Latest news with #TRTX
Yahoo
2 days ago
- Business
- Yahoo
TPG RE Finance Trust, Inc. Declares Cash Dividend on Series C Cumulative Redeemable Preferred Stock
NEW YORK, June 10, 2025--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") today announced the Company's Board of Directors declared a cash dividend of $0.3906 per share of 6.25% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") for the second quarter of 2025. The Series C Preferred Stock dividend is payable on June 30, 2025 to preferred stockholders of record as of June 20, 2025. ABOUT TRTX TRTX is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit FORWARD-LOOKING STATEMENTS This press release contains "forward‐looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, risks and uncertainties relating to: the performance of the Company's investments; global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, tariffs and international trade policies, stress to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains; the Company's ability to originate loans that are in the pipeline and under evaluation by the Company; financing needs and arrangements; and the risks, uncertainties and factors set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such risk factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "believe," "could," "project," "predict," "continue," "payable" or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward-looking information. Statements, among others, relating to the payment of dividends on a future date are forward-looking statements. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's views only as of the date of this press release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements appearing in this press release. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. Past performance is not indicative nor a guarantee of future returns. View source version on Contacts INVESTOR RELATIONS CONTACT +1 (212) 405-8500IR@ MEDIA CONTACT TPG RE Finance Trust, Power+1 (415) 743-1550media@ Sign in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
TPG RE Finance Trust Inc (TRTX) Q1 2025 Earnings Call Highlights: Strong Loan Performance Amid ...
GAAP Net Income: $10 million or $0.12 per share. Book Value per Common Share: $11.19. Distributable Earnings: $0.24 per common share. CRE CLO Issuance: $1.1 billion, extending maturities and reducing cost of funds. Performing Loan Portfolio: 100% performing with a stable weighted average risk rating of 3.0. General Reserve: Increased to $67.2 million or 199 basis points. Share Repurchase: $1.1 million common shares for $8.8 million, boosting book value per share by $0.05. Liquidity: $457.6 million, including $348 million of cash in excess of covenant requirements. Non-Market to Market Financing: 91% of secured liabilities, up from 77% last quarter. Total Leverage: Increased slightly to 2.2 times from 2.1 times last quarter. Warning! GuruFocus has detected 3 Warning Signs with TRTX. Release Date: April 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. TPG RE Finance Trust Inc (NYSE:TRTX) maintained a 100% performing loan portfolio with stable risk ratings. The company closed two multi-family loans totaling $131 million and executed term sheets on another $310 million of transactions. TRTX successfully priced and closed its 6th series CLO, generating $191 million of cash and increasing non-market to market financing exposure to 91% of total borrowings. The company repurchased $9 million worth of TRTX common shares, enhancing shareholder value. TRTX reported GAAP net income of $10 million and distributable earnings of $0.24 per common share, aligning with its quarterly dividend. Global market adjustments to new tariffs have created uncertainty, impacting asset prices and credit spreads. The cost of borrowing remains elevated, with transitional loans exceeding conduit loan costs. Loan spreads have widened by 25 to 75 basis points, reflecting market volatility. The average time to close deals has increased, delaying some transactions. Uncertainty in the market could potentially slow down the pace of REO portfolio reduction. Q: Can you provide insights into the risk profile of current originations and pipeline compared to the bridge loan market in 2021 and 2022? A: Doug Bouquard, CEO: The main difference now is the entry point. Loan spreads have moved in sympathy with corporate credit, but we haven't seen proceeds creep above the 70% loan-to-value threshold. Borrowers are more disciplined about debt levels due to elevated borrowing costs and market uncertainties. Q: What is the expected range of levered return on equity for new bridge loans? A: Doug Bouquard, CEO: We executed a new CLO at favorable bond spreads, allowing us to deploy capital at wider loan spreads. Currently, loan spreads have widened by 25 to 75 basis points, and we are generating gross ROEs in the low to mid-10% range. Q: Why were there no originations in the first quarter despite having over $300 million in live investment opportunities? A: Doug Bouquard, CEO: It was a combination of disciplined approach due to tightening loan spreads in January and February, and longer closing times due to market dislocation and heavy refinancing volumes. March and April have been more attractive for deploying capital. Q: Are you still on track to reduce the REO portfolio by 50% by year-end? A: Robert Foley, CFO: We plan to stick to the cadence described last quarter. Recent market uncertainties have not yet affected the pace, and we are executing our plan to move forward with other properties. Q: How do transaction prices for the two REOs compare to their carrying values? A: Robert Foley, CFO: We will report transaction prices upon closing. Historically, we have sold REO at prices exceeding carrying values, and we expect similar outcomes for these transactions. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
30-04-2025
- Business
- Yahoo
TPG RE Finance Trust: Q1 Earnings Snapshot
NEW YORK (AP) — NEW YORK (AP) — TPG RE Finance Trust Inc. (TRTX) on Tuesday reported earnings of $13.7 million in its first quarter. On a per-share basis, the New York-based company said it had profit of 12 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 24 cents per share. The commercial real estate finance company posted revenue of $80.2 million in the period. Its adjusted revenue was $37 million. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on TRTX at Sign in to access your portfolio
Business Wire
29-04-2025
- Business
- Business Wire
TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2025
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, 2025. Regarding first quarter results, Doug Bouquard, Chief Executive Officer of TRTX, said: 'TRTX produced solid operating results that again covered our $0.24 dividend. TRTX is differentiated by its strong liquidity, stable liability structure, and accretive capital allocation decisions. Over the past few months, TRTX issued a $1.1 billion CRE CLO and repurchased approximately $9 million of common shares while recently deploying capital into new investments. These moves increased our liquidity, extended the duration of our liabilities while reducing our cost of funds, and positioned us for increased capital deployment and Distributable Earnings in a dynamic market.' FIRST QUARTER 2025 ACTIVITY Recognized GAAP net income attributable to common stockholders of $10.0 million, or $0.12 per common share, based on a diluted weighted average share count of 81.8 million common shares. Book value per common share was $11.19 as of March 31, 2025. Generated Distributable Earnings of $19.4 million, or $0.24 per common share based on a diluted weighed average share count of 81.8 million common shares. Declared on March 14, 2025 a cash dividend of $0.24 per share of common stock which was paid on April 25, 2025 to common stockholders of record as of March 28, 2025. The Company paid on March 31, 2025 to stockholders of record as of March 21, 2025 a quarterly dividend on its 6.25% Series C Cumulative Redeemable Preferred Stock of $0.3906 per share. Repurchased 379,868 shares of common stock, at a weighted average price of $8.36 per share, for total consideration (including commissions and related fees) of $3.2 million. Funded $13.6 million of future funding obligations associated with previously originated and acquired loans. Received loan repayments of $21.5 million relating to two office loans. Weighted average risk rating of the Company's loan portfolio was 3.0 as of March 31, 2025, unchanged from December 31, 2024. Carried at quarter-end an allowance for credit losses of $67.2 million, an increase of $3.2 million from $64.0 million as of December 31, 2024. The quarter-end allowance equals 199 basis points of total loan commitments as of March 31, 2025, an increase of 12 basis points from 187 basis points as of December 31, 2024. Recognized credit loss expense of $3.4 million, or $0.04 per basic and diluted common share. Ended the quarter with $457.6 million of near-term liquidity: $348.0 million of cash-on-hand available for investment, net of $15.0 million held to satisfy liquidity covenants under the Company's secured financing agreements; undrawn capacity under secured financing arrangements of $22.7 million; and undrawn capacity under asset-specific financing arrangements and secured revolving credit facility of $2.7 million. Issued TRTX 2025-FL6, a $1.1 billion managed CRE CLO with $962.5 million of investment-grade bonds outstanding, a 30-month reinvestment period, an advance rate of 87.5%, and a weighted average interest rate at issuance of Term SOFR plus 1.83%, before transaction costs. Redeemed $114.6 million of outstanding investment-grade bonds associated with TRTX 2019-FL3. Three of the FL3 collateral interests with an aggregate unpaid principal balance of $143.0 million were refinanced by the issuance of TRTX 2025-FL6. Extended our secured revolving credit facility by three years to February 2028, increased capacity by $85.0 million to $375.0 million, and expanded the syndicate to seven lenders. Non-mark-to-market borrowings represented 91.0% of total borrowings at March 31, 2025. SUBSEQUENT EVENTS From April 1, 2025 through April 25, 2025, repurchased 769,623 shares of common stock, at a weighted average price of $7.32 per share, for total consideration (including commissions and related fees) of $5.6 million. The Company has $16.1 million of remaining capacity under its share repurchase program as of April 25, 2025. Closed two first mortgage loans secured by multifamily properties with aggregate total loan commitments of $131.0 million, aggregate initial fundings of $128.9 million, a weighted average interest rate of Term SOFR plus 2.84%, and a weighted average as-is loan-to-value ratio of 68.0%. Received the full repayment of one multifamily first mortgage loan with a total loan commitment and unpaid principal balance of $44.4 million and $44.4 million, respectively. The loan carried a risk rating of 3.0 as of March 31, 2025. The Company issued a supplemental presentation detailing its first quarter 2025 operating results, which can be viewed at CONFERENCE CALL AND WEBCAST INFORMATION The Company will host a conference call and webcast to review its financial results with investors and other interested parties at 9:00 a.m. ET on Wednesday, April 30, 2025. To participate in the conference call, callers from the United States and Canada should dial +1 (877) 407-9716, and international callers should dial +1 (201) 493-6779, ten minutes prior to the scheduled call time. The webcast may also be accessed live by visiting the Company's investor relations website at A replay of the conference call will be available after 12:00 p.m. ET on Wednesday, April 30, 2025 through 11:59 p.m. ET on Wednesday, May 14, 2025. To access the replay, listeners may use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for the replay is 13752390. The replay will be available on the Company's website for one year after the call date. ABOUT TRTX TPG RE Finance Trust, Inc. is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit FORWARD-LOOKING STATEMENTS This earnings release contains 'forward‐looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the investments of TPG RE Finance Trust, Inc. (the 'Company' or 'TRTX'); global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, tariffs and international trade policies, stress to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains; the Company's ability to originate loans that are in the pipeline and under evaluation by the Company; financing needs and arrangements; and the risks, uncertainties and factors set forth under the heading 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such risk factors may be updated from time to time in the Company's periodic filings with the Securities and Exchange Commission (the 'SEC'), which are accessible on the SEC's website at Forward‐looking statements are generally identifiable by use of forward‐looking terminology such as 'may,' 'will,' 'should,' 'potential,' 'intend,' 'expect,' 'endeavor,' 'seek,' 'anticipate,' 'estimate,' 'believe,' 'could,' 'project,' 'predict,' 'continue' or other similar words or expressions. Forward‐looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward‐looking information. Statements, among others, relating to being positioned for increased capital deployment and Distributable Earnings in a dynamic market are forward-looking statements, and the Company cannot assure you that it will achieve such results. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward‐looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward‐looking statements. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company's views only as of the date of this earnings release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements appearing in this earnings release. The Company does not undertake any obligation to update any forward-looking statements contained in this earnings release as a result of new information, future events or otherwise. Past performance is not indicative nor a guarantee of future returns. Yield data are shown for illustrative purposes only and have limitations when used for comparison or for other purposes due to, among other matters, volatility, credit or other factors. Non-GAAP Financial Measures Reconciliation Distributable Earnings Distributable Earnings is a non-GAAP measure, which we define as GAAP net income (loss) attributable to our common stockholders, including realized gains and losses from loan write-offs, loan sales and other loan resolutions (including conversions to real estate owned ('REO')), regardless of whether such items are included in other comprehensive income or loss, or in GAAP net income (loss), and excluding (i) non-cash stock compensation expense, (ii) depreciation and amortization expense (which only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments), (iii) unrealized gains (losses) (including credit loss expense (benefit), net), and (iv) certain non-cash or income and expense items. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We generally must distribute at least 90% of our net taxable income annually, subject to certain adjustments and excluding any net capital gains, for us to continue to qualify as a real estate investment trust for U.S. federal income tax purposes. We believe that one of the primary reasons investors purchase our common stock is to receive our dividends. Because of our investors' continued focus on our ability to pay dividends, Distributable Earnings is an important measure for us to consider when determining our distribution policy and dividends per common share. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan investment and operating activities. Distributable Earnings excludes the impact of our credit loss provision or reversals of our credit loss provision, but only to the extent that our credit loss provision exceeds any realized credit losses during the applicable reporting period. See Note 2 to our Consolidated Financial Statements included in our Form 10-Q for additional details regarding our accounting policies and estimation of our allowance for credit losses. Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies. The table below reconciles GAAP net income attributable to common stockholders and related diluted per share amounts to Distributable Earnings and related diluted per share amounts ($ in thousands, except weighted average share and per share data): _______________________________ (1) Numbers presented may not foot due to rounding. Expand
Associated Press
28-01-2025
- Business
- Associated Press
TPG RE Finance Trust, Inc. Announces Tax Treatment of 2024 Dividends
NEW YORK--(BUSINESS WIRE)--Jan 28, 2025-- TPG RE Finance Trust, Inc. (NYSE: TRTX) ('TRTX' or the 'Company') today announced the income tax treatment of its 2024 common stock and its 6.25% Series C Cumulative Redeemable Preferred Stock (the 'Series C Preferred') dividends. The following table summarizes, for income tax purposes, the nature of cash dividends paid to the Company's common stockholders for the tax year ended December 31, 2024: Common Stock (CUSIP # 87266M107) The following table summarizes, for income tax purposes, the nature of cash dividends paid to the holders of the Company's Series C Preferred Stock for the tax year ended December 31, 2024: Series C Preferred Stock (CUSIP# 87266M206) 3/18/2024 3/28/2024 $0.3906 $0.3906 $0.0000 $0.0000 6/18/2024 6/28/2024 0.3906 0.3906 0.0000 0.0000 9/20/2024 9/30/2024 0.3906 0.3906 0.0000 0.0000 12/20/2024 12/30/2024 0.3906 0.3906 0.0000 0.0000 Totals $1.5624 $1.5624 $0.0000 $0.0000 1. Ordinary Income dividends are eligible for the 20% deduction applicable to 'qualified REIT dividends' pursuant to IRC Section 199A. 2. Pursuant to IRC Section 857(b)(9), cash distributions made on January 25, 2024 with a record date of December 29, 2023 are treated for federal income tax purposes as received by shareholders on December 31, 2023 to the extent of the Company's 2023 earnings and profits. As the Company's aggregate 2023 dividends paid in 2023 exceeded its 2023 earnings and profits, the January 2024 cash distribution declared in the fourth quarter of 2023 is treated as a 2024 distribution for federal income tax purposes and is being included on the 2024 Form 1099-DIV. 3. Pursuant to IRC Section 857(b)(9), cash distributions made on January 24, 2025 with a record date of December 27, 2024 are treated for federal income tax purposes as received by shareholders on December 31, 2024 to the extent of the Company's 2024 earnings and profits. As the Company's aggregate 2024 dividends paid in 2024 exceeded its 2024 earnings and profits, the January 2025 cash distribution declared in the fourth quarter of 2024 will be treated as a 2025 distribution for federal income tax purposes and will be included on the 2025 Form 1099-DIV. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividends. For additional information, refer to the Investor Relations section of the Company's website. ABOUT TRTX TPG RE Finance Trust, Inc. is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit +1 (212) 405-8500 [email protected] MEDIA CONTACT TPG RE Finance Trust, Inc. Courtney Power +1 (415) 743-1550 [email protected] KEYWORD: NEW YORK UNITED STATES NORTH AMERICA SOURCE: TPG RE Finance Trust, Inc. Copyright Business Wire 2025. PUB: 01/28/2025 04:15 PM/DISC: 01/28/2025 04:17 PM
