Press release
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2023
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, 2023.\n\n\nRegarding 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.”\n\n\nSECOND QUARTER 2023 ACTIVITY\n\n\n\nRecognized GAAP net (loss) attributable to common stockholders of ($72.7) million, or ($0.94) per common share, based on a diluted weighted average share count of 77.4 million common shares. Book value per common share was $13.10 as of June 30, 2023.\n\n\n\n\nDeclared on June 14, 2023 a cash dividend of $0.24 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 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.\n\n\n\n\nReceived loan repayments of $279.1 million, including four full loan repayments totaling $236.0 million, involving the following property types: 78.4% multifamily, 17.8% office, 3.1% mixed-use, and 0.7% hotel.\n\n\n\n\nSold an office loan with an unpaid principal balance of $71.3 million for $47.8 million, resulting in a loss on sale of $24.1 million, including transaction costs of $0.6 million.\n\n\n\n\nAcquired through a negotiated deed in lieu of foreclosure an office property with a carrying value at June 30, 2023 of $45.2 million and a fair value at closing of $46.0 million.\n\n\n\n\nWeighted average risk rating of the Company’s loan portfolio was 3.2 as of June 30, 2023, unchanged from March 31, 2023.\n\n\n\n\nCarried at quarter-end an allowance for credit losses of $278.3 million, an increase of $55.9 million from $222.4 million as of March 31, 2023. Of the $278.3 million allowance for credit losses, $176.2 million is a specific reserve relating to five loans. The quarter-end allowance equals 572 basis points of total loan commit...