NEW YORK, February 22, 2022–(BUSINESS WIRE)–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, 2021.
FOURTH QUARTER 2021 ACTIVITY
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Generated GAAP net income attributable to common stockholders of $41.4 million, or $0.51 per diluted common share based on a diluted weighted average share count of 82.0 million common shares, and book value per common share on December 31, 2021 of $16.37, an increase of $0.22 over the prior quarter.
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Declared on December 13, 2021 a cash dividend of $0.24 per share of common stock and a non-recurring special cash dividend of $0.07 per share of common stock. The full cash dividend of $0.31 was paid on January 25, 2022 to common stockholders of record as of December 29, 2021. The Company paid on December 30, 2021, to stockholders of record as of December 20, 2021, a quarterly dividend on the Company’s 6.25% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred Stock”) of $0.3906 per share.
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Originated 10 first mortgage loans with total loan commitments of $651.6 million, an aggregate initial unpaid principal balance of $564.5 million, a weighted average credit spread of 3.77%, a weighted average interest rate floor of 0.10% and a weighted average loan-to-value ratio of 72.3%.
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Received loan repayments of $428.1 million, including six full loan repayments totaling $420.9 million.
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The weighted average risk rating of the Company’s loan portfolio improved to 3.0 as of December 31, 2021, compared to 3.1 in the preceding quarter.
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Reduced the Company’s CECL reserve at quarter-end by $8.8 million, to $46.2 million or 85 basis points of total loan commitments, down from $55.0 million or 103 basis points as of September 30, 2021.
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Sold a 17 acre undeveloped land parcel at