Press release
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2022
NEW YORK--(BUSINESS WIRE)-- TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended June 30,
About this update from Tpg Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nTPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended June 30, 2022.\n\nSECOND QUARTER 2022 ACTIVITY\n\n\nRecognized GAAP net income (loss) attributable to common stockholders of $(8.8) million, or $(0.11) per common share based on a basic and diluted weighted average share count of 77.2 million common shares, and book value per common share on June 30, 2022 of $16.03.\n\n\n\nDeclared on June 13, 2022 a cash dividend of $0.24 per share of common stock which was paid on July 25, 2022 to common stockholders of record as of June 28, 2022. The Company paid on June 30, 2022, to stockholders of record as of June 20, 2022, a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.\n\n\n\nOriginated seven first mortgage loans with total loan commitments of $380.3 million, an aggregate initial unpaid principal balance of $312.7 million, a weighted average interest rate of Term SOFR plus 4.21%, a weighted average interest rate floor of 0.28% and a weighted average loan-to-value ratio of 65.1%. Additionally, funded $29.3 million of deferred future funding obligations associated with previously originated loans.\n\n\n\nReceived loan repayments of $757.0 million, including seven full loan repayments totaling $676.9 million comprised primarily of the following property types: 28.0% office, 25.8% multifamily and 24.4% hotel.\n\n\n\nWeighted average risk rating of the Company’s loan portfolio was 3.2 as of June 30, 2022.\n\n\n\nCarried at quarter-end an allowance for credit losses of $93.4 million, or 180 basis points of total loan commitments, an increase of $42.3 million from $51.1 million, or 91 basis points of total loan commitments, as of March 31, 2022.\n\n\n\nClosed an asset-specific financing arrangement with Axos Bank secured by one performing first mortgage loan secured by an office property. The arrangement provides financing on a non-mark-to-market basis and a term of up to 2 years.\n\n\n\nClosed a $200.0 million loan financing facility with BMO Harris Bank which provides asset-specific financing on a non-mark-to-market basis with matched term.\n\n\n\nEnded the quarter with $771.7 million of total liquidity, comprised of: $338.7 million of cash-on-hand available for investment, net of $17.3 milli...