Exhibit 99.1

 

TPG RE Finance Trust, Inc. Announces Results for the Quarter Ended June 30, 2017

 

New York, NY, August 24, 2017 /BusinessWire/ -- TPG RE Finance Trust, Inc. (NYSE:TRTX) announced operating results for the quarter ended June 30, 2017.

 

SECOND QUARTER 2017

 

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Produced GAAP Net Income and Core Earnings of $25.3 million, or $0.64 per diluted common share, based on a pre-IPO weighted average share count of 39.5 million shares

 

 

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Increased Net Interest Income to $32.1 million, up $8.8 million, or 37.6% from the three months ended June 30, 2016  

 

 

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Closed $332 million of total loan commitments, lifting first half total loan originations to $676 million  

 

 

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Owned a performing $2.7 billion high quality mortgage loan portfolio, consisting primarily of floating rate, first mortgage loans, with a weighted average LTV of 60.2%

 

 

SUBSEQUENT EVENTS

 

 

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Completed initial public offering of 11.65 million shares of common stock, including 0.65 million shares issued pursuant to the underwriters’ greenshoe option, at a public offering price of $20.00 per share generating net proceeds of approximately $212 million

 

 

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Distributed a common stock dividend of 9.5 million shares to pre-IPO stockholders, simultaneous with the completion of the initial public offering

 

 

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Closed four first mortgage loans totaling $447.6 million with a weighted average credit spread of LIBOR plus 4.2% and a weighted average LTV of 59.6%. Year-to-date loan closings now total $1.12 billion with an additional $298.9 million under executed term sheets

 

 

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Executed four term sheets for first mortgage loans totaling $298.9 million

 

 

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Upsized credit facilities with Morgan Stanley and JP Morgan Chase by an aggregate $353.5 million

 

 

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Evaluating an existing first mortgage loan pipeline of $3.0 billion

 

Greta Guggenheim, Chief Executive Officer of TPG RE Finance Trust, stated: “We maintained our strong origination pace in the second quarter, closing $332 million of quality first mortgage loans. We did so while simultaneously working toward our July IPO, which is a testament to the strength of our team and the quality of our loan pipeline. With the IPO successfully concluded, we are entirely focused on loan originations and further reducing our cost of funds. With an enlarged and strengthened capital base we expect to make deeper inroads in the large-loan commercial mortgage market nationally. We are pleased with our originations pace and are rigorously evaluating a $3.0 billion loan pipeline for more quality originations. In this environment, we expect our concentration on property-specific dynamics and our strict adherence to rigorous credit standards will continue to deliver attractive risk-adjusted returns to our shareholders.”

 

FINANCIAL RESULTS

 

During the quarter ended June 30, 2017, GAAP Net Income increased to $25.3 million, or $0.64 per diluted common share, compared to $17.1 million, or $0.52 per diluted common share, during the same period in the prior year. The increase was primarily a result of $9.0 million of mortgage loan discount amortization, exit fees received, and minimum multiple payments related to loan repayments during the quarter ended June 30, 2017. This increase was partially offset by an increase in Management Fees and Incentive Management Fees of $1.2 million.

 

Core Earnings, during the quarter ended June 30, 2017, increased to $25.3 million, or $0.64 per diluted common share, compared to $23.5 million, or $0.60 per diluted common share, during the quarter ended March 31, 2017. This increase was primarily a result of a $1.6 million minimum multiple payment related to a mortgage loan repayment received during the current quarter.

1

 


The following information was filed by Tpg Re Finance Trust, Inc. (TRTX) on Thursday, August 24, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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