Press release
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2022
NEW YORK--(BUSINESS WIRE)-- TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31,
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 March 31, 2022.\n\nFIRST QUARTER 2022 ACTIVITY\n\n\nGenerated GAAP net income attributable to common stockholders of $20.4 million, or $0.25 per diluted common share based on a diluted weighted average share count of 81.8 million common shares, and book value per common share on March 31, 2022 of $16.41.\n\n\nDeclared on March 14, 2022, a cash dividend of $0.24 per share of common stock which was paid on April 25, 2022 to common stockholders of record as of March 29, 2022. The Company paid on March 30, 2022, to stockholders of record as of March 18, 2022, a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.\n\n\nOriginated five first mortgage loans with total loan commitments of $233.0 million, an aggregate initial unpaid principal balance of $224.6 million, a weighted average interest rate of Term SOFR plus 3.56%, a weighted average interest rate floor of 0.05% and a weighted average loan-to-value ratio of 69.4%. Additionally, funded $29.2 million of future funding obligations associated with existing loans.\n\n\nReceived loan repayments of $48.0 million, including one full loan repayment of a $40.3 million office loan.\n\n\nWeighted average risk rating of the Company’s loan portfolio was 3.1 as of March 31, 2022.\n\n\nCarried at quarter-end an allowance for credit losses of $51.1 million, or 91 basis points of total loan commitments, an increase of $4.9 million from $46.2 million, or 85 basis points of total loan commitments, as of December 31, 2021.\n\n\nIssued TRTX 2022-FL5, a $1.075 billion managed CRE CLO with $907.0 million of investment-grade bonds outstanding, a two-year reinvestment period, an advance rate of 84.4%, and a weighted average interest rate at issuance of Compounded SOFR plus 2.02%, before transaction costs.\n\n\nRedeemed $600.0 million of outstanding investment-grade bonds associated with TRTX 2018-FL2. The 17 collateral interests with an aggregate unpaid principal balance of $805.7 million were refinanced by the issuance of TRTX 2022- FL5 and the expansion of an existing secured credit agreement.\n\n\nClosed a $250.0 million secured revolving credit facility with a syndicate of 5 banks to fund newly-originated...