TPG RE Finance Trust, Inc. Q2 2024 Earnings Conference Call July 31, 2024 9:00 AM ET

Company Participants

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

Conference Call Participants

Tom Catherwood - BTIG
Stephen Laws - Raymond James
Steve Delaney - Citizens JMP

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to TPG Real Estate Finance Trust Second 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 Real Estate Finance Trust earnings call for the second 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 is being recorded and 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 most recent 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, it's my pleasure to turn the call over to Chief Executive Officer, Doug Bouquard.

Doug Bouquard

Thank you very much. Over the past quarter, the US economy and financial markets have continued to exhibit resiliency as the soft landing narrative gains momentum. Recent CPI data suggests this inflation is underway and more accommodative financial conditions may be just around the quarter.

Corporate credit spreads remain near the post-GFC ties and the securitized debt markets have been actually a bright spot year-to-date. CMBS issuance has already matched all of 2023's volume, driven primarily by heavy SASB offerings in the first half of 2024. Despite the positive tone across most asset classes, the combination of elevated geopolitical risk and an uncertain election season, reminds us of how quickly demand for risk assets can pivot as we head in the second half of 2024.