn the conference over to Deborah Ginsberg, General Counsel. Thank you.

begin. may You

Deborah Ginsberg

Officer; a welcome around call and our results the filed press joined Real Finance me, our section. will we’ll we Form Chief Estate by Officer. then outside the everyone Chief our call include the remind presentation Good and and of corner Matt and issued the that control. Investor to to for – first call with conference evening, differ Bob Financial Foley, Bob of and for may Coleman, some release I’m up of company’s Peter Yesterday quarter forward-looking operating Trust’s which may XX-Q questions. a are website Relations Smith, Matt Investment all materially. which comments results, morning, share President; statements, TPG and the of like uncertain Actual open today today’s excuse available I’d XXXX. on in quarter, are

For you some to I of Finance of that and also the XX-K. our please Trust. this these risks a any And to certain discussion results, of should We Estate Real over President release TPG the update refer call. non-GAAP to press Risk refer call XX-Q. for section and XX-Q will measures duty the our statements, of not turn reconciliations, could see undertake Factors to we that, affect do on and With Matt Coleman, the

Matt Coleman

thank had and quarter. busy morning Thank TRTX you, productive Deborah. you for and in. dialing Good first

to loan QX cents to in diluted value million for million earnings common night, because per the of reserve GAAP total or end basis share part and reduced $XX.X XXXX stockholders million of at up distributable $XX.X attributable end commitments. per by $X.XX last income that’s common our $X million generated to we reported per Book we or diluted As $XX.XX quarter share. XXX or $XX.X at points CECL increased we from $X.XX of the quarter of $XX.XX share net

first and initiatives that substantial quarter, on During our the we progress the made we on call. last articulated strategic goals

said million following closed in we to we that loan we’ve quarter were Indianapolis to $XX St. quarter We $XX immediately a done in and subsequently restart the end. that. multifamily end, million First, prior originations a we Petersburg, closed multifamily loan going Florida, and engine

And and pipeline real investor markets, of more abundant the and have Recent estate volume. life roughly we sheet an split of billion opportunities and increased optimism, term loans first consideration. under that mortgage robust aggregate amount multifamily show equally loan under an commitment macro Additionally, liquidity with sciences. seven of manifesting $X.X $XXX capital active continuing between recovery, have we strength originations transaction of relatively metrics with Against we our the than high million backdrop, giving competitive million, today’s to competitive levels of us for cash liquidity immense capital, of sets in the intellectual unrestricted lending eligible networks deep investing remains markets, on with and $XXX sponsorship advantage cash the available support access powerful teams approximately In $XXX have a highly of March TPG’s for insights. sheet investment activity XX and to market collateral. firm’s relationships substantial and our million CLOs more balance in as of than

view As credit the the on has disciplined our markets, remained we’ve lending reentered same.

costs. CLO weighted the principles points important XXX reinvestment we LIBOR a on quality before our rate with billion continuing capital period that’s these plus FLX first made We to basis to $X.XX With remain markets quarter. core a month XXXX and us. front during second assets, focus, sponsors, and on for Our and structure optimize progress area we’re strategic of of at and respect focus priced this a closed interest transaction CRE, our average TRTX issuance XX managed is and

Importantly, FLX with pipeline. be connection already which of utilized includes planned identified to all an million in almost our is ramp, $XXX approximately

the in of of Following XX% XXXX closing non-mark-to-market as now XX% early about FLX year-end XXXX. of XX% and of are up from our liabilities

initiatives retail our where the continued of reduced view increasingly the reserve, well. the our Interest portfolio quarter $X by we’ve I We active and loan the our Finally, asset for is very exceeded resiliency reflecting one needed million optimistic Southern portfolio, borrower being first XX% loan. management California the as our collections CECL of performing economic sole conditions. defaulted support at our loan macro in with nonaccrual of end and mentioned our quarter,

stable at As risk were ratings a result, QX XXXX compared to QX X.X.

for As through. the gone optimizing plan focused robust of just the intersection we’ve of I’ve the compelling that explained strategic loans of Active underlying before, portfolio, management is originations and our initiatives, structure. in our intersection asset on XXXX credit capital our –

further progress detail. made we’ve and updating I’ll on that, first more With move of first our We’re call in to results the we accomplishments over proud turn we to as Bob that discuss in you the the quarter forward to forward. look quarter

Bob Foley

million fourth approximately with associated of that common dividend margin XX. pre-COVID charge-off which per repayments And TRTX deferred loan by per to Matt income everyone. of at the million, and of enjoy said $X.XX closed $XX.XX distributable interest expenses financing earnings million of consistent XXXX-FLX, start that our core share Net formerly that XX:XX a costs of $XXX,XXX to AM XX value or time GAAP ended covered and stockholders especially our more the million March X.X $XX to loans diluted net earnings our $XX.X Eastern. per $X.XX, were ratio and attributable With this on quarter $X.X yesterday as quarter-over-quarter times. declined to as two for the common morning, known increased contributed quarter everyone share share, GAAP reasons. Book share March diluted the for with $X.XX up income $XX.X per operating results, remain on Matt. of reported to civilized of net or Thanks, levels. We Good we respect guests due hope West operating coast

First, our or our general of And released stock. earnings reserve $X $X.XX common on million paid outstrip per and share. CECL second, dividends we preferred because

a With reserve $X.X was commitments TRTX CLO manager since for total reserve the Our due performance, CRE at quarter with of points billion which our our primarily end combined and macroeconomic CLO our loans, especially collateral that in drive end, about points under our to leading markets, prior operating quarter hotel portfolio assumptions our based loan issuance XXXX. declined XXX XXX capital basis regard on CECL CECL At of is improved XX% to versus improving represented steadily CRE issuer CECL of basis model. our – quarter.

XX%, CLO to asset and billion late across $X.XX a of of very helpful. used loans the a have closing. large period transparently if issued important, and it To enables advanced confident a levels. appropriate expect a us – months six non-mark-to-market March, Since FL-X It us June, our and have low feature, solid distinct with in on it duration record increases augment separate Accordingly, it ROEs our pre-COVID and to it already our a ratio CRE will loan $X.X competitive loans, approximately of managed to and originate, not contribute at three ramp manage committed new CLOs enables through we and April and familiar seven loan with strengthens track produce liabilities for that liabilities. quality of investment market consistent We originations with multifamily transactions, prudently ability is base cost originations, supportive our credit million strong million with counterparties. the by repeat continue risk $XX.X be carefully $XXX.X further that institutional high is X, billion to allows of have report quality from of loan rate our in investors because and balance our TPG we spreads also ramp sooner. up facilities CRE combination our of utilized XX-month lengthens affiliation to fully sheet funds, which we high

we Bank X.X million about regard at Sachs same of Stanley. facility currently credit, of credit quarter, in quarter-over-quarter. their this risk unchanged quarter the During third America with our ratings to year. the discussions doing credit during extended we $XXX Goldman the Morgan the the facility remained and with And with are With

XXXX. In to PIK of interest continues XX our The and they’ve disclosure Affordable X.X% perform to been supplemental of only XX.X% which well. continue interest we since properties Hotel interest performance of Pages’ interest. And extensive multifamily XX provide improve. collections, was fact, PIK consistent holding steady. and scheduled early modifications. earnings takeaways collected non-cash is office loan regarding

hotel XXXX, PIK $XXX,XXX Our interest. involve since loan interest quarter, executed properties, down reflecting basis our the accrued XX only a loan X, portfolio. the million in first $X.X at XX% we decline billion quarter remain prior recognized during involving and PIK XX from quarter was but April points was PIK today. loan effect against modifications balance $X.X end modifications that only in Cumulatively, have primarily XX

continue borrowers to necessary. infusions with their capital support Our when properties

of modified All performing loans their terms. accordance our in are with

a Our specific loan in reserve. carries default sole and $XX million remains retail loan loss

resolutions. covenants ramp in Las steadily one Net XX, timely both In on is FL-X cash was TPG $XXX.X With instances, financial have million. supported asset of at was team with management pushing Vegas. to team positive by March cash the held to cash million. broader We REO investment our toward comply hand Estate Real our regard liquidity $XXX.X the and

ratio to the this was year, common originate substantial, benefit savings growth mortgage to drivers if our the to previous priority the fully Cost invested. will but a fiscal as source loan and remains sources fund We success vary times increase four capital see end, to sales range including in to of stock an to fixed in and in cap current X.XX and Series X.XX of is plans, X.XX markets volume by of depending ratio our or the in line shareholders. in B with our secured expected income later liquidity Additional X in that financing preferred borrower facilities With earnings investments are regard to to return fueled credit the be – robust equity to to We loan capacity, repayments top liquidity year, redemption. for quarter originations upon first current result do new fund achieving redemption several growing debt CLOs portfolio when loans us, and income quarters. important used we expect our the normal fixed utilize may response the business transactions. at leverage, a our are

cost coupon. materially our partial hotel undertake factor, one-time important a basis full current We incur refinancing will third but connection at a or borrowings and with lower non-mark-to-market the in any redemption on still we

we’ll that, the with questions. Operator? open So floor to

Operator

is Our with James. Stephen question from you. Instructions] first Laws proceed. Raymond [Operator Thank Please

Stephen Laws

falling in timely start queue. Bob, appreciate late time, PIK the morning. disclosure the the the also Good but and

What Touching dots appreciate the that. running connect go-forward portfolio about on of, So other back $XXX kind sounds remaining. million. like, half XX% part the robust basis? $XXX around repayments I do feature the has and running of the the are of the my when can leverage from all projections still where It of you see the of, did million we out or If see for math ramp we pipeline correctly, pretty equation? kind quarter, you where for non-recourse total CLO your leverage do kind second a total the

Bob Foley

repayments Matt, to or… on would you comment like

Matt Coleman

Sure.

very I think in had modest quarter. end. was respect in repayments projected quarter. don’t level very to Stephen, of think the with repayments to small that. first the a We we in had a there’s repayments, read first into It I – much repay no

I some there. just So idiosyncrasies there’s specific loan think

repayments projected think, with previous and overall little where estimates. for year. range That’s the been more Our north ended remain that’s back million – They $XXX are just of I they’ve the historically consistent year within a But sit for haven’t in let question, projections remaining now time With leverage, and to I’ll changed. address those. look year. in the the the other respect components at and we Bob May as the your left of overall here a

Bob Foley

Sure.

And stable. that dominates on to because everyone think the ROEs. cheap when are advanced with They’re over provide respect Stephen to and call, comes else very I it the So attractive frankly, funding. CLOs capital rate cost of levered they very leverage

being excess stable because to on portion long-term. substantial to So loan able us around XX%, it’s investment of XX% in very our it’s is portfolio continue currently to and advance average rate and a of attractive, lever an

than our overall substantial As fund I year will investments equity pretty additional repo ratio. market during of CLOs repo this typically materially to our we more CLOs. current that points we than are they capacity up to environment said, rates on X of on use in quarter the cost to funds, bring will X lower discussed are last and higher, the debt higher remains as Advanced their

to when more deployed. you you’ll I That end where that. We’ve is equilibrium the the that aggregate, we’ve I which talked variable, to that range, those once the less another blend or debt X more over historically. look we’re within going historically our the the to although you’ll and think the is in precisely. but it’s pace you status important thing in one of predict see we total operated together, control of X.XX about think more of range your of difficult so, equity look course, in Part a toward So fully is high the to respect fact the if to range is And repayments of have originations of many times with question, A pace of see

Stephen Laws

that’s And your given that of helpful. high leverage CLOs, end too. that’s No, high the of range mix Great.

based So us you to can there that? update resolution timing guys Vegas, an end. give plan exit Las you there at on is of the and Touching strategies maybe on on a look high how

Bob Foley

Sure.

Let me make specific comments. some

Matt Coleman

As intend be long-term don’t Las Vegas we land. we holders to of said,

that do we undertake will – those and timeframe. acceptable maximizing actions within the an take value those are other On hand, steps

think we’re about engaged the So to sales with actively timing. exit and community strategy brokerage optimal

engaged term. long-term overall, to with the some would to that our that I be don’t help which least holders manager intend ongoing not we resolution But to of We have operations. views say expect land. timeline should partial at changed, you disposition on intermediate third-party in And is have property

Stephen Laws

Great. Appreciate taking there. Thanks my the question. comments for

Matt Coleman

Thank you.

Operator

with Our BTIG. Hayes proceed. next Tim is Please question from

Tim Hayes

superior I Yes. Good the a into you’re look CLO rates the funds well. I been the understand compares the pipeline Hope once just you’ll on achieve completely refinanced attractive loans of in guess cost ROEs, of and to the portfolio what loans ROE go morning, advanced doing pipeline guys. given will to that will and and that how all-in kind has up just probably on those feature CRE on coupons earning believe bit curious, ramp touch you’re the or that average? want more little otherwise what to you the utilized able But there. kind of And like? the that be fully

Matt Coleman

Good hope Tim, you’re morning, well.

you weighted little we market average said, financing overall I under And think out as north spread borrowers of us I looking robust If very not alone as are spreads is I look and commented for sheet loans our XXX you probably at it that seeing term remained in and are markets we’ve as and a yield to there. now, the points. as said, compression. were as we competitive And bit well. at being have basis a on, alluded attractive That think,

different signed you equity pre-COVID that let than Bob impact a address change seeing of and And a that so perhaps materially loans bit we’re you’re of our composition ramp post I I’ll are could think returns on the have are but in returns, ROEs. if little the that on seeing financing that up at look not now, levels.

Bob Foley

Thank basis, think deals at point, participations agree company loans CLO of likely credits a frankly would remain clearly, through it’s we And supplement those $XX average our But the financed available And than fill loan, as practice We be of in portion CLOs. which open or around that year. But look that is of November reality billion on our across is this I as given and typically the you, a the Tim, our and spread the we all is into going size total – is an would size throughout are the we company. facilities returns individual a levered more financing to loan of common million. less typically base. the north The what right generate at to look controlling us facilities higher a cut slightly reinvestment loan whole. a with should our CLO loans. the to on that is that. repo. you as one credit participation they’re of And still it’s as this a at $X levered for any have then to ROE But liability of CLOs, on our than one repay, loans Matt. newest our that’s that this XX% our as to periods, to be of And October, industry. be we and the FL-X FL-X granular

today are are Peter, comfortable ability engineer appropriate risk what But can to to feel they’re lower. to for with adjusted were they company have floors comment changed its LIBOR is pre-COVID. So the different. we continue bit. ROE on a Credit currently and shareholders. comparable ROEs our that, spreads

Tim Hayes

Bob, friendly well, they’re structures well. compare terms I’m one with you Okay. That’s your believe, points pre-COVID and your observations to we’re sent don’t how curious me on bid terms lender because – that But more amount kind covenants. that and peers of a peers of new seeing where guys same as appreciate helpful, on mentioned it. as these they maybe And loans in spreads the the on loans noted recently attachment I of as of level coming one

I’m that pipeline trending you’re in So up structures the held curious seeing. how have or just

Matt Coleman

we’re seeing want to seeing do in pipeline? in the and address you Peter, you’re our what market what own

Peter Smith

sure. Yes,

lost of was competitive relatively COVID, I XXXX, think, during still a but quarter relatively – a was XXXX, year still that sure, well. – is in we it structure It holding a first in market.

lot I business. think do repeat a we of

interest rates. and already terms people structure getting turns to interest market low decent is low the what at determined are So relatively we’ve in generally, market rates

world, unstructured. through you’ve things on structured highly deal stick. borrower said, they’re it, I so repeat the through on those not you’ve And the sort of already that already focused necessarily side gone gone of like if if the And as

much, our it, for what’s documents generally of institutional they signed on and lot our and And experienced, them get nothing So going any deals, a of sponsors they’re seeing not they’re sponsors we’re deterioration actually, really kind structure. accordingly. know of they really type

Tim Hayes

Got it.

the look I to in capital there wondering, And goal when or that. Appreciate then, – could we’re understand and preferred might to just maybe to – redeem right redemption provide if we have B that of range of big a do as And markets might don’t I’m pay those well. color you how Okay. securities. where balls, the at outstanding down preferred you at just but mentioned it crystal is you if Series that’s and backdrop, a have if role we on the target a that, the those – markets targeted capital play now, you preferred? stayed a you just range those guys for the kind complete

Matt Coleman

Yes.

As some some it’s there security. you to prognostication, very don’t are which in redeem a to perhaps which factors, control. certainly It’s over number of noticed, transaction hard sooner the year that we the engage we of corporate our course of and timing, preferred control, of goal

Bob Foley

said it, do a They we more is we in us our cost that efficient a, markets permit optimal terms think capital will capital. of or were replacing when And, the of arrangements. capital a As make on b, at we that last call, the it. with whole time support for much

are. timing and there company make-whole I capital the or and is familiar with so used of optimize to readers those think, the who the cost are, familiar with a But to we listeners the are So redemption. affect want who and

Tim Hayes

B coverage highlighted for one couple right things be B the the then I a that. includes of also is and That pipeline And seem to now, do very for my of to is trending very last has with which redemption, here, right can But dividend kind to you that strong sense. earnings stock direction. is it totally of obviously power sure. just the And part the Series preferred robust. but catalysts dividend. question kind makes respect Bob, in

some and have portfolio liquidity you that. good the to growing You’re do

earnings what place you’re point, power that an that in Can it’s right-size coverage, you Series it strong. your on look the update with after for addressing power? positioning just how thinking kind B of us of point the earnings all whether line At what core So, completion about maybe well to you give maybe would bodes more preferred? dividend At dividend? very in

Bob Foley

you’ve the Sure. that of answer result The the issue discussed to all We most the time. clearly the and in mentioned of just study is of question combination them. Board And that vectors.

in on, the I we market sustainable smooth and focused want what increase think one a wants to and stated be probably a well. dividend increase and think and that’s as for I the that it B, A, we’re clearly an

that driver think or I preferred of biggest Series tied by of the probably the followed So redemption material by perhaps most B the is that, stock slightly deployment.

those when comfortably the leading might an you on focus making the think But now toward current and adjustment sustainable our right rapid that will dividend. news new covering and firm I progress expect of So on creating is we’re be dividend. ensuring more to two dividend a indicators higher and of state

Tim Hayes

it. the Thanks appreciate I Okay. color. for

Bob Foley

Yes.

Operator

is question Please Charlie next JPMorgan. Our proceed. Arestia from from

Charlie Arestia

the Good taking color Appreciate Thanks the for so all morning, guys. far. questions.

kind up a wanted Just of to pull bit.

centers. maps amount Francisco, just is the for hear wide to that mark terms of urban pretty markets what I’m leases the office the the curious disparity question terms of a longer sort on X, those lending thoughts But of beyond your loans origination thinking like you’re impacts urban I of of both think from San at COVID? on the outlook and on in is collateral the really. tenants Slide against, also probably Los outlook for fair initial And your performance regional that New it right looks that given book today York, to I in there’s term kind of now office Angeles, realized biggest large exposure the Atlanta, a Looking

Matt Coleman

and start color Charlie. well. then his I’ll Peter Good that can as morning, add with

with that paying collection it we their relates First, collateral is with performance, performing office and XXX% as portfolio all – the accordance entirely in to terms. have interest in

limited before, York funded about New the have of as fully with XX% north just measured reasonably specifically tenant we credit by – City we’ve lease talked each That’s exposure. we commitments. office as like coverage respect about that We of credits, in talked have our And we we’ve quality. with to have individual

look you across portfolio last performance, the have XX-plus-percent. at at our XX collections over If office underlying months been rent

So performance has been very strong.

that like. It his is with is very are however, approaching and now. to caution an that We ask under to you asset sponsorship provide Fort we approaching As let but deal class asset that a for like right all emerging Lauderdale an color do alluded one COVID that class pandemic usage some we that that as office you office as potential, story of out about well. strong With development the with the credit come we to of have in office me perhaps reasons Peter alluded we’re uncertainty market recovery application caution. we

Peter Smith

Yes.

You a touched things. few on

a be, part we – whatnot. of of their running the you the lot end there sort tenants doing is not cautious are sort very are at leases on trying people to a know good I long-term. renewals the looking are of book, on but in office you world, population focusing most states much the A where where lot and have story And really to the think them what from of where it of just look talking how markets asking questions, and are out. figure a being just find landlords a lot, of historically certainly deals none going We’re seen growth increase at lot to are our extending while lot ton also we’ve going really a now we and lot sort own have around for Sunbelt of space a what game’s primarily And of right a to we to side office of of we short-term whatnot, of and to don’t what do need. because of

sort start like we’re when country, back, backward, So lot a which we’re of I parts going of start people into certain office. seeing, in September more what think but see time, going people we’ll the faster is happening going people targeting when is probably the

going are needs their I to for working think people then. them space is figure how space and out their reassess

week levels be little leases tenants on respect going then So rents of I that a But decisions or are think space basic lot dealing they’re I made whatnot, think doing a think and losing of they’re I is with something little money on I think a to where that’s landlords more decide, really spending be going and I lot signing holding companies what a trying not this to the the positive mean, and – the reducing four ton to also a the happening, and and within when on office of going also, to working because is their discussing in three, in with X% people XXXX space a are their the pre-COVID really poorly of be And these duration uses they losing the in how really new But of with new these days CapEx, face a focus space are and of leases because money, XXXX. and of more new needs they’re or money. lot a are leases people one going or faster. they’re TIs are where XX% rent. to not free – lot cut quite to sure. companies

see a going to I think lot. we’re So

think at going to renew many only or how tenants people are I be slightly downsize. surprised

Bob Foley

Yes.

supplemental on pipeline the this first which to I our so in look disclosed highlights is wrap – really you think the and if current at our is X, that And Page up, page.

up only activity that component been Life we Now both substantial Matt and to the office be sciences a pretty half has of of has continue our pipeline office loan as loans and one expect the uncertainty is right multifamily bar. be for And we for forward. right precise. is going to XX% new us now we’ll signed pretty our that the now bar given high, have Peter that in cleared space said, origination

Charlie Arestia

helpful appreciate I much, guys. Very so Thanks it. color.

Operator

question DeLaney next Steve is Securities. Please Our JMP Instructions] with [Operator from proceed.

Steve DeLaney

was how June the pipeline, get us much I on have that give congratulations I you most under that? was through million the of progress close the Thanks. XX you’ve term a financing sheet. Do by folks on a morning might a Matt, could got wondering you $XXX on range sense think – and sense, and for if and modifications. of the pull little Good

Matt Coleman

Yes.

I Steve close should think of quarter. all end by that the that essentially of the

how quick outliers. if in now you is, could question any jump and can the executions. you reasonably But close. between think I additionally then we up these see Peter, as sign much that all well are should

Steve DeLaney

expected were for describe last year? than the interest for that of maybe some and loans. is of better type clarity. the there How $XXX that cash. first modifications you doing pretty That’s for modifications? a million I you half But second the in there Just Is would some the thank same asking fresh deferring the theme quarter basically, you thing much would Great. that common Thanks. I hear. in of latest Five

Matt Coleman

I would a tonal say that there is shift.

to to for plans. repurpose have tests interest, addressing But not the example. execution is accrue I totally out operations, the the more the feeling state of more milestones underlying requests. we’re do that we’re respect woods And of about the requests with and to fewer There nature that’s think normalized fewer with with that extension I say think of entering we’re business run reserves are to rate or pandemic. requests like or changed do a deal pace to what’s on

a is that. it, I’m there convey I to trying that that know totally think – I if but don’t So captures

the a atmospheric requests. of shift there’s feeling I around an that think sense modification we’re

Steve DeLaney

from Yes. it’s the and like about to mean, it’s defense I sounds less more about it more – offense me. since sponsor,

Matt Coleman

real getting coming toward closer a sense of of, more, a path this a There’s a in sense out real of normalcy. I to think

Steve DeLaney

Yes.

the one Okay. color. figure? or end, Thanks. X.XX%, Well, us And estimated adjustment dilution this increases just an end was an how that’s March At would one, Bob. year estimate quick the that the year. XX up you of you is dilution. that I’m sort have great stock you $XX.XX assuming to warrant currently Do thankfully XX% of peg either about for the

Bob Foley

the in slightly with down Yes. would X% price. dilutive The more than stock It was be quarter. run last the effect

to it and dilution. If stock were the over X% would be screen – on last it you the approaching price night above X% do price

Steve DeLaney

Okay. X% X%. to

Okay. all it. Appreciate comments. Thank for the you

Matt Coleman

Thank you.

Operator

turn our We of conference for remarks. have question-and-answer closing to the to would end I like back reached over management session. the

Matt Coleman

quarter TRTX about and obviously Thank perhaps and we’re all conferences you. investor speak Thank you your accomplishments. at end thank our our excited for you. interest sooner in next first next during progress quarter our To of QX. We various at we’ll conclude, and

Operator

you. today’s concludes conference. This Thank

this your disconnect may and participation. You at you lines your time thank for

TPG RE Finance Trust (TRTX) 5 May 212021 Q1 Earnings call transcript