TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter and Full Year Ended December 31, 2023 - Seite 2

• Recognized GAAP net (loss) attributable to common stockholders of ($130.9) million, or ($1.69) per common share, based on a basic and diluted weighted average share count of 77.6 million common shares.
• Declared cash dividends of $76.0 million, or $0.96 per common share, representing a 14.8% annualized dividend yield based on the December 29, 2023 closing price of $6.50, and an 8.1% annualized dividend yield based on the December 31, 2023 book value per common share of $11.86.
• Originated four first mortgage loans with total loan commitments of $229.4 million, an aggregate initial unpaid principal balance of $196.7 million, a weighted average interest rate of Term SOFR plus 4.30%, a weighted average interest rate floor of 3.59% and a weighted average loan-to-value ratio of 61.9%. Additionally, funded $140.5 million of future funding obligations associated with previously originated loans. Unfunded commitments at December 31, 2023 were $183.3 million, or 5.0% of total loan commitments.
• Received loan repayments of $907.0 million, including full loan repayments of $711.6 million on 10 loans, involving: 55.6% multifamily, 30.7% hotel, and 10.5% office.
• Sold three office loans with an aggregate unpaid principal balance of $308.4 million for $155.8 million, resulting in a loss on sale of $155.0 million, including transaction costs of $2.3 million. Sold a mixed-use loan with an unpaid principal balance of $129.2 million for $95.0 million, resulting in a loss on sale of $35.0 million, including transaction costs of $0.8 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 and held four 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 $199.8 million and a fair value at foreclosure of $198.0 million.
• Acquired in August 2023 through foreclosure a multifamily property with a fair value at foreclosure of $71.1 million and subsequently sold the property in November 2023 for net proceeds of $75.4 million, resulting in a gain on sale of real estate, net of $7.0 million.
• Retired $362.2 million and $179.0 million of liabilities associated with TRTX 2019-FL3 and TRTX 2021-FL4, respectively, using proceeds from loan repayments.
• Carried a CECL reserve of $69.8 million as of December 31, 2023, compared to $214.6 million as of December 31, 2022.
• Recognized credit loss expense of $189.9 million, or $2.44 per basic and diluted common share.

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