Exhibit 99.1

 

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

NEW YORK—(BUSINESS WIRE)—February 24, 2021. TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the fourth quarter and full year ended December 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 based on a diluted weighted average share count of 79.3 million common shares, and book value per common share at December 31, 2020 was $16.50.

 

   

Net interest margin narrowed to $40.6 million during the three months ending December 31, 2020 compared to $48.4 million for the preceding quarter, a decrease of $7.8 million, or 16.1%, due primarily to a decline in average principal balance of loans outstanding during the quarter of $345.2 million.

 

   

Declared on December 15, 2020 a cash dividend of $0.20 per share of common stock and a non-recurring special cash dividend of $0.18 per share of common stock. The full dividend, regular and special, was paid on January 22, 2021 to common stockholders of record as of December 28, 2020. The Company paid on December 31, 2020 a dividend on the Company’s 11.0% Series B Preferred Stock of $6.2 million, or $0.69 per preferred share, for the quarterly period ending December 30, 2020.

 

   

Carried at quarter-end an allowance for expected credit loss of $62.8 million, an increase from the prior quarter of $3.5 million. The CECL reserve equaled 127 basis points of total loan commitments, up from 109 basis points at September 30, 2020. Credit expense for the quarter was $16.3 million comprised of an increase in the general reserve of $6.3 million and a $10.0 million reserve for an individually-assessed loan. The company charged-off an existing reserve of $12.8 million due to the conversion to Real Estate Owned (“REO”) of a previously defaulted mortgage loan.

 

   

The Company acquired 27 acres on the Las Vegas Strip through a deed-in-lieu of foreclosure, and at quarter-end placed on non-accrual status a $31.2 million first mortgage loan secured by a shopping center in Southern California due to a failure of the borrower to remit interest. All other loans were current at quarter-end.

 

   

Received five full loan repayments totaling $362.4 million, and the extinguishment via foreclosure of a first mortgage loan with an unpaid principal balance of $112.0 million.

 

   

Available liquidity of $342.6 million comprised of cash and cash equivalents of $319.7 million, or 6.5% of total assets, undrawn capacity under secured borrowing arrangements of $22.8 million of which $0.8 million was immediately available, and $0.1 million of cash in CLOs available for investment in eligible collateral. Net of liquidity covenant requirements, the Company held $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 total debt at December 31, 2020, an increase of 9.4 points from 54.1% in the prior quarter.

 

   

Benefited from LIBOR floors in our loan portfolio with a weighted average LIBOR of 1.66%, approximately 152 basis points higher than one-month LIBOR as of December 31, 2020.

 

1


The following information was filed by Tpg Re Finance Trust, Inc. (TRTX) on Wednesday, February 24, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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