TPG RE Finance Trust Inc (TRTX) Reports Q3 2023 Operating Results
TPG RE Finance Trust Inc (NYSE:TRTX) reported a GAAP net loss of $64.6 million, or $0.83 per common share, for Q3 2023.
The company declared a cash dividend of $0.24 per share of common stock, paid on October 25, 2023.
TRTX originated one first mortgage loan with a total loan commitment of $43.6 million.
The company ended the quarter with total liquidity of $570.6 million.
TPG RE Finance Trust Inc (NYSE:TRTX) released its Q3 2023 operating results on October 31, 2023. The company reported a GAAP net loss attributable to common stockholders of $64.6 million, or $0.83 per common share, based on a diluted weighted average share count of 77.7 million common shares. The book value per common share was $12.04 as of September 30, 2023.
Financial Highlights and Activities
During the quarter, TRTX declared a cash dividend of $0.24 per share of common stock, which was paid on October 25, 2023, to common stockholders of record as of September 28, 2023. The company also originated one first mortgage loan with a total loan commitment of $43.6 million, an initial unpaid principal balance of $37.2 million, and an interest rate of Term SOFR plus 4.55%.
TRTX received loan repayments of $297.0 million, including two full loan repayments totaling $261.3 million. The company also sold an office loan for $79.0 million with an unpaid principal balance of $152.4 million, resulting in a loss on sale of $74.4 million. Additionally, a mixed-use loan was sold for $95.0 million with an unpaid principal balance of $129.2 million, resulting in a loss on sale of $35.0 million.
Balance Sheet and Liquidity
As of the end of Q3 2023, TRTX held four non-accrual loans with a total amortized cost of $318.1 million. The company ended the quarter with total liquidity of $570.6 million, comprised of $286.7 million of cash-on-hand available for investment, undrawn capacity under secured financing arrangements of $30.5 million, and $237.5 million of reinvestment capacity in one of the companys three CRE CLOs.
CEO's Commentary
Doug Bouquard, Chief Executive Officer of TRTX, commented on the results, stating:
We believe that this quarters activity further positions TRTX to deliver long-term value to its shareholders. We believe our strong liquidity position, stable capital structure and the depth and breadth of the TPG real estate platform will enable TRTX to benefit from an attractive future investment environment.
Subsequent Events
Following the end of the quarter, TRTX sold an office loan with an unpaid principal balance of $86.7 million, which carried a 5 risk rating as of September 30, 2023.
Explore the complete 8-K earnings release (here) from TPG RE Finance Trust Inc for further details.
This article first appeared on GuruFocus.
