TPG RE Finance Trust(US:TRTX)2020-05-12 12:04Financial Performance - TPG RE Finance Trust, Inc reported a GAAP net loss attributable to common stockholders of $233.1 million, or $(3.05) per diluted common share[13] - The company's book value per common share at March 31, 2020, was $16.06[13] - Net interest margin on investments increased to $43.3 million, a 16.4% increase from $37.2 million for the three months ended March 31, 2019[14] - The Current Expected Credit Losses (CECL) reserve totaled $83.0 million, or $1.08 per share, at March 31, 2020, producing a net CECL expense of $63.3 million, or $(0.83) per share, for the quarter[14,32] Investment Activity - The company 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%[14] - Losses on CRE debt securities were $203.5 million, including $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[14] - The company reduced its portfolio of CRE debt securities to zero, with losses sustained after quarter-end equaling the impairment charge of $167.3 million recorded at March 31, 2020[15] Liquidity and Capitalization - The company had cash on hand of $103.6 million, of which $45.2 million was available for investment[32] - The company issued 0.6 million common shares via its at-the-market (ATM) continuous offering program, generating proceeds of $12.9 million at a weighted average price per share of $20.53, before dealer commissions[14] - An existing secured revolving repurchase agreement with Morgan Stanley Bank was extended through May 4, 2021, with a commitment amount of $500 million[15]