Exhibit 99.1

 

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TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended March 31, 2021

NEW YORK—(BUSINESS WIRE)— May 4, 2021. TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31, 2021.

FIRST QUARTER 2021 ACTIVITY

 

   

GAAP net income attributable to common stockholders was $24.2 million, net income per diluted common share was $0.30 based on a diluted weighted average share count of 80.7 million common shares, and book value per common share on March 31, 2021 was $16.61.    

 

   

Net interest margin was $37.9 million during the three months ending March 31, 2021 compared to $40.6 million for the preceding quarter, a decrease of $2.7 million, or 6.6%.

 

   

Declared on March 16, 2021 a dividend of $0.20 per common share, which was paid on April 23, 2021 to shareholders of record as of March 26, 2021. Paid on March 31, 2021 a quarterly dividend on the Company’s Series B Preferred Stock of $6.1 million, or $0.68 per preferred share.

 

   

Closed one new loan commitment totaling $45.4 million, with an initial unpaid principal balance of $37.5 million, a credit spread of 3.30%, and a loan-to-value ratio of 63.7%.

 

   

Funded $30.4 million of future funding obligations associated with existing loans.

 

   

Reduced CECL reserve by $4.0 million to $58.8 million at quarter-end, equating to 118 basis points of total loan commitments, down from $62.8 million and 127 basis points at December 31, 2020.

 

   

Received no repayments of loans in full and $5.3 million of partial loan repayments.    

 

   

Held at quarter-end total liquidity of $632.9 million comprised of: cash and cash equivalents of $301.6 million; undrawn capacity (liquidity available to us without the need to pledge additional collateral to our lenders) under secured borrowing arrangements of $21.2 million (of which $0.8 million was immediately available); and $310.1 million of cash in CLOs available for investment in eligible collateral.

 

   

Closed TRTX 2021-FL4, a $1.25 billion managed CRE CLO with a 24-month reinvestment period and a weighted average interest rate at issuance of LIBOR plus 1.60%, before transaction costs.

 

   

Repaid $615.0 million in secured financing with proceeds from TRTX 2021-FL4.

 

   

Increased non-recourse, non-mark-to-market financings to 83.6% of total loan portfolio financing.

 

   

Benefited from LIBOR floors on our loan portfolio with a weighted average LIBOR floor of 1.64%, approximately 153 basis points higher than one-month LIBOR as of March 31, 2021.    

SUBSEQUENT EVENTS

 

   

Closed one first mortgage loan with a total loan commitment amount of $47.0 million and initial funding of $45.9 million. This loan was financed in TRTX 2021-FL4, and together with the contribution in April 2021 of a $37.5 million loan, the Company has utilized $83.4 million of the FL4 Ramp-Up Account.

 

   

Closing seven first mortgage loans with a total loan commitment amount of $588.7 million and initial fundings of $464.5 million. The majority of these loans, measured by commitment amount, are expected to be financed in TRTX 2021-FL4.

 

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The following information was filed by Tpg Re Finance Trust, Inc. (TRTX) on Tuesday, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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