  Time- and angle-resolved photoelectron spectroscopy (trARPES) is a powerful
method to track the ultrafast dynamics of quasiparticles and electronic bands
in energy and momentum space. We present a setup for trARPES with 22.3 eV
extreme-ultraviolet (XUV) femtosecond pulses at 50-kHz repetition rate, which
enables fast data acquisition and access to dynamics across momentum space with
high sensitivity. The design and operation of the XUV beamline, pump-probe
setup, and UHV endstation are described in detail. By characterizing the effect
of space-charge broadening, we determine an ultimate source-limited energy
resolution of 60 meV, with typically 80-100 meV obtained at 1-2e10 photons/s
probe flux on the sample. The instrument capabilities are demonstrated via both
equilibrium and time-resolved ARPES studies of transition-metal
dichalcogenides. The 50-kHz repetition rate enables sensitive measurements of
quasiparticles at low excitation fluences in semiconducting MoSe$_2$, with an
instrumental time resolution of 65 fs. Moreover, photo-induced phase
transitions can be driven with the available pump fluence, as shown by charge
density wave melting in 1T-TiSe$_2$. The high repetition-rate setup thus
provides a versatile platform for sensitive XUV trARPES, from quenching of
electronic phases down to the perturbative limit.
