TPG RE Finance Trust, Inc. (NYSE:TRTX) Q3 2024 Earnings Conference Call October 30, 2024 9:00 AM ET

Company Participants

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

Conference Call Participants

Stephen Laws - Raymond James
Steve Delaney - JMP Securities
Don Fandetti - Wells Fargo

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to TPG Real Estate Finance Trust Third 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. 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

Thank you. Good morning and welcome to TPG Real Estate Finance Trust earnings call for the third 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. Over the past quarter, the Fed's initial rate cut and strong economic data across the board have fueled a remarkably broad rally in risk assets. For context, the forward price-to-earnings ratio of the S&P 500 is currently in the 97th percentile when compared to public market valuation multiples since the 1930s. Additionally, investment-grade and high-yield corporate spreads continue to trade at the tightest spreads since the GFC.

Meanwhile, real estate is beginning to find its footing amidst the sentiment shift at large. Transaction activity has ticked up and with an increase in price transparency across property types.