Press release
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended September 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 September
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 September 30, 2022. Regarding third quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “Our Company’s strong liquidity position and TPG’s industry-leading global real estate platform enabled TRTX to opportunistically deploy $984.0 million into new investments during the third quarter and maintain ample liquidity of $571.3 million to navigate the current market environment.”\n\nTHIRD QUARTER 2022 ACTIVITY\n\n\nRecognized GAAP net loss attributable to common stockholders of $(117.9) million, or $(1.52) per common share (based on a basic and diluted weighted average share count of 77.4 million common shares), and book value per common share on September 30, 2022 of $14.28.\n\n\n\nDeclared on September 12, 2022 a cash dividend of $0.24 per share of common stock which was paid on October 25, 2022 to common stockholders of record as of September 28, 2022. The Company paid on September 30, 2022, to stockholders of record as of September 20, 2022, a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share.\n\n\n\nOriginated five and acquired at a discount five performing first mortgage loans with total loan commitments of $984.0 million, an aggregate initial unpaid principal balance of $950.1 million, a weighted average interest rate of the applicable benchmark rate plus 3.52%, a weighted average interest rate floor of 0.89% and a weighted average loan-to-value ratio of 64.8%. Additionally, funded $47.3 million of future funding obligations associated with previously originated loans.\n\n\n\nReceived loan repayments of $371.1 million, including eight full loan repayments totaling $291.4 million, comprised primarily of the following property types: 77.6% office and 12.0% hotel.\n\n\n\nWeighted average risk rating of the Company’s loan portfolio was 3.2 as of September 30, 2022, unchanged from June 30, 2022.\n\n\n\nCarried at quarter-end an allowance for credit losses of $225.6 million, or 390 basis points of total loan commitments, an increase of $132.3 million from $93.4 million, or 180 basis points of total loan commitments, as of June 30, 2022. Of the $225.6 million allowance for credit losses, $72.3 million relates to the Com...