TPG RE Finance Trust, Inc. (NYSE:TRTX) Q1 2024 Earnings Call Transcript

Chris Muller: That’s very helpful. Thanks for taking my questions.

Operator: Before we conclude the Q&A, we do have a follow-up from Rick Shane with JPMorgan. Please go ahead.

Rick Shane: Hey, guys. Thanks for taking my follow-up. Having asked so many questions over time about repurchases and I think I’d be remiss not to address that. It’s nice to see you guys announce a repurchase. I’m curious how you will approach that. It’s a $25 million allocation. Do you expect to be pretty consistently in the market? Or is that something that will just be there very defensively if you see some really bad days?

Doug Bouquard: Yes. Look, I think on the share repurchase side, first and foremost, it’s a tool in our toolkit which we acknowledge and have knowledge over time is a really powerful way for us to both generate earnings for the company and also I think is a real statement about the fact that with the credit quality of our current book relative to book value, buying shares at today’s market price for us does look very attractive. In terms of going forward, all I can say at this point, Rick, is that it will continue to be a tool of our toolkit. And I expect that over time, we will continue to use this as a potential way to drive our interest in the company.

Rick Shane: Great. Thank you for taking my question, guys.

Operator: Ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to management for closing remarks.

Doug Bouquard: Just want to thank everyone for taking the time to join in the call and look forward to speaking to all of you next quarter. Thank you very much.

Operator: This concludes today’s conference. Thank you for your participation. You may disconnect your lines at this time.