TPG RE Finance Trust, Inc. (NYSE:TRTX) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET

Company Participants

Deborah Ginsberg - General Counsel, Vice President and Secretary

Doug Bouquard - Chief Executive Officer

Robert Foley - Chief Financial Officer

Conference Call Participants

Stephen Laws - Raymond James

Sarah Barcomb - BTIG

Rick Shane - JPMorgan

Arren Cyganovich - Citi

Operator

Good morning, and welcome to the TPG Real Estate Finance Trust Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note, this event is being recorded.

I would now like to turn the conference over to Deborah Ginsberg, General Counsel, Vice President and Secretary. Please go ahead.

Deborah Ginsberg

Thanks, Stephen. Good morning and thank you for joining us. Welcome to TPG Real Estate Finance Trust conference call for the third quarter of 2023. I'm joined today by Doug Bouquard, Chief Executive Officer; and Bob Foley, Chief Financial Officer. Doug and Bob will share some comments about the quarter and then we'll open up the call for questions. Yesterday evening we filed our Form 10-Q and issued a press release and earnings supplemental with the presentation of our operating results. All of which are available on our website in the Investor Relations section.

I'd like to remind everyone that today's call may include forward-looking statements, which are uncertain and outside of the company's control. Actual results may differ materially. For a discussion of some of the risks that could affect results, please see the Risk Factors section of our 10-Q and 10-K. We do not undertake any duty to update these statements, and we will also refer to certain non-GAAP measures on this call. And for reconciliations you should refer to the press release and our 10-Q.

With that, I turn the call over to Doug Bouquard, Chief Executive Officer of TPG Real Estate Finance Trust.

Doug Bouquard

Thank you, Deborah. Good morning and thank you for joining our call. Over the past quarter, risk sentiment in the broader market has demonstrably shifted to the negative. The S&P 500 sold off nearly 10%, the 10-year treasury yield hit an all-time high since 2007 of over 5%, and the Fed has remained steadfast in its restrictive policies to slow the economy. Despite the Fed's policy, the labor market has remained resilient, the consumer continues to spend, and the U.S. economy thus far has avoided a recession.