Press release
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2024
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, 2024.\n\n\nRegarding second quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: “Our investment portfolio delivered strong performance in the face of an uncertain macroeconomic and real estate investing environment. During the quarter, TRTX generated Distributable Earnings of $0.28 per share representing a dividend coverage ratio of 1.2x. TRTX maintained both ample liquidity of $389 million and a conservative debt-to-equity ratio of 2:1 which enhances our ability to seek new investment opportunities across the evolving real estate credit landscape.”\n\n\nSECOND QUARTER 2024 ACTIVITY\n\n\n\nRecognized GAAP net income attributable to common stockholders of $21.0 million, or $0.26 per common share, based on a diluted weighted average share count of 80.9 million common shares. Book value per common share was $11.40 as of June 30, 2024.\n\n\n\n\nGenerated Distributable Earnings of $22.3 million, or $0.28 per common share, based on a diluted weighed average share count of 80.9 million common shares.\n\n\n\n\nDeclared on June 17, 2024 a cash dividend of $0.24 per share of common stock which was paid on July 25, 2024 to common stockholders of record as of June 27, 2024. The Company paid on June 28, 2024 to stockholders of record as of June 18, 2024 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 $186.1 million, including three full loan repayments of $162.5 million, involving the following property types: 51.5% office; 35.8% industrial; 11.1% multifamily; and 1.6% hotel. Additionally, funded $18.1 million of future funding obligations associated with previously originated and acquired loans.\n\n\n\n\nWeighted average risk rating of the Company’s loan portfolio was 3.0 as of June 30, 2024, unchanged from March 31, 2024.\n\n\n\n\nCarried at quarter-end an allowance for credit losses of $69.6 million, a decrease of $4.5 million from $74.1 million as of March 31, 2024. The quarter-end allowance equals 208 basis points of total loan commitments as of June 30, 2024 compared to 210 basis points as of March 31, 2024.\n\n\n\n\nEnded the quarter with $389.4 million of near-term liqu...