TPG RE Finance Trust, Inc. Reports Operating Results for a Fourth Quarter and Full Year Ended Dec 31, 2020

TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or a “Company”) reported a handling formula for a fourth entertain and full year finished Dec 31, 2020.

FOURTH QUARTER 2020 ACTIVITY

  • GAAP net income attributable to common stockholders was $6.6 million, net income per diluted common share was $0.09 formed on a diluted weighted normal share count of 79.3 million common shares, and book value per common share during Dec 31, 2020 was $16.50.

  • Net seductiveness domain narrowed to $40.6 million during a 3 months finale Dec 31, 2020 compared to $48.4 million for a preceding quarter, a diminution of $7.8 million, or 16.1%, due essentially to a decrease in normal principal change of loans superb during a entertain of $345.2 million.

  • Declared on Dec 15, 2020 a money division of $0.20 per share of common batch and a non-recurring special money division of $0.18 per share of common stock. The full dividend, unchanging and special, was paid on Jan 22, 2021 to common stockholders of record as of Dec 28, 2020. The Company paid on Dec 31, 2020 a division on a Company’s 11.0% Series B Preferred Stock of $6.2 million, or $0.69 per elite share, for a quarterly generation finale Dec 30, 2020.

  • Carried during quarter-end an stipend for approaching credit detriment of $62.8 million, an boost from a before entertain of $3.5 million. The CECL haven equaled 127 basement points of sum loan commitments, adult from 109 basement points during Sep 30, 2020. Credit shortcoming for a entertain was $16.3 million comprised of an boost in a ubiquitous haven of $6.3 million and a $10.0 million haven for an individually-assessed loan. The association charged-off an existent haven of $12.8 million due to a acclimatisation to Real Estate Owned (“REO”) of a formerly defaulted debt loan.

  • The Company acquired 27 acres on a Las Vegas Strip by a deed-in-lieu of foreclosure, and during quarter-end placed on non-accrual standing a $31.2 million initial debt loan cumulative by a selling core in Southern California due to a disaster of a borrower to subtract interest. All other loans were stream during quarter-end.

  • Received 5 full loan repayments totaling $362.4 million, and a extinguishment around foreclosure of a initial debt loan with an delinquent principal change of $112.0 million.

  • Available liquidity of $342.6 million comprised of money and money equivalents of $319.7 million, or 6.5% of sum assets, undrawn ability underneath cumulative borrowing arrangements of $22.8 million of that $0.8 million was immediately available, and $0.1 million of money in CLOs accessible for investment in authorised collateral. Net of liquidity compact requirements, a Company hold $300.6 million of cash-on-hand for investments and other corporate purposes.

  • The Company’s non-mark-to-market debt represented 63.5% of sum debt during Dec 31, 2020, an boost of 9.4 points from 54.1% in a before quarter.

  • Benefited from LIBOR floors in a loan portfolio with a weighted normal LIBOR of 1.66%, approximately 152 basement points aloft than one-month LIBOR as of Dec 31, 2020.

FULL YEAR 2020 ACTIVITY

  • Generated GAAP net detriment attributable to common stockholders of $155.5 million, or $(2.03) per diluted common share, formed on a weighted normal share count of 76.7 million common shares, an boost of 3.9 million common shares, or 5.4%, from a before year.

  • Declared dividends of $93.6 million, or $1.21 per common share, including a special non-recurring division of $0.18 announced in Dec 2020, representing a division produce of 7.3% on a book value per common share of $16.50 as of Dec 31, 2020. Declared and paid dividends in propinquity to a Company’s 11.0% Series B Preferred Stock of $14.7 million, or $1.63 per elite share.

  • Originated 6 initial debt loans with an sum joining volume of $526.3 million, an initial delinquent principal change of $431.9 million, unfunded commitments on shutting of $94.4 million, and a weighted normal seductiveness rate of LIBOR and 2.9%.

  • Funded $237.9 million in destiny appropriation obligations compared with existent loans.

  • Loan repayments totaled $885.6 million, loan sales were $145.7 million and an extinguishment around foreclosure was $112.0 million, for a sum rebate in principal change superb of $1.1 billion.

  • Issued and sold, for an sum money squeeze cost of $225.0 million, 9.0 million shares of 11.0% Series B Cumulative Redeemable Preferred Stock, and detachable, five-year, net-settlement warrants to squeeze adult to 12.0 million shares of TRTX common batch during an practice cost of $7.50 per share.

  • CECL haven totaled $62.8 million during Dec 31, 2020. Credit detriment shortcoming was $69.8 million, or $(0.91) per share, for a year.

  • Sold before to Apr 30, 2020 a Company’s whole portfolio of CRE debt securities, and late all liabilities compared therewith, during a detriment of $203.4 million.

SUBSEQUENT EVENTS

  • On Feb 16, 2021, a Company extended for a tenure of one year, by May 4, 2022, a existent cumulative credit trickery with Morgan Stanley Bank with a joining volume of $500.0 million.

  • At Feb 23, 2021, a Company is in a routine of shutting one initial debt loan with a joining of $50.2 million and an approaching initial appropriation of $47.7 million. The loan will be saved with a multiple of cash-on-hand and borrowings.

The Company released a supplemental display detailing a fourth entertain and full year 2020 handling results, that can be noticed during http://investors.tpgrefinance.com/.

CONFERENCE CALL AND WEBCAST INFORMATION

The Company will horde a discussion call and webcast to examination a financial formula with investors and other meddlesome parties during 8:30 a.m. ET on Thursday, Feb 25, 2021. To attend in a discussion call, callers from a United States and Canada should dial +1 (877) 407-9716, and general callers should dial +1 (201) 493-6779, 10 mins before to a scheduled call time. The webcast might also be accessed live by visiting a Company’s financier family website during http://investors.tpgrefinance.com/event.

REPLAY INFORMATION

A replay of a discussion call will be accessible after 11:30 a.m. ET on Thursday, Feb 25, 2021 by 11:59 p.m. ET on Thursday, Mar 11, 2021. To entrance a replay, listeners might use +1 (844) 512-2921 (domestic) or +1 (412) 317-6671 (international). The passcode for a replay is 13715483. The accessible replay will be accessible on a Company’s website for one year after a call date.

ABOUT TRTX

TPG RE Finance Trust, Inc. is a blurb genuine estate financial association that originates, acquires, and manages essentially initial debt loans cumulative by institutional properties located in primary and name delegate markets in a United States. The Company is outwardly managed by TPG RE Finance Trust Management, L.P., a partial of TPG Real Estate, that is a genuine estate investment height of tellurian choice item organisation TPG. For some-more information per TRTX, revisit https://www.tpgrefinance.com/

FORWARD-LOOKING STATEMENTS

The information contained in this gain recover contains “forward?looking statements” within a definition of Section 27A of a Securities Act of 1933, as amended, and Section 21E of a Securities Exchange Act of 1934, as amended. These forward?looking statements are theme to several risks and uncertainties, including, but limitation, statements relating to a opening of a investments of a Company; a ultimate geographic spread, astringency and generation of pandemics such as a new conflict of novel coronavirus (“COVID-19″), actions that might be taken by bureaucratic authorities to enclose or residence a impact of such pandemics, and a intensity disastrous impacts of such pandemics on a tellurian economy and a Company’s financial condition and formula of operations; a Company’s ability to issue loans that are in a tube and underneath analysis by a Company; and financing needs and arrangements. Forward?looking statements are generally identifiable by use of forward?looking vernacular such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue” or other identical difference or expressions. Forward?looking statements are formed on certain assumptions, plead destiny expectations, report existent or destiny skeleton and strategies, enclose projections of formula of operations, liquidity and/or financial condition or state other forward?looking information. Statements, among others, relating to a stability impact of COVID-19 on a Company’s business, financial condition and formula of operations and a Company’s ability to beget destiny expansion and broach gain are forward-looking statements, and a Company can't assure we that TRTX will grasp such results. The ability of TRTX to envision destiny events or conditions or their impact or a tangible outcome of existent or destiny skeleton or strategies is inherently uncertain. Although a Company believes that such forward?looking statements are formed on reasonable assumptions, tangible formula and opening in a destiny could differ materially from those set onward in or pragmatic by such forward?looking statements. You are cautioned not to place undue faith on these forward?looking statements, that simulate a Company’s views usually as of a date of this gain release. Except as compulsory by law, conjunction a Company nor any other chairman assumes shortcoming for a correctness and completeness of a forward?looking statements appearing in this gain release. The Company does not commence any requirement to refurbish any forward-looking statements contained in this gain recover as a outcome of new information, destiny events or otherwise.

View source chronicle on businesswire.com: https://www.businesswire.com/news/home/20210224006129/en/

Contacts

INVESTOR RELATIONS CONTACT
+1 (212) 405-8500
IR@tpgrefinance.com

MEDIA CONTACT
TPG RE Finance Trust, Inc.
Courtney Power
+1 (415) 743-1550
media@tpg.com

You must be logged in to post a comment Login

Widgetized Section

Go to Admin » appearance » Widgets » and move a widget into Advertise Widget Zone