101 0 Kommentare TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2024

TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31, 2024.

Regarding first quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “We ended the quarter with $371 million of available liquidity and a 100% performing loan portfolio. As part of our capital allocation strategy, on April 25 our Board of Directors approved a common stock share repurchase plan of up to $25 million. We continue to focus on asset management and opportunistically deploying capital to drive long term shareholder value.”

FIRST QUARTER 2024 ACTIVITY

Recognized GAAP net income attributable to common stockholders of $13.1 million, or $0.17 per common share, based on a diluted weighted average share count of 77.9 million common shares. Book value per common share was $11.81 as of March 31, 2024.

Declared on March 15, 2024 a cash dividend of $0.24 per share of common stock which was paid on April 25, 2024 to common stockholders of record as of March 28, 2024. The Company paid on March 28, 2024 to stockholders of record as of March 18, 2024 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.

Originated three first mortgage loans with total loan commitments of $116.3 million, an initial aggregate unpaid principal balance of $107.0 million, a weighted average interest rate of Term SOFR plus 3.40%, a weighted average interest rate floor of 3.28% and a weighted average as-is loan-to-value ratio of 69.9%. Additionally, funded $10.7 million of future funding obligations associated with previously originated and acquired loans.

Received loan repayments of $227.8 million, including five full loan repayments of $211.3 million, involving the following property types: 62.7% multifamily, 17.7% hotel, 17.2% other; and 2.4% office.

Weighted average risk rating of the Company’s loan portfolio was 3.0 as of March 31, 2024, unchanged from December 31, 2023.

Carried at quarter-end an allowance for credit losses of $74.1 million, an increase of $4.4 million from $69.8 million as of December 31, 2023. The quarter-end allowance equals 210 basis points of total loan commitments as of March 31, 2024 compared to 190 basis points as of December 31, 2023.

Ended the quarter with $370.7 million of near-term liquidity: $188.1 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 $111.9 million; undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $4.8 million; and $51.0 million of reinvestment capacity in TRTX 2022-FL5.