TPG RE Finance Trust, Inc. (NYSE:TRTX) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET

Company Participants

Deborah Ginsberg - General Counsel, Vice President and Secretary

Doug Bouquard - Chief Executive Officer

Bob Foley - Chief Financial Officer

Conference Call Participants

Stephen Laws - Raymond James

Steve DeLaney - JMP Securities

Rick Shane - J.P. Morgan

Operator

Good morning, and welcome to the TPG RE Finance Trust First Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [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

Good morning, and welcome to TPG Real Estate Finance Trust conference call for the first 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 our 10-K. We do not undertake any duty to update these statements.

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 today.

The broad real estate credit and equity markets continue to face headwinds, driven by elevated interest rates, reduced available liquidity and continued pressure on valuations. Over the past quarter, these trends were exacerbated by the current regional banking crisis, a greater sense of concern over commercial real estate broadly, and the secular pressures facing the office property market. Transaction activity continues to slow across all real estate sectors and is reflected in our relatively modest investment and repayment activity during the past quarter.