TPG RE Finance Trust Q2 GAAP net income falls to $9.4 million; distributable earnings total $17.6 million

TPG RE Finance Trust closed a $400 million Term Loan B due 2033 and added a $100 million corporate revolver due 2031 to shift toward non-mark-to-market funding.

TPG RE Finance Trust posted GAAP net income attributable to common stockholders of $9.4 million, or $0.12 a share; book value per share slipped to $10.95 from $11.06.

Non-GAAP distributable earnings totaled $17.62 million, or $0.23 a share; a $0.24 common dividend was declared.

The company originated three first mortgage loans with total commitments of $466 million; it also received $274.4 million of loan repayments.

Allowance for credit losses rose to $80.7 million from $77.1 million; portfolio weighted average risk rating held at .