TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2023
- None.
- None.
Regarding second quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “We continue to actively manage our investment portfolio as evidenced by our recent asset resolutions, a strong liquidity position and a durable capital structure that allows us to navigate an ever-evolving market environment. Our integration with the global TPG franchise provides us with valuable market insights that enable us to make well-informed investment decisions to maximize shareholder value.”
SECOND QUARTER 2023 ACTIVITY
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Recognized GAAP net (loss) attributable to common stockholders of
( , or ($72.7) million ) per common share, based on a diluted weighted average share count of 77.4 million common shares. Book value per common share was$0.94 as of June 30, 2023.$13.10
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Declared on June 14, 2023 a cash dividend of
per share of common stock which was paid on July 25, 2023 to common stockholders of record as of June 28, 2023. The Company paid on June 30, 2023 to stockholders of record as of June 20, 2023 a quarterly dividend on its$0.24 6.25% Series C Cumulative Redeemable Preferred Stock of per share.$0.39 06
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Received loan repayments of
, including four full loan repayments totaling$279.1 million , involving the following property types:$236.0 million 78.4% multifamily,17.8% office,3.1% mixed-use, and0.7% hotel.
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Sold an office loan with an unpaid principal balance of
for$71.3 million , resulting in a loss on sale of$47.8 million , including transaction costs of$24.1 million .$0.6 million
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Acquired through a negotiated deed in lieu of foreclosure an office property with a carrying value at June 30, 2023 of
and a fair value at closing of$45.2 million .$46.0 million
- Weighted average risk rating of the Company’s loan portfolio was 3.2 as of June 30, 2023, unchanged from March 31, 2023.
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Carried at quarter-end an allowance for credit losses of
, an increase of$278.3 million from$55.9 million as of March 31, 2023. Of the$222.4 million allowance for credit losses,$278.3 million is a specific reserve relating to five loans. The quarter-end allowance equals 572 basis points of total loan commitments as of June 30, 2023 compared to 420 basis points as of March 31, 2023.$176.2 million
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Held five non-accrual loans with a total amortized cost of
, as compared to six loans at March 31, 2023 with a total amortized cost of$546.7 million .$550.1 million
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Ended the quarter with
of total liquidity, comprised of:$542.9 million of cash-on-hand available for investment, net of$289.1 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of$18.4 million ; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of$28.4 million ; and$0.3 million of reinvestment capacity in one of the Company's three CRE CLOs.$206.7 million
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Non-mark-to-market debt represented
71.7% of total borrowings at June 30, 2023.
SUBSEQUENT EVENTS
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Closed one first mortgage loan with a total loan commitment of
and initial funding of$43.6 million . The first mortgage loan is secured by two select service hotels.$37.2 million
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Sold a mixed-use loan with an unpaid principal balance of
, net of lender-held operating reserves, which carried a “5” risk rating as of June 30, 2023.$128.5 million
The Company issued a supplemental presentation detailing its second quarter 2023 operating results, which can be viewed at http://investors.tpgrefinance.com/.
CONFERENCE CALL AND WEBCAST INFORMATION
The Company will host a conference call and webcast to review its financial results with investors and other interested parties at 9:00 a.m. ET on Wednesday, August 2, 2023. To participate in the conference call, callers from
REPLAY INFORMATION
A replay of the conference call will be available after 12:00 p.m. ET on Wednesday, August 2, 2023 through 11:59 p.m. ET on Wednesday, August 16, 2023. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13737305. The replay will be available on the Company’s website for one year after the call date.
ABOUT TRTX
TPG RE Finance Trust, Inc. is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in
FORWARD-LOOKING STATEMENTS
This earnings release contains “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the investments of TPG RE Finance Trust, Inc. (the “Company” or “TRTX”); global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, stress to the commercial banking systems of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230801918702/en/
INVESTOR RELATIONS CONTACT
+1 (212) 405-8500
IR@tpgrefinance.com
MEDIA CONTACT
TPG RE Finance Trust, Inc.
Courtney Power
+1 (415) 743-1550
media@tpg.com
Source: TPG RE Finance Trust, Inc.
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