TPG RE Finance Trust

+9.07%

Live  

TPG RE Finance Trust (TRTX) is a commercial real estate finance company that originates and acquires investments in commercial mortgage-backed securities (CMBS) loans, commercial real estate loans, and other commercial mortgage-related investments. The company was founded in 2014 and is based in San Francisco, California.
TPG RE Finance Trust is a subsidiary of global alternative asset firm TPG, which has over $108 billion in assets under management. TRTX primarily focuses on loans backed by high-quality, income-producing commercial real estate properties in major markets across the United States.
The company’s investment strategy is to invest in a diversified portfolio of commercial real estate debt with the objective of providing attractive risk-adjusted returns to its shareholders. TRTX looks for opportunities to invest in loans that are secured by a first mortgage on the underlying property, and may also invest in mezzanine loans, subordinate loans, and equity investments.
TRTX is a publicly traded company, listed on the New York Stock Exchange under the ticker symbol TRTX. As of December 31, 2021, the company had total assets of $6.5 billion and a portfolio of approximately 151 loans.
Leadership
The company’s executive leadership team includes:
- Greta Guggenheim, Chief Executive Officer
- Robert Foley, Chief Financial Officer
- John Anzalone, Chief Investment Officer
- Jennifer Pagliara, Chief Credit Officer
TRTX also has a Board of Directors, which includes representatives from its parent company TPG, as well as independent directors with extensive experience in the real estate and finance industries.
Investment Process
TRTX follows a disciplined investment process that involves rigorous underwriting and risk management practices. The company’s team of experienced investment professionals conducts thorough due diligence on potential investments, including property tours, market research, and financial analysis. TRTX also closely monitors its portfolio and actively manages any potential risks.
The company’s investment criteria include:
- Strong credit quality and performance: TRTX primarily invests in loans with high-quality collateral and borrowers with strong credit profiles.
- Attractive yields: The company targets investments that offer attractive risk-adjusted returns.
- Diversification: TRTX seeks to maintain a diversified portfolio across property types, geographic regions, and borrowers.
- Alignment of interests: The company’s executive management team, as well as its parent company TPG, have significant investments in TRTX, aligning their interests with those of shareholders.
Investment Strategies
TPG RE Finance Trust primarily invests in commercial mortgage loans, including CMBS loans, which are backed by a pool of commercial real estate properties, as well as whole loans, which are secured by a single property. The company may also invest in mezzanine loans, which are subordinate loans that have a higher risk profile, but also offer higher returns.
TRTX focuses on investments in major markets across the United States, with a preference for assets in strong, growing markets with diverse economies and low vacancy rates.
Some of the property types that TRTX invests in include:
- Multifamily properties
- Office buildings
- Retail properties
- Industrial properties
- Hospitality properties (primarily limited-service hotels)
Benefits to Shareholders
As a real estate finance company, TPG RE Finance Trust offers shareholders several potential benefits, including:
- Attractive dividends: TRTX aims to provide shareholders with a stable and attractive dividend yield, paid out quarterly.
- Potential for capital appreciation: As a publicly traded company, TRTX allows investors to participate in the potential appreciation of its share price.
- Diversification: By investing in loans secured by a portfolio of commercial real estate properties, shareholders benefit from diversification across different property types and geographic regions.
- Experienced management team: TRTX is managed by a team of experienced real estate and finance professionals with a proven track record of successful investments.
Risks
Investing in commercial real estate loans through a company like TPG RE Finance Trust has some potential risks to consider, including:
- Interest rate risk: The value of the company’s loan portfolio may be negatively impacted by changes in interest rates.
- Credit risk: If borrowers default on their loans, TRTX may experience losses on its investments.
- Real estate market risk: The company’s loan portfolio is exposed to the performance of the underlying properties, which may be affected by economic conditions, market fluctuations, and other factors.
- Regulatory risk: Changes in laws and regulations governing the commercial real estate finance industry may impact TRTX’s operations and profitability.
- Liquidity risk: TRTX may not be able to quickly sell or liquidate its investments if needed, which could impact its ability to meet its financial obligations.
It is important to carefully review the company’s Risk Factors section in its annual report and other public filings before investing in TRTX or any other publicly traded company. It is also recommended to consult with a financial advisor to determine if TRTX is a suitable investment for your individual financial goals and risk tolerance.

TPG RE Finance Trust is a company that deals with real estate, which means it focuses on buildings and properties, like offices, shopping centers, or apartments. Imagine if someone wanted to open a big store but needed money to buy the building or fix it up. TPG RE Finance Trust helps by giving them that money, kind of like a bank.
Here’s how it works: When TPG RE Finance Trust lends money for real estate projects, the people who borrow it pay them back with extra money called interest. It’s like if you let a friend borrow your toys, and when they return them, they give you an extra toy as a thank-you. This is how the company makes money.
Now, why is TPG RE Finance Trust successful and likely to continue being successful? First, many people and businesses always need buildings or places to work, shop, and live, so there will always be a demand for real estate. Second, the company is skilled at figuring out which projects are good investments, meaning they choose to lend money to the ones that will succeed. This helps them make more money. Lastly, they are part of a big group called TPG, which gives them good advice and resources, making them even smarter at what they do.
Overall, TPG RE Finance Trust will probably stay successful because they know how to help businesses get the buildings they need and make smart choices about where to lend money.

MS4gU3Ryb2 5nIEZvY3Vz IG9uIFJlYW wgRXN0YXRl IEZpbmFuY2 U6IFRQRyBS RSBGaW5hbm NlIFRydXN0 IGlzIHNvbG VseSBmb2N1 c2VkIG9uIH RoZSByZWFs IGVzdGF0ZS BmaW5hbmNl IHNlY3Rvci wgbWFraW5n IGl0IGEgc3 BlY2lhbGl6 ZWQgYW5kIG hpZ2hseSBl eHBlcmllbm NlZCBwbGF5 ZXIgaW4gdG hpcyBtYXJr ZXQuIFRoaX MgYWxsb3dz IHRoZSBjb2 1wYW55IHRv IGhhdmUgYS BkZWVwIHVu ZGVyc3Rhbm Rpbmcgb2Yg bWFya2V0IH RyZW5kcyBh bmQgZHluYW 1pY3MsIGdp dmluZyBpdC BhIGNvbXBl dGl0aXZlIG VkZ2UuPGJy PjIuIERpdm Vyc2UgSW52 ZXN0bWVudC BQb3J0Zm9s aW86IFRoZS Bjb21wYW55 4oCZcyBpbn Zlc3RtZW50 IHBvcnRmb2 xpbyBpcyB3 ZWxsLWRpdm Vyc2lmaWVk IGFjcm9zcy BkaWZmZXJl bnQgdHlwZX Mgb2YgcmVh bCBlc3RhdG UgYXNzZXRz LCBzdWNoIG FzIGNvbW1l cmNpYWwgYW 5kIHJlc2lk ZW50aWFsIG 1vcnRnYWdl cywgbWV6em FuaW5lIGxv YW5zLCBhbm QgQi1ub3Rl cy4gVGhpcy BoZWxwcyB0 byBtaXRpZ2 F0ZSByaXNr IGFuZCBnZW 5lcmF0ZSBz dGFibGUgaW 5jb21lIGZv ciB0aGUgY2 9tcGFueS48 YnI+My4gU3 RyYXRlZ2lj IFBhcnRuZX JzaGlwIHdp dGggVFBHIF JlYWwgRXN0 YXRlOiBUUE cgUkUgRmlu YW5jZSBUcn VzdCBpcyBh ZmZpbGlhdG VkIHdpdGgg VFBHIFJlYW wgRXN0YXRl LCBhIGxlYW RpbmcgZ2xv YmFsIHByaX ZhdGUgaW52 ZXN0bWVudC BmaXJtIHdp dGggYSBzdH JvbmcgdHJh Y2sgcmVjb3 JkIGluIHJl YWwgZXN0YX RlLiBUaGlz IHBhcnRuZX JzaGlwIHBy b3ZpZGVzIH RoZSBjb21w YW55IHdpdG ggYWNjZXNz IHRvIGEgdm FzdCBuZXR3 b3JrIG9mIG luZHVzdHJ5 IHByb2Zlc3 Npb25hbHMs IHBvdGVudG lhbCBkZWFs cywgYW5kIH Jlc291cmNl cy48YnI+NC 4gRXhwZXJp ZW5jZWQgTW FuYWdlbWVu dCBUZWFtOi BUUEcgUkUg RmluYW5jZS BUcnVzdCBp cyBsZWQgYn kgYSBoaWdo bHkgZXhwZX JpZW5jZWQg bWFuYWdlbW VudCB0ZWFt IHdpdGggZX h0ZW5zaXZl IGtub3dsZW RnZSBhbmQg ZXhwZXJ0aX NlIGluIHJl YWwgZXN0YX RlIGZpbmFu Y2UuIFRoaX MgdGVhbSBo YXMgYSBwcm 92ZW4gdHJh Y2sgcmVjb3 JkIGluIG1h bmFnaW5nIG NvbXBsZXgg cmVhbCBlc3 RhdGUgdHJh bnNhY3Rpb2 5zLCBzb3Vy Y2luZyBjYX BpdGFsLCBh bmQgbWF4aW 1pemluZyBy ZXR1cm5zIG ZvciBpbnZl c3RvcnMuPG JyPjUuIFN0 cm9uZyBGaW 5hbmNpYWwg UG9zaXRpb2 46IFRoZSBj b21wYW55IG hhcyBhIHN0 cm9uZyBiYW xhbmNlIHNo ZWV0IGFuZC BmaW5hbmNp YWwgcG9zaX Rpb24sIHdp dGggbG93IG xldmVyYWdl IGFuZCBhIG RpdmVyc2Ug ZnVuZGluZy BtaXguIFRo aXMgYWxsb3 dzIHRoZSBj b21wYW55IH RvIHB1cnN1 ZSBncm93dG ggb3Bwb3J0 dW5pdGllcy BhbmQgd2Vh dGhlciBtYX JrZXQgZG93 bnR1cm5zIG 1vcmUgZWZm ZWN0aXZlbH kuPGJyPjYu IENvbW1pdG 1lbnQgdG8g RVNHIFByaW 5jaXBsZXM6 IFRQRyBSRS BGaW5hbmNl IFRydXN0IG lzIGNvbW1p dHRlZCB0by BlbnZpcm9u bWVudGFsLC Bzb2NpYWws IGFuZCBnb3 Zlcm5hbmNl IChFU0cpIH ByaW5jaXBs ZXMsIGludG VncmF0aW5n IHRoZW0gaW 50byBpdHMg aW52ZXN0bW VudCBhbmQg YnVzaW5lc3 MgcHJhY3Rp Y2VzLiBUaG UgY29tcGFu eSBmb2N1c2 VzIG9uIHN1 c3RhaW5hYm xlIGFuZCBy ZXNwb25zaW JsZSBpbnZl c3RtZW50cy B0byBjcmVh dGUgbG9uZy 10ZXJtIHZh bHVlIGZvci BzdGFrZWhv bGRlcnMu

VFBHIFJFIE ZpbmFuY2Ug VHJ1c3QsIE luYy4gKFRS VCkgaXMgYS BSRUlUIChy ZWFsIGVzdG F0ZSBpbnZl c3RtZW50IH RydXN0KSB0 aGF0IHByaW 1hcmlseSBm b2N1c2VzIG 9uIG9yaWdp bmF0aW5nLC BhY3F1aXJp bmcsIGFuZC BtYW5hZ2lu ZyBjb21tZX JjaWFsIHJl YWwgZXN0YX RlIGxvYW5z IGFuZCBvdG hlciBjb21t ZXJjaWFsIH JlYWwgZXN0 YXRlLXJlbG F0ZWQgZGVi dCBpbnZlc3 RtZW50cy4g VGhlIGNvbX BhbnnigJlz IGJ1c2luZX NzIG1vZGVs IGlzIHRvIG dlbmVyYXRl IGluY29tZS Bmcm9tIGlu dGVyZXN0IG FuZCBwcmlu Y2lwYWwgcG F5bWVudHMg b24gdGhlc2 UgbG9hbnMs IGFzIHdlbG wgYXMgZnJv bSByZWFsIG VzdGF0ZS1y ZWxhdGVkIG VxdWl0eSBp bnZlc3RtZW 50cy48YnI+ VFJUIHByaW 1hcmlseSB0 YXJnZXRzIH NlbmlvciBs b2FucyBzZW N1cmVkIGJ5 IGNvbW1lcm NpYWwgcHJv cGVydGllcy BzdWNoIGFz IG9mZmljZS BidWlsZGlu Z3MsIHJldG FpbCBjZW50 ZXJzLCBhbm QgbXVsdGlm YW1pbHkgcm VzaWRlbnRp YWwgYnVpbG RpbmdzLiBU aGVzZSBsb2 FucyBvZmZl ciBhIGZpeG VkIHJhdGUg b2YgcmV0dX JuIGFuZCBh cmUgdHlwaW NhbGx5IGxv d2VyIHJpc2 sgY29tcGFy ZWQgdG8gb3 RoZXIgdHlw ZXMgb2Ygcm VhbCBlc3Rh dGUgaW52ZX N0bWVudHMg c3VjaCBhcy BlcXVpdHkg aW52ZXN0bW VudHMuPGJy PkFkZGl0aW 9uYWxseSwg VFJUIG1heS BhbHNvIGlu dmVzdCBpbi BtZXp6YW5p bmUgbG9hbn MsIENNQlMg KGNvbW1lcm NpYWwgbW9y dGdhZ2UtYm Fja2VkIHNl Y3VyaXRpZX MpLCBhbmQg b3RoZXIgdH lwZXMgb2Yg Y29tbWVyY2 lhbCByZWFs IGVzdGF0ZS BkZWJ0IGlu dmVzdG1lbn RzLiBUaGUg Y29tcGFueS BtYXkgYWxz byBhY3F1aX JlIHJlYWwg ZXN0YXRlLX JlbGF0ZWQg ZXF1aXR5IG ludmVzdG1l bnRzLCBzdW NoIGFzIGpv aW50IHZlbn R1cmVzIG9y IHByZWZlcn JlZCBlcXVp dHkgcG9zaX Rpb25zLCB0 byBmdXJ0aG VyIGRpdmVy c2lmeSBpdH MgcG9ydGZv bGlvIGFuZC Bwb3RlbnRp YWxseSBhY2 hpZXZlIGhp Z2hlciByZX R1cm5zLjxi cj5PdmVyYW xsLCB0aGUg YnVzaW5lc3 MgbW9kZWwg b2YgVFJUIG lzIHRvIGdl bmVyYXRlIG Egc3RlYWR5 IHN0cmVhbS BvZiBpbmNv bWUgZnJvbS B2YXJpb3Vz IGNvbW1lcm NpYWwgcmVh bCBlc3RhdG UgZGVidCBh bmQgZXF1aX R5IGludmVz dG1lbnRzLC B3aGlsZSBh bHNvIG1hbm FnaW5nIHJp c2sgdGhyb3 VnaCBkaXZl cnNpZmljYX Rpb24gYW5k IHBydWRlbn QgdW5kZXJ3 cml0aW5nLi BCeSBiZWlu ZyBhIFJFSV QsIHRoZSBj b21wYW55IG lzIHJlcXVp cmVkIHRvIG Rpc3RyaWJ1 dGUgYXQgbG Vhc3QgOTAl IG9mIGl0cy B0YXhhYmxl IGluY29tZS B0byBzaGFy ZWhvbGRlcn MsIG1ha2lu ZyBpdCBhbi BhdHRyYWN0 aXZlIGludm VzdG1lbnQg Zm9yIGluY2 9tZS1zZWVr aW5nIGludm VzdG9ycy4=

AI can potentially pose a material threat to companies like TPG RE Finance Trust through several avenues, including substitution, disintermediation, and margin pressure.
Firstly, substitution could occur if AI-driven platforms emerge that provide similar real estate financing products or services with enhanced efficiency or better terms. If AI can analyze market conditions, assess risks, and identify profitable financing opportunities faster and more accurately than traditional methods, it may attract clients away from established real estate finance providers.
Secondly, disintermediation is a concern as AI technologies could enable direct transactions between borrowers and lenders, bypassing traditional financial intermediaries like TPG RE Finance Trust. This scenario could diminish the traditional role of such companies, leading to reduced deal flow and potentially lower revenues.
Lastly, margin pressure could arise as increased competition from AI-enabled firms could lead to lower pricing for financing products. If AI platforms can operate at lower costs due to automation and improved analytics, they may offer more attractive pricing to clients. This situation could force companies like TPG RE Finance Trust to reduce their margins to remain competitive, impacting profitability.
Overall, while AI can also provide opportunities for improving existing processes and expanding services, it poses distinct threats that require proactive strategies to mitigate risks associated with substitution, disintermediation, and margin pressure.

The sensitivity of TPG RE Finance Trust’s earnings, cash flow, and valuation to changes in interest rates is significant due to several factors:
1. Interest Expense: As a real estate finance company, TPG RE Finance Trust typically has substantial debt. Changes in interest rates directly affect the cost of borrowing. If interest rates rise, the company’s interest expense will increase, which can reduce net earnings and cash flow.
2. Refinancing Risks: Higher interest rates may lead to higher costs when refinancing existing debt. If the company has maturing debt when rates are elevated, it could face increased financing costs or issues with refinancing, impacting cash flow.
3. Investment Returns: The valuation of real estate finance companies is often tied to the yields of their investments. Rising interest rates can lead to increased capitalization rates, which can decrease the market value of real estate assets, thus affecting the company’s overall valuation.
4. Market Demand: Higher interest rates can reduce demand for real estate by making mortgages more expensive for buyers. This reduction in demand can impact the underlying value of the properties that TPG RE Finance Trust invests in or finances.
5. Spread Compression: If interest rates rise, the spread between the yield on the company’s assets and the interest it pays on its liabilities may compress. This can put pressure on net interest margins, affecting overall profitability.
6. Hedging Strategies: Companies like TPG RE Finance Trust often employ hedging strategies to manage interest rate risk. However, the effectiveness of these strategies can vary, and any misalignment during significant interest rate changes can lead to unexpected financial performance.
In summary, TPG RE Finance Trust’s financial outcomes are highly sensitive to interest rate fluctuations. In a rising interest rate environment, the company may face increased costs and lower property values, both of which can adversely affect earnings, cash flow, and valuation. Conversely, falling interest rates could enhance its financial performance by reducing borrowing costs and stimulating real estate demand.

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvWE VqZ3dIcWdU Q3FQV1pmSm lxSDcud2Vi cCIgYWx0PS JUUEcgUkUg RmluYW5jZS BUcnVzdCIg dGl0bGU9Il RQRyBSRSBG aW5hbmNlIF RydXN0IiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTkwIHdp ZHRoPTkwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IF RQRyBSRSBG aW5hbmNlIF RydXN0Pwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +RpSBGcmVl IGVCb29rIG ZvciBuZXcg dXNlcnM6ID xpPiJUaGUg Q2hlY2tsaX N0IFZhbHVl IEludmVzdG 9yIOKAlCBB IFNtYXJ0ZX IgV2F5IHRv IFBpY2sgU3 RvY2tzIjwv aT4KICAgIC AgICAgICAg ICAgICAgIC AgICAgPC9w PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPCEt LQogICAgIC AgICAgICAg ICAgICAgIC AgICA8ZGl2 IHN0eWxlPS dtYXJnaW4t dG9wOiAxMn B4OyBmb250 LXNpemU6ID EzcHg7IGNv bG9yOiAjND Q0Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIG5vdy BhbmQgZ2V0 IG91ciBmcm VlIGVCb29r IAogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg PGI+VGhlIE NoZWNrbGlz dCBWYWx1ZS BJbnZlc3Rv ciDigJQgQS BTbWFydGVy IFdheSB0by BQaWNrIFN0 b2NrczwvYj 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIC0tPg ogICAgICAg ICAgICAgIC AgICAgICAg ICA8IS0tCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxkaXYgc3 R5bGU9J21h cmdpbi10b3 A6IDE2cHg7 IGZvbnQtc2 l6ZTogMTRw eDsgY29sb3 I6ICM0NDQ7 IGZvbnQtZm FtaWx5OiAt YXBwbGUtc3 lzdGVtLCBC bGlua01hY1 N5c3RlbUZv bnQsIFNlZ2 9lIFVJLCBS b2JvdG8sIE hlbHZldGlj YSBOZXVlLC BzYW5zLXNl cmlmOyBsaW 5lLWhlaWdo dDogMS42Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BIYXZlIHlv dSBoZWFyZC BhYm91dCBv dXIgc2hvcn QgPHN0cm9u ZyBzdHlsZT 0nZm9udC13 ZWlnaHQ6ID YwMDsnPkRh aWx5IFZpZG VvIE5ld3Ns ZXR0ZXI8L3 N0cm9uZz4/ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICA8 YSBocmVmPS dodHRwczov L3d3dy5pbn NpZ2h0ZnVs dmFsdWUuY2 9tL25ld3Ns ZXR0ZXIucG hwJyB0YXJn ZXQ9J19ibG Fuaycgc3R5 bGU9J2NvbG 9yOiAjMDA3 QkZGOyB0ZX h0LWRlY29y YXRpb246IG 5vbmU7IGZv bnQtd2VpZ2 h0OiA1MDA7 IG1hcmdpbi 1sZWZ0OiA2 cHg7Jz4KIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BGaW5kIG91 dCBtb3JlCi AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICA8L2 E+CiAgICAg ICAgICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC AgICAgICAg ICAgICAtLT 4KICAgICAg ICAgICAgIC AgICAgICA8 L2Rpdj4KIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg CiAgICAgIC AgCiAgICAg ICAgPHNwYW 4gY2xhc3M9 J2JsdXJyZW QtdGV4dCc+ CiAgICAgIC AgICAgIExT QlVVRWNnVW 0gVmhiQ0JG YzNSaCBkR1 VnUm1sdVlX IDVqWlNCVW NuVnogZEN3 Z1NXNWpMaS BBb1ZGQkhJ RkpGIElFWn BibUZ1WTIg VWdWSEoxYz NRcCBJR2x6 SUdFZ1kyID l0YldWeVky bGggYkNCeV pXRnNJRyBW emRHRjBaU0 JtIGFXNWhi bU5sSUcgTn ZiWEJoYm5r ZyBkR2hoZE NCdmNtIGxu YVc1aGRHVn ogSUdGdVpD QmhZMyBGMW FYSmxjeUJq IGIyMXRaWE pqYVcgRnNJ SEpsWVd3Zy BaWE4wWVhS bElHIHh2WV c1ekxpQkog ZENCcGN5Qm hJSCBOMVlu TnBaR2xoIG Nua2diMlln VkYgQkhMQ0 JoSUd4bCBZ V1JwYm1jZ1 oyIHh2WW1G c0lHbHUgZG 1WemRHMWxi biBRZ1ptbH liUzQ4IFlu SStMU0JVVU UgY2dVa1Vn Um1sdSBZVz VqWlNCVWNu IFZ6ZENCM1 lYTWcgWm05 eWJXVmtJRy BsdUlESXdN VFlnIFlXNW tJR052Ylgg QnNaWFJsWk NCcCBkSE1n YVc1cGRHIG xoYkNCd2RX SnMgYVdNZ2 IyWm1aWCBK cGJtY2dhVz RnIE1qQXhO eTQ4WW4gSS tMU0JVYUdV ZyBZMjl0Y0 dGdWVTIEJ3 Y21sdFlYSn AgYkhrZ1pt OWpkWCBObG N5QnZiaUJ6 IFpXNXBiM0 lnYkcgOWhi bk1nYzJWai BkWEpsWkNC aWVTIEJwYm 5OMGFYUjEg ZEdsdmJtRn NJSCBGMVlX eHBkSGtnIF kyOXRiV1Z5 WTIgbGhiQ0 J5WldGcyBJ R1Z6ZEdGMF pTIEJ3Y205 d1pYSjAgYV dWekxDQnBi bSBOc2RXUn BibWNnIGJY VnNkR2xtWV cgMXBiSGtz SUc5bSBabW xqWlN3Z2Nt IFYwWVdsc0 xDQmggYm1R Z2FXNWtkWC BOMGNtbGhi Q0JoIGMzTm xkSE11UEcg SnlQaTBnVk ZCSCBJRkpG SUVacGJtIE Z1WTJVZ1ZI SjEgYzNRZ2 FYTWdaWCBo MFpYSnVZV3 hzIGVTQnRZ VzVoWjIgVm tJR0o1SUZS USBSeUJTUl NCR2FXIDVo Ym1ObElFMW ggYm1GblpX MWxibiBRc0 lHRWdjM1Zp IGMybGthV0 Z5ZVMgQnZa aUJVVUVjZy BVbVZoYkNC RmMzIFJoZE dVdVBHSnkg UGkwZ1FYTW diMiBZZ1Uy VndkR1Z0IF ltVnlJREl3 TWogRXNJSF JvWlNCaiBi MjF3WVc1NT RvIENaY3lC c2IyRnUgSU hCdmNuUm1i MiB4cGJ5Qj NZWE1nIFlY QndjbTk0YV cgMWhkR1Zz ZVNBayBOeT R6SUdKcGJH IHhwYjI0dV BHSnkgUGkw Z1ZHaGxJRy BOdmJYQmhi bm5pIGdKbH pJR05vWVcg bHliV0Z1SU dGdSBaQ0JE UlU4Z2FYIE 1nUjNKbGRH RWcgUjNWbl oyVnVhRyBW cGJTd2dZU0 J6IFpXRnpi MjVsWkMgQn laV0ZzSUdW eiBkR0YwWl NCaGJtIFFn Wm1sdVlXNW ogWlNCbGVH VmpkWCBScG RtVWdkMmww IGFDQnZkbV Z5SUQgSTFJ SGxsWVhKei BJRzltSUdW NGNHIFZ5YV dWdVkyVWcg YVc0Z2RHaG xJRyBsdVpI VnpkSEo1IE xqeGljajR0 SUYgUlFSeU JTUlNCRyBh VzVoYm1ObE lGIFJ5ZFhO MElHaGggY3 lCaElITjBj bSA5dVp5Qj BjbUZqIGF5 QnlaV052Y2 0gUWdiMlln WkdWcyBhWF psY21sdVp5 IEJoZEhSeV lXTjAgYVha bElISnBjMi BzdFlXUnFk WE4wIFpXUW djbVYwZFgg SnVjeUIwYn lCcCBkSE1n YzJoaGNtIF ZvYjJ4a1pY SnogTGlCVG FXNWpaUyBC cGRITWdhVz VqIFpYQjBh Vzl1TEMgQj BhR1VnWTI5 dCBjR0Z1ZV NCb1lYIE1n Y0dGcFpDQm sgYVhacFpH VnVaSCBNZ2 RHOGdhWFJ6 IElITm9ZWE psYUcgOXNa R1Z5Y3lCbC BkbVZ5ZVNC eGRXIEZ5ZE dWeUxDQmgg Ym1RZ2FYUn pJRyBScGRt bGtaVzVrIG N5Qm9ZWFps SUcgbHVZM0 psWVhObCBa Q0JpZVNBeE 1UIFVsSUhO cGJtTmwgSU dsMGN5QkpV RSA4dVBHSn lQaTBnIFNX NGdNakF5TU Mgd2dWRkJI SUZKRiBJRV pwYm1GdVky IFVnVkhKMW MzUWcgY21W alpXbDJaVy BRZ1lXNGdR UzBnIFkzSm xaR2wwSUgg SmhkR2x1Wn lCbSBjbTl0 SUV0eWIyIH hzSUVKdmJt UWcgVW1GMG FXNW5JRSBG blpXNWplU3 dnIGJXRnJh VzVuSUcgbD BJRzl1WlNC diBaaUIwYU dVZ2IyIDVz ZVNCamIyMX QgWlhKamFX RnNJSCBKbF lXd2daWE4w IFlYUmxJR1 pwYm0gRnVZ MlVnWTI5dC BjR0Z1YVdW eklIIFJ2SU hKbFkyVnAg ZG1VZ1lXNG dhVyA1MlpY TjBiV1Z1IG RDMW5jbUZr WlMgQnlZWF JwYm1jdSBQ R0p5UGkwZ1 ZHIGhsSUdO dmJYQmggYm 5rZ2FYTWdZ MiA5dGJXbD BkR1ZrIElI UnZJSE4xYz MgUmhhVzVo WW1scyBhWF I1SUdGdVpD IEJvWVhNZ2 MyVjAgSUdF Z1oyOWhiQy BCMGJ5Qnla V1IxIFkyVW dhWFJ6SUcg TmhjbUp2Ym lCbCBiV2x6 YzJsdmJuIE 1nWW5rZ01q VWwgSUdKNU lESXdNaiBV dVBHSnlQaT BnIFZGQkhJ RkpGSUUgWn BibUZ1WTJV ZyBWSEoxYz NRZ2FYIE1n WVdOMGFYWm wgYkhrZ2FX NTJiMiB4Ml pXUWdhVzRn IGNHaHBiR0 Z1ZEcgaHli M0I1SUdGdS BaQ0J6ZFhC d2IzIEowY3 lCMllYSnAg YjNWeklHTm 9ZWCBKcGRH bGxjeUJoIG JtUWdhVzVw ZEcgbGhkR2 wyWlhNcyBJ R2x1WTJ4MV pHIGx1WnlC MGFHVWcgVk ZCSElGQnBk bSA5MElHZH lZVzUwIElI QnliMmR5WV cgMHNJSGRv YVdObyBJSE J5YjNacFpH IFZ6SUdaMW JtUnAgYm1j Z1lXNWtJSC BOMWNIQnZj blFnIFptOX lJRzl5WjIg RnVhWHBoZE dsdiBibk1n WTJoaGJYIE JwYjI1cGJt Y2cgYzI5am FXRnNJRyBG dVpDQmxZMj l1IGIyMXBZ eUJxZFggTj BhV05sSUdO aCBkWE5sY3 k0PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=