TPG RE Finance Trust, Inc. (NYSE:TRTX) Q1 2024 Results Conference Call May 1, 2024 9:00 AM ET

Company Participants

Doug Bouquard - Chief Executive Officer
Bob Foley - Chief Financial Officer

Conference Call Participants

Stephen Laws - Raymond James
Rick Shane - JPMorgan
Derek Hewett - Bank of America
Chris Muller - JMP Securities

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to TPG Real Estate Finance Trust First Quarter 2024 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 conference is being recorded.

It is now my pleasure to turn the call over to the company. Thank you. You may begin.

Unidentified Company Representative

Good morning and welcome to TPG RE Finance Trust conference call for the first quarter of 2024. We are 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 will open the floor for questions.

Yesterday evening, the company filed its Form 10-Q and issued press release and earnings supplemental with a presentation of operating results, all of which are available on the company’s website in the Investor Relations section. As a reminder, 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 risks that could affect results, please see the Risk Factor section of the Company’s Form 10-Q and Form 10-K. The Company does not undertake any duty to update these statements, and today’s call participants will refer to certain non-GAAP measures, and for reconciliations you should refer the press release and the Form 10-Q.

At this time, I’ll turn the call over to Doug Bouquard, Chief Executive Officer. Doug

Doug Bouquard

Thank you, Chris. Good morning and thank you for joining the call. Since the beginning of the year, the economy and labor markets continue to be remarkably resilient across the U.S. The market remains highly confident in the soft landing for the U.S. economy and global demand for risk assets remained strong. More recently, however, inflation has proved challenging to tame and the interest rate market has adjusted its expectations for rate cuts in 2024 over the past few weeks. Further, the 10-year treasury yield has moved nearly 80 bps during the first four months of the year and is now approaching 4.7%. Within broad credit markets, corporate credit spreads are at multiyear tights, while real estate credit spreads have rallied in certain areas, but do continue to underperform on a relative basis.