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TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended, March 31, 2020
New York, NY, May 11, 2020 /BusinessWire/ TPG RE Finance Trust, Inc. (NYSE: TRTX) (TRTX or the Company) reported its operating results for the quarter ended March 31, 2020. For the first quarter of 2020, GAAP net loss attributable to common stockholders was $233.1 million, net loss per diluted common share was $(3.05), and book value per common share at March 31, 2020 was $16.06.
FIRST QUARTER 2020 ACTIVITY
Generated GAAP net loss attributable to common stockholders of $233.1 million, or $(3.05) per diluted common share, based on a weighted average share count of 76.5 million common shares.
Increased net interest margin on investments to $43.3 million from $37.2 million for the three months ending March 31, 2020, an increase of $6.1 million, or 16.4%, compared to the three months ended March 31, 2019.
Closed five new loan commitments totaling $437.4 million, with an average loan size of $87.5 million, an initial unpaid principal balance of $353.5 million, a weighted average credit spread of 284 bps, and a weighted average loan-to-value of 73.5%.
Sustained losses on CRE debt securities of $203.5 million, comprised of $36.2 million realized from sales in March 2020 and an impairment charge of $167.3 million related to CRE debt securities owned as of March 31, 2020.
Recorded an initial allowance for credit loss of $19.6 million upon implementation of ASU 2016-13 at January 1, 2020. The Current Expected Credit Losses (CECL) reserve totaled $83.0 million at March 31, 2020, producing net CECL expense of $63.3 million, or $(0.83) per share, for the quarter.
Issued 0.6 million common shares via our at-the-market (ATM) continuous offering program, which generated proceeds of $12.9 million at a weighted average price per share of $20.53, before dealer commissions.
Reduced to zero the Companys portfolio of CRE debt securities, and liabilities associated therewith. Losses sustained after quarter-end equaled the impairment charge of $167.3 million recorded at March 31, 2020.
On April 7, 2020, the Companys external manager (the Manager) agreed to defer to July 6, 2020 payment of the $5.0 million base management fee accrued and payable to the Manager for the quarter ended March 31, 2020. The Company was not subject to, and did not accrue, an incentive fee for the quarter.
Extended through May 4, 2021 an existing secured revolving repurchase agreement with Morgan Stanley Bank with a commitment amount of $500 million.
Greta Guggenheim, Chief Executive Officer, stated: Despite strong loan originations through early March, the COVID-19 pandemic presents real challenges to TRTX, and to the commercial real estate industry. The complete divestiture of our securities portfolio demonstrates our commitment to defending our balance sheet to enable us to serve our borrowers and lenders, weather this storm, and maximize value for shareholders. We remain continuously engaged with our borrowers and lenders to mitigate the effects of this crisis. The value of being part of the TPG franchise has never been more important than in these turbulent times.
The Company issued a supplemental presentation detailing its first quarter 2020 operating results, which can be viewed at http://investors.tpgrefinance.com/.
The following information was filed by Tpg Re Finance Trust, Inc. (TRTX) on Monday, May 11, 2020 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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