113 0 Kommentare TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2023

TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter and full year ended December 31, 2023.

Regarding fourth quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “We believe that our activity during the quarter ended December 31, 2023 represents important progress in positioning TRTX to take greater advantage of what we believe is an attractive investment environment.”

FOURTH QUARTER 2023 ACTIVITY

Recognized GAAP net income attributable to common stockholders of $2.6 million, or $0.03 per common share, based on a diluted weighted average share count of 77.7 million common shares. Book value per common share was $11.86 as of December 31, 2023.
Declared on December 18, 2023 a cash dividend of $0.24 per share of common stock which was paid on January 25, 2024 to common stockholders of record as of December 29, 2023. The Company paid on December 29, 2023 to stockholders of record as of December 19, 2023 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.
Originated one first mortgage loan on a stabilized multifamily property with a total loan commitment of $62.0 million, an initial unpaid principal balance of $48.3 million, an interest rate of Term SOFR plus 3.50%, an interest rate floor of 3.50% and an as-is loan-to-value ratio of 66.1%. Additionally, funded $34.6 million of future funding obligations associated with previously originated and acquired loans.
Received loan repayments of $103.1 million, including one full loan repayment of $70.0 million, involving the following property types: 69.9% hotel; 22.1% mixed-use; 7.0% office; and 1.0% multifamily.
Sold an office loan with an unpaid principal balance of $84.7 million for $29.0 million, resulting in a loss on sale of $55.8 million, including transaction costs of $0.04 million.
Sold a multifamily loan with an unpaid principal balance of $127.3 million for $98.7 million, resulting in a loss on sale of $22.4 million, including transaction costs of $2.7 million and $8.9 million from the reversal of an unamortized purchase discount from acquisition.
Acquired three office properties through deeds-in-lieu of foreclosure and one multifamily property through a UCC equity foreclosure with an aggregate carrying value at December 31, 2023 of $152.0 million and a fair value at foreclosure of $152.0 million.
Sold a multifamily property in November 2023 acquired as real estate owned in August 2023 for net proceeds of $75.4 million, resulting in a gain on sale of real estate, net of $7.0 million.
Reduced the weighted average risk rating of the Company’s loan portfolio to 3.0 as of December 31, 2023, compared to 3.2 as of September 30, 2023.
Carried at quarter-end an allowance for credit losses of $69.8 million, a decrease of $166.9 million from $236.6 million as of September 30, 2023. The quarter-end allowance equals 190 basis points of total loan commitments as of December 31, 2023 compared to 560 basis points as of September 30, 2023.
Held no non-accrual loans at December 31, 2023, compared to four loans at September 30, 2023 with a total amortized cost of $318.1 million.
Closed a $90.6 million asset-specific, non-mark-to-market, matched-term financing with a global bank.
Ended the quarter with $480.0 million of near-term liquidity: $191.4 million of cash-on-hand available for investment, net of $15.0 million held to satisfy liquidity covenants under the Company’s secured financing agreements; undrawn capacity under secured financing arrangements of $24.8 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $1.6 million; and $247.2 million of reinvestment capacity in TRTX 2022-FL5.
Non-mark-to-market debt represented 73.5% of total borrowings at December 31, 2023.